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Is there a need to explain where the funds to buy a house came from in Australia? Or do they just explain it away as crypto gains?
by thrwyoilarticle 4y ago
Is there a need to explain where the funds to buy a house came from in Australia? Or do they just explain it away as crypto gains?
- King-Aaron 4y agoNo, but the tax office will smash you with some pretty hefty capital gains taxes I believe
- jbverschoor 4y agoHere you’ll have to explain the source, no matter what. Also, your bank will simply be bought with such a large irregular transaction. The story or the government had holes in au
- superchroma 4y agoShe would have to declare it in tax time, particularly as it's a large sum of money which is being pushed through companies (bank, crypto.com) which I presume are both obliged to comply with reporting obligations and KYC stuff. If she didn't, such a windfall would definitely set off an alarm somewhere, because Australian taxation data gathering is all automatically done by the government and pretty decent. I suspect that there is a simple legal mechanism for crypto.com to come in with and legally request their money back too, for that matter, in the same way we've seen banks get money back from people who take advantage of malfunctioning ATMs and swipe extra bills. If we assume it was a crypto gain, every crypto transaction needs to be accounted for in a tax return, and capital gains/losses reported at every step, so there's that.