@Ditch Gravy
Bitcoin for the crown š
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Recent Notes
Hi again, so Iāve reviewed Lednās Custodied Loans to see if they also risk CGT events.
Ledn have had these on offer for a while now, usually at an extra 1% premium to their Standard Loans.
However now the Custodied Loan is the only one they offer, and the Loan Agreement language and structure appears to be more CGT friendly (from what I can deduce using ChatGPT as a research assistant).
Hereās what Iāve found:
Under the Custodied Loan agreement, the borrower retains ownership of the Bitcoin collateral, granting
LEDN only a security interest.
Key clause (Section 4(c)(i)):
"Borrower grants to Lender a first priority security interest in and to the Collateral... The Borrower shall retain
all rights of ownership in the Collateral, subject to the Lender's security interest."
ATO Implication:
Because the borrower retains beneficial ownership, the ATO is unlikely to treat this as a CGT event. The security interest does not constitute a disposal for CGT purposes.
Hope this helps, as usual DYOR or consult a tax account (LIKE I SHOULD HAVE DONE š )
Ledn have had these on offer for a while now, usually at an extra 1% premium to their Standard Loans.
However now the Custodied Loan is the only one they offer, and the Loan Agreement language and structure appears to be more CGT friendly (from what I can deduce using ChatGPT as a research assistant).
Hereās what Iāve found:
Under the Custodied Loan agreement, the borrower retains ownership of the Bitcoin collateral, granting
LEDN only a security interest.
Key clause (Section 4(c)(i)):
"Borrower grants to Lender a first priority security interest in and to the Collateral... The Borrower shall retain
all rights of ownership in the Collateral, subject to the Lender's security interest."
ATO Implication:
Because the borrower retains beneficial ownership, the ATO is unlikely to treat this as a CGT event. The security interest does not constitute a disposal for CGT purposes.
Hope this helps, as usual DYOR or consult a tax account (LIKE I SHOULD HAVE DONE š )
2ā¤ļø5
I think the ATO's position here is.... questionable... to put it politely. It also directly affects me, so I will have a dig into this. I am yet to find a good source of the ATO's position where they ...
Sorry but the ATO wonāt care if you decide YOU are right, or if I am right. It will be what they decide.
On a side note, it will be very interesting to see how the court case progresses in regards to Victorian Magistrate Michael OāConnell, who ruled that bitcoin is a currency like the dollar and should be exempt from CGTā¦
Of course this is not applicable yet, and the ATO will fight it all the way tooth and nail Iām sure.
I swear, if Australia was able to pull its thumb out and take bitcoin friendly stance, the amount of capital that would flow here from all over the world would be mind boggling!
On a side note, it will be very interesting to see how the court case progresses in regards to Victorian Magistrate Michael OāConnell, who ruled that bitcoin is a currency like the dollar and should be exempt from CGTā¦
Of course this is not applicable yet, and the ATO will fight it all the way tooth and nail Iām sure.
I swear, if Australia was able to pull its thumb out and take bitcoin friendly stance, the amount of capital that would flow here from all over the world would be mind boggling!
Tried to zap you! Get it setup soon, such a good part of the Nostr experience
So pleased to hear you had a good experience. So often not the case with the ācascade of interventionā in hospital e...
Cheers Jake š¤š» am I zappable now??
Yes it did end in c-section for us. Not in the plan, and now a bit of trauma to get pastā¦ but in the end weāre all happy healthy and together
I totally see your point about being the product. More and more it feels like that these days, or as we get older it becomes clearer?
I do believe our social contract was set up with good intentions, after the horrors of world wars in the last āfourth turningā
But as the new saeculum approaches, the rot becomes increasingly evident.
Thanks Satoshi for bitcoin!!
I just wish more people would understand
Yes it did end in c-section for us. Not in the plan, and now a bit of trauma to get pastā¦ but in the end weāre all happy healthy and together
I totally see your point about being the product. More and more it feels like that these days, or as we get older it becomes clearer?
I do believe our social contract was set up with good intentions, after the horrors of world wars in the last āfourth turningā
But as the new saeculum approaches, the rot becomes increasingly evident.
Thanks Satoshi for bitcoin!!
I just wish more people would understand
1ā¤ļø1
Welcome!
Hi Dr Ross, I always enjoy listening to your take on bitcoin and macroā¦ maybe coz youāre so dang bullish! With a healthy dose of caution š¤
Anyway, I had an idea to start a campaign to help Bitcoin flip golds market cap this year. Itās a simple message: - Buy and donāt sell š
You in?
Anyway, I had an idea to start a campaign to help Bitcoin flip golds market cap this year. Itās a simple message: - Buy and donāt sell š
You in?
