SMSF Innovation Council to drive transformation in Australia’s retirement sector

The 12-member council was announced at the Australian Digital Economy Conference in Queensland on Wednesday and is composed of trustees, accountants, auditors, fintech leaders, and policy influencers from some of Australia’s most influential organisations in the SMSF, fintech and digital asset sectors.

It will be chaired by Kate Cooper, chief executive of cryptocurrency platform and onchain technology company OKX Australia.

The consortium of sector leaders was formed to offer the SMSF industry a non-commercial, industry-led forum designed to foster collaboration and share knowledge to help trustees and professionals explore the future of investing responsibly and compliantly.

Its creation follows the release of multiple studies revealing that digital finance innovation could generate significant economic benefits for Australia, including a report from the Tech Council of Australia, which predicted that the digital assets sector could add up to $60 billion to Australia's GDP by 2030, if supported by the right policies and regulatory settings.

BGL Simple Fund 360 has also revealed that 3.6 per cent of SMSF tax returns lodged through its platform in the 2024 financial year included cryptocurrency holdings. These funds totalled over $919 million in value, demonstrating strong interest and investment in crypto assets within the SMSF space.

The council's inaugural roundtable discussion also took place at Australia’s premier event for showcasing the technologies shaping the country’s future economy, which was hosted by Australia’s peak industry body for blockchain, digital assets and emerging technologies, the Digital Economy Council of Australia.

A roundtable at the conference discussed how SMSFs are adapting to new asset classes and evolving alongside trustee expectations and regulatory complexity.

They also explored the demand of SMSF trustees in relation to the 719 per cent five-year growth in digital asset allocations through Australian SMSFs, despite a significant advisory gap in the market.

Cooper said that as Australia's retirement landscape evolves, SMSFs represent a critical pillar of financial self-determination for Australians.

“The mission of the council is to create opportunities for technology development, knowledge-sharing and public-private consultation needed to incorporate aspects of the digital economy into diversified retirement portfolios, while ensuring trustees navigate digital economy opportunities with proper governance,” she said.

Shelley Banton, SMSF Innovation Council member and head of technical at ASF Audits, said digital assets are now part of SMSF portfolios, but reporting and audit standards haven’t kept up.

“I joined the council to help shape practical frameworks that make crypto audit-ready, not audit-challenging,” Banton said.

The council will focus on key areas including best practice governance and developing practical, future-ready frameworks that support compliance while enabling trustees to confidently participate in Australia’s evolving digital economy.

It will investigate education and support and provide accessible tools, guidance, and shared knowledge to build confidence among trustees, advisers, and SMSF professionals as the digital economy evolves.

The council aims to work on trustee advocacy and insight by elevating real trustee experiences to shape industry priorities, inform product development, and ensure the trustee voice is central to the future of SMSFs in a digital-first world.

The SMSF Innovation Council founding members include:

• Kate Cooper, DECA founding member and chief executive of OKX Australia
• Shane Brunette, founder and CEO of Crypto Tax Calculator
• Jeevan Tokhi, general manager - product, BGL Corporate Solutions
• Michael Jeffriess, Group CEO at LightYear Docs, We Love Group and Naked Accounting
• Shelley Banton, head of technical at ASF Audits
• David Saul, CEO and managing director at Saul SMSF
• Shane Mays, partner at PKF Melbourne