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Shares, crypto re an "Individual" tax form, how to not pay tax on these?
Hello
Could anyone who knows the answer please reply…thank you! I have asked a couple of questions via Zoom Q&A, but it always produces another question, so I understand it entirely, but then there are too many questions ahead on the Zoom and the hour finishes. So, I’m writing here.
This is about reducing or not paying taxes. If one has Australian shares, do we need to add this info to an individual tax form (when one sells them)? Or can one not add them, as they can be deemed part of one’s “product of labour” (v’s “income”). But if they need to be added to a tax form for an individual (NOT trust), can one check the “NO” box from the previous tax year to state one does not need to do another tax year report?
It seems maybe “shares” are different to crypto. ie crypto can be part of one’s “product of labour” in an individual tax form, and so do not need to be exposed/added to the form. Whereas Australian shares get recorded on the govt ledger and must be added??
At this stage, I do not have a non-registered trust, and it is only an “individual” tax form being used (i.e. my name in capitals).
Can anyone clarify, please? Thank you very much.
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This discussion was modified 9 months, 2 weeks ago by
Yvette.
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This discussion was modified 9 months, 2 weeks ago by
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11 Replies
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Maybe pay for a meeting with Mark?
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Hi Morag, thanks for your reply. Yes, I was going to book an appointment but the website says Mark is no longer taking bookings. There is only the option, for now, to book a solicitor who does not do the “private” side of things. If this changes, I’ll book in. Thanks 🙂
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I have a crypto account in the name of the trust on Swyftx, I would assume sending money from that account to the bank account thats also in the trust name would be the way to avoid tax obligations
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Thank you Bonez for posting that info, very handy.
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bank account took about a week to get set up and the crypto account only a day or 2, I think the crypto account was simple because I already had an account in the legal name so it was just a branch off account for the trust name
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Many thanks Bonez. Great that all went well for you. Thanks for sharing, very helpful!
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Hi Bonez, appreciete your assistance.
This bank account you talk about, is it a private bank account linked to your private trust? If so can i ask who you set your (private) crypto account up with ? and did they require an ABN or Tax file number?
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Hi again
I have found answers to my original question and had a chance to ask at a Q&A. Yes, I can tick the box for the individual tax form (at the end when it asks) to state that I no longer need to submit tax forms. This will take me out of the system. You don’t need to continue from then. Thanks.
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“shares”
If the Company that offers shares declares this information to the ATO, then I believe that you must put that on your return as this is “evidence” that the ATO can see. Everything else you do is “productivity of labour”. I believe it is the same with bank interest. The bank sends the interest amount to the ATO so you have to declare this to the ATO. However, if you pay the tax to the bank then you don’t have to declare it to the ATO. It is a higher tax amount, though.
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Thank you so much Cherie, for this info, very helpful! Much appreciated.
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To request a meeting with Mark.
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on this page, Scroll to the bottom and fill in the form.
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