Trustee duties in the time of bitcoin

A Matter of Trusts

Taxation in Australia Journal

In modern trust structures and in the rapidly changing technological landscape, the ability of trustees to perform their fiduciary duties is being tested.

This article considers the impact of cryptocurrency and changing technology on trustees, as managers of assets and investments for their beneficiaries. From the inability to identify cryptocurrency holdings to the security of their storage, there are many new challenges for trustees investing in this area. Additionally, while the Commissioner of Taxation continues to grapple with the appropriate taxation treatment of income, gains and losses associated with cryptocurrency, how can trustees render appropriate and accurate accounts for beneficiaries?

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