From www.smsfadviser.com: Smaller cryptocurrencies can pose challenges for audits as more newly established SMSFs invest in them, especially as the 28 February deadline for annual returns approaches.

Mark Chapman from H&R Block highlights difficulties in obtaining accurate market valuations for lesser-known cryptocurrencies compared to larger ones like Bitcoin, raising compliance concerns.

He advises that trustees should understand the risks of cryptocurrency investments and seek professional advice to avoid potential penalties for late lodgments.