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All my assets are in crypto. How will this affect my pension? | Sydney Morning Herald (archive.is)

submitted 6 months ago by zero_gravitas@aussie.zone to c/ausfinance@aussie.zone

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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?

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[–] Nath@aussie.zone 7 points 6 months ago (2 children)

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.

[–] No1@aussie.zone 2 points 6 months ago* (last edited 6 months ago)

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.

[–] hanrahan@slrpnk.net 1 points 5 months ago

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.