INVESTMENT STRATEGY WITH CASH

Discussion in 'Investment Strategy' started by henry999, 21st Feb, 2020.

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  1. Harris

    Harris Well-Known Member

    Joined:
    16th Jun, 2018
    Posts:
    941
    Location:
    Melbourne
    Just not worth it. By providing details such as:

    -Resident of Victoria (Narrow down to 20% of Aus population)
    - 35 year old couple (Narrow down to 5% or less of the resultant sample size)
    - With 2 IP and one PPOR (data narrows down further to within 1% of 35 year olds in Vic)
    - 3 prop - 2 x $400k loan and 1 x $500k loan (narrows down even further)
    - Appears to be a recent-Australian (going by the language) and therefore highly-likely an immigrant (narrows down to well within 0.1% of PI with 3 prop and 35 year old couple in Vic)..

    and you are toast..if the data you have provided is roughly 80% accurate and it's in the public domain for tax authority/ Austrac to have a look in advance...

    To be honest, just not worth it. Hiding a few hundred thousand dollars in tax for the sake of living the rest of your life thinking there could be a 'knock on the door' any minute is just not worth it. If you have kids or others that are dependants, then you owe it to them (if you have no regard for yourself and your partner) to declare all tax and sleep well than risking it all with a potential prison time. White collar crime in this country draws some very significant penal sentencing.

    Count yourself lucky to be in such a great financial position and actually making a great investment in crypto. Most crypto-owners I know are sitting on massive losses.

    Do the right thing. Your quality of life has a price that is worth a lot more than the additional balance in your account which in all likelihood is not going to make any material difference to your life in the long term if you paid the tax that is due.
     
    Vism likes this.