Before you buy
Read the trust deed and confirm cryptocurrency is not prohibited; update it if the deed is silent and old. Update the investment strategy to expressly address digital assets, covering risk, return, diversification, liquidity and insurance considerations. Sign a trustee minute recording the decision and the reasoning.
Decide the custody model before the first purchase, not after. Migrating custody later is a taxable-event minefield and an audit red flag.
Opening accounts
Open the exchange account in the exact legal name of the fund or corporate trustee, using the fund's ABN and TFN, and fund it from the fund's own bank account. Never route the purchase through a personal account, even briefly, and even if you reimburse.
If self-custodying, create the wallet on a device purchased with fund money, record the creation date and the receiving addresses, and store the backup in a location documented as a fund location.
Ongoing compliance
Record every transaction with date, AUD value, counterparty and purpose. Reconcile holdings quarterly. Take a documented valuation at 30 June from a consistent, named source. Review the investment strategy annually and re-sign it. Keep the auditor supplied with addresses and statements before they ask.
Succession
Put a valid binding death benefit nomination in place and diarise its review. Ensure at least two individuals can operate the fund and reach the custody structure. Write a fund-specific version of the executor briefing addressed to the surviving trustee. Rehearse a recovery once a year, in the same way you would test a fire alarm.
Red flags to fix immediately
Fund Bitcoin in a personal wallet. An exchange account in a member's name. A strategy that never mentions crypto. No minute for the investment decision. A 30 June value taken from a random app screenshot. A single-sig wallet with a seven-figure balance and one paper backup. Any of these on their own justifies stopping and fixing before the next purchase.