All-Crypto Retirement Accounts Will Be Fined: Australian Tax Office - CoinDesksteemCreated with Sketch.

in dlike •  6 months ago 

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Australians are being warned that if they hold 90% of their retirement assets in cryptocurrency, they could be fined up to $4,200 AUD. This is in accounts they use the acronym SAFE.

The government is not targeting cryptocurrency in particular although it does call it a high risk investment. What is happening is it is a warning against being over exposed to any one asset. This is commonly warned about holding property in this manner.

The funds are to be diversified according to the government standards.

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