5. Warren Black Q&A – Protecting Your Wealth & Cryptos
QUESTIONS & TIMESTAMPS
0:34 If you’ve created a signed Trust Agreement & minutes – does a copy of this agreement need to be kept anywhere in particular?
1:43 Regarding crypto tax return, what’s the best way to present info to an accountant? Print off EOFY sheets? Is Koinly a good idea?
2:04 Do we have an approximate cost of setting up a Foundation in Australia?
2:27 I love the concept of decentralised & private monetary system usable worldwide BUT a friend said they believe the crypto space is run by illuminati anyways! That negativity aside, as this space is being built by people, what is the potential (in your opinion / feelings of course) this is another way to get funds from people on a global level, into the hands of dark forces?
4:12 If one had a lot of cryptocurrencies already, is it safer to just convert it into fiat currency and just pay the tax? Or are there dangers there also if it’s a large volume of money?
4:49 If one keeps one type of crypto for a year to reduce tax by 50%, then converts it into another type of crypto, will it need to be held for another 12 months to get the 50% tax discount?
5:17 If I have an Australian structure for crypto, can I later create an offshore structure that can purchase or take over the Australian company?
5:45 What is an IBC?
6:11 Would linking from your own name to a structure also work with a share trading account?
6:32 Was there a change in the Trust Laws?
7:00 For Individual – Discretionary Trust + Buckey Company for crypto mining/grid bot trading?
7:16 What if you already have a trust but it has a company as the Trustee? If you’re forced to get a digital ID, do you need to change the trustees back to your own personal names?
7:55 Can any individual and/or company create a foundation or trust?
8:04 If you’re well-structured and protected by having gold and silver, and a house with a 60% balance of the value with your mortgage, with the looming crash etc. would you 1, create another income to offset any lows in business 2, sell your house 3, sell your business? Selling the business, I would be almost debt free but no income (take from offset account to buy time to build another business) or sit comfortably and start another stream of income.
9:08 If setting up special paperwork linking crypto bought in personal name to a trust, do you need to show same amount of monies transferred from trust to personal name?
WATCH NEXT: Michaela Rankin, chartered accountant and tax specialist with 11 years of experience in cryptocurrencies answers the specifics and burning questions on crypto structures, accounting and record keeping required from the ATO. Click here to watch Michaela’s Q&A.