#112 - Will Labor's Tax Catastrophe Destroy the Economy and Steal Your Bitcoin? 💥 💸

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In this episode of Crypto Collective, I discuss the controversial new unrealized capital gains tax that could significantly impact your superannuation fund, especially for those holding over $3 million. This tax applies even on unrealized gains, meaning you’ll need to pay taxes on profits that haven’t been realised through a sale. If you’re holding assets like Bitcoin in your SMSF, this policy could have a significant effect on your portfolio.

I dive into why this tax is a major issue for retirement savings, and how it could lead to future tax implications for other assets, including property. I also explore why this policy is being introduced, the political back and forth surrounding it, and the impact it could have on your financial future. Should you still invest in Bitcoin within your SMSF despite this tax? Listen to find out how to navigate these changes and continue building your wealth.

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Timestamps:

00:00:00 - Introduction

0:01:34 - Discussion begins about the unrealized capital gains tax

0:02:47 - Explanation of how the tax would work

0:03:34 - Discussion of liquid vs. illiquid assets

0:05:00 - Mention of Paul Keating's opposition to the tax

0:06:39 - Discussion about the Greens' involvement

0:07:45 - Social media reaction to the tax

0:09:20 - Speaker's view that this could be a "test run" for broader taxation

0:10:27 - Discussion of the Greens' policy

0:12:08 - Reasons why Labor might be introducing this tax

0:13:54 - Speaker's personal beliefs about taxation