Yes it's crazy that we have actually reached the point of an unrealised capital gains tax here. Devistating especially since the threshold is not indexed and will be impacting everyone soon enough.
I have wondered of the implications of timelocking your bitcoin in this environment 🤔
How can you forced to liquidate holdings to pay tax if it's impossible to spend?
🤔yeah that time locking thing is a thought.
“You have no claim on what I cannot access”🖕🏼
It would be an interesting question.
How are they going to punish you for not paying they money that you don't have for not selling part of an asset that is physically impossible to sell?
I think it's an unnecessarily complicating thought
Better to just buy yr BTC no KYC (as you should already be doing)
For personal funds sure however in this case that is not possible.
These new laws apply to retirement accounts and every purchase through retirement accounts must be done in a KYC way and audited each year.
Contributing to these accounts is compulsory so it's not as if you you even decide not to invest in the retirement account and buy non KYC coin with the money. The best you can do is KYC and audited if you manage yourself or else go with the default option of the standard tradfi portfolio.
Yes, appreciate yr point that the proposed Australian law only applies to super. I was commenting more generally on the global trend to look at taxing unrealised gains (across asset classes).
Many people I know make voluntary contributions to super, to reduce their tax bill.
"Work less" or "cheat harder" would work equally well, but people want to see NGU, even if its fiat and a captive for decades yet...
