You'd think that successful Aussies that are able to support themselves would be lauded. But noooo. Instead the govt will loot their savings. Foregoing consumption and leaving an estate for the next generation gets so many knickers twisted. The incentives are so different with Bitcoin! 😄
Oh wow, looks like it does something like BTCpayserver for facilitating lightning payments online. I'll like to have a play with this. It runs its own lightning node? Are the channels private? Can it route? Is it lnd, core or something else?
I haven't used Electrum in ages. What's new there for lightning? I'll check it out. Mostly, I use Zeus and Sparrow. Sometimes Samourai and SBW too.
DNS requests for chat.openai get diverted for Italian IPs? Or the website blocks Italian IPs?
It's interesting to see the strategies that prevail in such a hypercompetitive market.
Yep! Using snort.social
I see and thanks for digging into this. They take a cut on the transfer to a pension account and yanking the balance straight to a bank account isn't allowed. The bastards.
Will a decent number of us holding the private keys to our own SMSF assets in Bitcoin make them hesitate?
So if we're not shunting funds into a "retirement phase income stream" and are just yanking it out after preservation age, then it seems that there'll be no tax to pay on our tremendous capital gains.
I'd be interested to hear from anyone that's been through this recently to get a better idea.
I find it hard to follow. Who knows how things could change in the future?! 🥴
In the meantime, 294-25 of the Superannuation Industry (Supervision) Act 1993 (Cth) asserts that the TBC applies only to the amount of superannuation savings that a person transfers into a retirement phase income stream and that the balance of a person's transfer balance account does not include any lump sum withdrawals.
Correct me if I've got this wrong but when a person chooses to withdraw their superannuation savings as a lump sum after reaching their preservation age, the amount they withdraw is not considered a transfer to a retirement income stream and therefore does not count towards their TBA or TBC.
An awesome resource for #Aussies on saving with #bitcoin using an #SMSF
Built by #[0]
It's pretty concerned by intermittent fasting. Or did you ask it about a sensible bitcoin allocation?
The fountain snip is alright. Yeah weird how Aussies ran straight for the mirage of safety and security without a care for individualism or personal freedom. There's this perception of us as robust, semi-wild rebels but most are eager authoritarians. And worse, we have the resources to indulge in sustained fantasies.
What's the gist?
Bitcoin mining is an extremely competitive industry. Pretty much global and with no barrier to entry. What's your competitive advantage? Without one you'll be worse off (with fewer bitcoin in the end) and, at the margin, you retard adoption by dampening NGU. Every extra day in fiat society is more suffering and more death. We are in a race to avoid a war. Let's win ASAP. Mining is not cool. It's not glamorous. No mining unless you have a clear competitive advantage.
And s bit more from CGPT...
Q. Do advocates for this strategy emphasise the potential for a tax-free lump sum payment after preservation age?
A. Yes, advocates for the strategy of investing in assets for capital gain potential within an SMSF may emphasize the potential for a tax-free lump sum payment after preservation age. This is because, as we discussed earlier, any capital gains made by an SMSF on assets held within the fund are generally tax-free if the member chooses to withdraw their benefits as a lump sum after reaching their preservation age.
For SMSF investors who are focused on long-term growth and capital appreciation, the potential for tax-free capital gains at retirement can be an attractive feature of this investment strategy. By investing in assets with the potential to appreciate in value over time, SMSF investors can build up the value of their superannuation fund and potentially realize tax-free capital gains when they retire and start to draw down their benefits.
However, it's important to note that investing solely for tax purposes may not be the best investment strategy. It's important to consider other factors such as investment diversification, liquidity, and potential risks when choosing investment strategies for an SMSF. It's always recommended to seek professional financial advice before making any investment decisions.
More from CGPT:
Q. So the lump sum withdrawal is tax-free and the ECPI is irrelevant in that case?
A. Yes, that's correct. If a member of an SMSF chooses to withdraw their benefits as a lump sum, any capital gains made by the SMSF on assets held within the fund will generally be tax-free. In this case, the ECPI rules would not apply, as the lump sum withdrawal is not considered to be an income stream payment.
It's worth noting that there are some circumstances where a lump sum withdrawal may be subject to tax, such as if the member has exceeded their transfer balance cap or if they have received certain types of contributions. However, in general, a lump sum withdrawal from an SMSF is typically tax-free for members who have reached their preservation age. It's always important to seek professional financial advice to understand your personal circumstances and any potential tax implications.
#Austriches looking to retire comfortably, this is for you. Will you reap some tax-free gains after 60? Stuff your #SMSF with #bitcoin now and get tax breaks. Hold your own keys. Seems good.