If I go to Singapore as a tourist can I lawfully sell crypto without paying tax?
Can Australian Residents/Citizens Sell Crypto to Take Advantage of Singapore's No-Tax Crypto Law?
SpicyStew on 28/02/2024 - 03:24
Last edited 28/02/2024 - 08:50 by 1 other user
Last edited 28/02/2024 - 08:50 by 1 other user
Comments
With some clever Origami of green ones
some Italian pretending to be an Albanian, you never know!
what about Albanians pretenting to be Italian?
you can usually tell by the way they do the italian fingers together with subtle hand wiggle.
Wow
Doom
Found Sam Bankman-Fried's OzBargain account.
Just pay the Tax.
You probably dont have to pay tax in Singapore.
You will have to pay tax in Australia.
first rule of tax evasion, dont post on ozbargain. ATO reps monitor these forums
also use terms to throw them off like
advise
my "friend"
mspaint@mspaint
You can always have a "friend" to open account for you from different country. Done.
The ATO hates this one simple trick.
No,
1) You're a tax resident of Australia still
2) If you cease to be a tax resident and move permanently to a cap gains free country, generally the ATO will count that move as a disposal event so you'll owe tax as if you sold it when you moved.
Wow, I didn't know this. Do you have a link?
If you cease to be a tax resident and move permanently to a cap gains free country, generally the ATO will count that move as a disposal event so you'll owe tax as if you sold it when you moved.
A bit more complicated than I remembered:
https://www.ato.gov.au/individuals-and-families/coming-to-au…
If you cease to be an Australian resident while overseas, we deem some of your assets – generally those not considered taxable Australian property – to have been disposed of for CGT purposes. This may mean you become liable to pay CGT.
You can choose not to have this deemed disposal apply. But if you do eventually dispose of the asset, we consider the whole period of ownership – including any period when you're not an Australian resident – when we calculate a capital gain or loss for CGT purposes.
So basically you can either choose to cop the disposal when you move, or defer it until you actually sell the assets. But you can't avoid it entirely.
Your residence is treated differently.
Going by this post and this one - https://www.ozbargain.com.au/node/833507 - it really sounds like you should get an accountant.
Better get a
lawyeraccountant, son
You better get a real good one
You don't need to go Singapore I'm pretty sure you can just take your jetski out to international waters and do it there.
No, if you're an Australian resident (more than 183 days living in Australia per year) you need to pay Australian tax on your income no matter where the money is actually paid.