My accountant suggested that I can minimise tax by putting my crypto under a company / trust and when i need to withdrawal money it should be sent to a business bank account. The idea is that i want to declare my income properly while legally minimising tax, and if there was a way to do this i think it'll be positive for the ATO and crypto world in general.
Point A: Ideally i'd like to work with a bank that is clear about this being OK, or even have a public statement or some material to support the fact that I won't end up in legal/financial issues by doing what i'm doing. i.e. the bank should understand just because it's crypto doesn't necessarily mean it's related to money laundering or black market.
I've spoken to some banks and it seems that any mention of crypto is like taboo as it causes them to take on the default stance of not willing/able to provide any further advice.
So these are the enquiries i've made around opening a Business Account while being honest about why i'm doing it:
CBA / Westpac - part of the big four, sort of knew that they'd take the hardest stance on this. Despite only AUD entering the bank account, only AUD leaving the bank account, i was told that if they even suspect anything originated from cryptocurrency i'd be in trouble which of course would in turn risk my mortgage and being marked by ATO and other banks.
Citibank - i only spoke to a indirect friend of a friend, who simply stated citibanks position would be the same as the markets position to minimise their risk - which to me is just a generic way of saying 'this belongs in the too hard basket'. From older online articles i had the impression citibank would be one of the more lenient banks out there, but i'd still need them to meet Point A above
ING Direct - they of course require that you have a separate bank account, to move AUD in and out, since they don't have a branch. Apparently they only accept money that originate from another bank (as opposed to an online wallet or exchange). In addition, the guy on the phone generically said their position on crypto would be similar to banks, at least that's the impression I got. So its almost pointless opening an account, if i need to pass money through another bank account before it lands on my ING account.
HSBC - is apparently part of collaborators the eTradeConnect Platform group, so i thought they'd be open minded. However they do not offer a Business Account. They only offer Personal, or Corporate Account (min. USD$50M turnover)
I'm thinking of going through the other banks that are collaborating with the eTradeConnect project that have an Australian presence:
*Bank of China
*Agricultural Bank of China Limited,
*Bank of Communications Co Ltd,
*Industrial and Commercial Bank of China
Have you had any success or anecdotes to share?
Perhaps I need to frame my enquiry differently before i start talking to another bank again? Seems very discouraging for someone who's trying to do this in a legit way?