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Zerpening Part 2: The Sequel

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I know Brad mentioned the Bank of England. However, on their website it does clearly state that Ripple is a partner that the Bank of England has worked with in the past...

https://www.bankofengland.co.uk/research/fintech

It doesn't state that there are any ongoing relationships between the two.

I really hope that there is something behind the scenes as that's huge news, I just hope Brad wasn't name dropping from past projects.

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6 minutes ago, OzAlphaWolf said:

In this case, the ATO would most likely look at you as a business anyway. It's then not considered capital in nature. Losses are just bundled in to the overall P/L calculation. Also, cryptos will be treated as stock, so at the end of the FY, stock in hand can be accounted for in different ways, some more beneficial than others. Definitely best to find a clued in accountant to run you through everything.

I was thinking of putting a large amount into superannuation fund and paying 15% tax as a salary sacrifice (apparently self employed can now do this) do you know if this would be possible?

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7 minutes ago, OzAlphaWolf said:

In this case, the ATO would most likely look at you as a business anyway. It's then not considered capital in nature. Losses are just bundled in to the overall P/L calculation. Also, cryptos will be treated as stock, so at the end of the FY, stock in hand can be accounted for in different ways, some more beneficial than others. Definitely best to find a clued in accountant to run you through everything.

I like the whole idea of bundled overall P/L if that is the case, as I am still down alot overall, I will find a good accountant in that regards.

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2 minutes ago, ripplewaytogo said:

Thanks, so what happens if you putting in $50k, made some money in some trades and at the end of the year, total net worth is say $10k lesser than when you started even with some trades making good money, is the $10k lose offset again your personal income? Or does it carrier-ed forward to the next year's trading?

Not sure, but I’m inclined to think loss against your taxable income.

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1 minute ago, BriteBlue said:

I was thinking of putting a large amount into superannuation fund and paying 15% tax as a salary sacrifice (apparently self employed can now do this) do you know if this would be possible?

Sorry, I have no idea if cryptos can be moved into super. It's a great idea and something I'd like to do myself but best to ask an accountant or financial planner.

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15 minutes ago, Prometheus_Rising said:

I recommend you talk to an accountant who has some experience with trading etc. You could try cointracking.info to bring all of your exchange data together, to find out exactly where you are. 200 trades worth of data for free then you have to pay for more. FYI great way to track your progress and can be displayed in AUD.

Just tried, doesnt work, keeps given me errors

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To all aussies it is expressly forbidden by the ATO to use a Super Fund (SMSF) to trade or purchase currencies and this includes cryptos.

Your accountant will advise you this.

Edited by johnc
fixed typo

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28 minutes ago, OzAlphaWolf said:

Sorry, I have no idea if cryptos can be moved into super. It's a great idea and something I'd like to do myself but best to ask an accountant or financial planner.

Actually I mean the profit from Cryptocurrency, not the product.

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4 minutes ago, BriteBlue said:

Actually I mean the profit from Cryptocurrency, not the product.

You'd think so. Because taxable income can be reduced by super contributions. Contributions should be source agnostic?

Edit: but look, I'm on shaky ground here. It's not an area I know a lot about. Check with an accountant.

Edited by OzAlphaWolf

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17 minutes ago, johnc said:

To all aussies it is expressly forbidden by the ATO to use a Super Fund (SMSF) to trade or purchase currencies and this includes cryptos.

Your accountant will advise you this.

Don’t want to use the money in super fund, was asking about transferring profit to super only to lower Taxes.

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I'm running around, Company is starting with restructuring (Code for Retrenchments) Our company is indirectly linked to Steinhoff, so they are trimming the fat now.

So I'm just running around to see what I can find out. Sofar it looks like I might be affected. I work in the IT Department and it looks like they are going to outsource everything.

Now making calls to make plans early before I dont have an income.

Will chat a little later guys

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31 minutes ago, ElChupaThingy78 said:

I'm running around, Company is starting with restructuring (Code for Retrenchments) Our company is indirectly linked to Steinhoff, so they are trimming the fat now.

So I'm just running around to see what I can find out. Sofar it looks like I might be affected. I work in the IT Department and it looks like they are going to outsource everything.

Now making calls to make plans early before I dont have an income.

Will chat a little later guys

Best thing about my Country..Unemployment is in the upper 50% and if your in a certain minority group like me you have a 1 in 7 chance of getting a job, and at Age 40, it makes things even harder

 

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