Original URL (paywalled): https://www.smh.com.au/money/super-and-retirement/all-my-assets-are-in-crypto-how-will-this-affect-my-pension-20241112-p5kpys.html
This has to be a fake question for clickbait, right?
The answer is in the article:
If you’re getting income support payments such as the age pension and own a cryptocurrency, you need to let Services Australia know within 14 days if there is a significant change in the asset value.
Further if you are trading crypto with the intent to make a profit, you may be considered as self-employed (still working) and this could affect your pension.
Frankly, I’m impressed that the ATO is across Crypto enough to have such policies regarding it.
I wonder with crypto bull run supposedly on, how many pensioners will go over the assets limit lol
I’m not sure grandma has any crypto… but putting all your investments in only crypto -or any single asset class- is just stupid.
Frankly, I’m impressed that the ATO is across Crypto enough to have such policies regarding it.
?? They have for many years, you have to declare profits for CGT purposes for example, as you might speculating in Gold.
It night get tricky if the law is changed and unrealised gains are taxed.
I think it’s bait.
Surprisingly, it wasn’t (entirely). It was one of the questions asked to the money editor this week. In context, it wasn’t even a bad question.
They just picked the question most likely to generate clicks.
Why do you reckon it wasn’t made up? Was it submitted through a public platform or something?
Based on the sort of questions people ask in the Super/retirement groups I’m in I think its highly likely to be real. I’m not sure that putting all your retirement money into crypto is actually a worse strategy than the more common strategy of taking all your money out of the market every time it drops and buying back in when it goes up.
If thats their current “strategy” they’ll do the same thing with crypto. Buying high and selling low has a time honoured history.
“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” - Peter Lynch
I hope so!
