/biz/ - Business & Finance

Bump help anons any advice?

>get a 50% discount
You have no clue what you are doing and already messed up so bad that the government flagged you and sent you a letter. Yeah get an accountant and a tax lawyer when they drag you to tax court.

>>19944782
That's true I mostly just brought and held but swung once and it set off their alarms because it was more than 20k at the time I guess. The exchange wanted more information from me at that point too. Don't think I fucked up but am on radar because of being over the threshold

>>19944637
Hello fren. I got the same email and I’m in the exact same position. I think that if you’re reasonable you’ll be ok, the ATO are going to be auditing that many people this year that they won’t bother with “near enough” cases. If you are reasonable in your return and have some sort of record you should be ok.

Now, if I get audited, i am going to use cointracker software and use a “first in, first out” rule for capital gains reasons, which means I’m considered to have sold the first tokens I bought.

>>19944802
Bro if they sent you the letter then they know. I’d recommend getting a tax agent desu, >>19944782 is right - it’s not a 50% discount per se, it’s a 50% discount on the marginal tax rate at which your gains are taxed.

>>19944804
Glad to hear I'm not alone. Yeah you'd think their budget would be stretched to max.
A few other things happened to me last year like I got some money from a death but I'm sure they already know about that anyways. I'm surprised everything is reported automatically. Do you need an oracle for that? I don't have a problem with paying but I don't want to fuck up the reporting an be overcharged because I didn't report something properly

>>19944830
> it’s a 50% discount on the marginal tax rate at which your gains are taxed
Can you elaborate wise anon

>>19944867
I can’t imagine the ATO get anything from Binance, I think it’s only Coinbase and coinspot (and other Australian operators) that share data with them.

I made my large sale OTC with coinspot primarily because I wanted it to go to the ATO, is I’m not trying to hide this one.

>>19944888
Yes. Capital gains income is taxed at your marginal tax rate.

For simplicity sake, let’s say you earn $100k and sold link for $100 profit. Your marginal tax rate is 37% so you owe the government 37% x $100 = $37. If you apply the 50% discount it’s $18.50. This is obviously very simplistic and it depends on the tax bracket(s) your sale traverses.

>>19944938
So the form should just auto populate like the group statement and other stuff does now? I don't really have anything to hide as I bought linkies again and learned my lesson: never swing a link

>>19944996
Capital gains doesn’t autopopulate as far as I know.

>>19944991
Wow that makes a lot of sense. What if corona chan took my job and I've been living off super so I don't have to deal with the dole and junkies

>>19945017
Your capital gain is treated as income. So take the total, add it to anything else you’ve earned, and figure out with tax bracket applies to you, then work out your tax burden.

>>19945073
Many thanks anon that's reassuring. I feel I shouldn't have to repay that much. Fingers crossed they don't jew me in

>>19944637
Yeah I got a notice aswell but the account was for personal use so I don't have to declare.

>>19945232
Don't you have to provide proof for usage?

>>19944637
What exchange/s did you use to buy your crypto and have you sold any for AUD?

Don't thoss kikes have anything better to do than investigating how much tax I owe?

>>19945351

Guys I've been in Crypto for 5 years. I'm up to $250,000... I've made 100 trades and I'm all in Link now. I have paid ZERO taxes. I'm kind of scared / don't know how the fuck I'm going to cash out million in a few years...

Fuck complicated US taxes.

t. A fucking Accountant...

>>19945448
cant u just trade for monero, use a different exchange and cash out there to avoid the transaction history

>>19945536

Sure I could, but I'm about to have a LOT of money I think and I'm going to have to live life knowing at any moment they could drop the hammer on me and send me to Prison for 10 years for tax evasion...

I don't know what the fuck to do.

>>19945351
It was on coinspot man link/aud from memory. Must've hit a threshold because they wanted more kyc information after that.

>>19945581
i mean, cant you just declare the profits as a capital gains when you cash out, pay your taxes on that, then youre all good? what other taxes would be hanging over your head

>>19945581
Wtf dude you're supposed to know more than me being an accountant

>>19945600
That might be my plan, but I actually owe back taxes from when I sold my few Bitcoin near the top ($17k/each) and went all in Link. I bought those Bitcoin when they were around $1k. That was $48k Capital Gains back in 2017 that I never paid. On top of that, I've made several shitcoin trades back and forth before being 100% Link.

So who knows what the fuck the IRS is going to want from me whenever I decide to start cashing some out. I've already told my parents I might be headed to prison soon.

>>19945602
Yeah man, this is just a new area. Nobody I know in Accounting would have a clue how this shit works. I'm sure I could find some specialized Crypto Accountant/Lawyer that would just tell me to fess up to the IRS and pay all my back taxes and penalties and throw a 20% fee on top of that. Fuck that. I'm going to wing it.

>>19945600
>>19945741
You have to pay taxes on the income generated at the time of the trade, what is called a taxable event, not just when you withdraw. Your exchange may or may not be able to provide you a list of all of your trades and if they were for a profit or loss, how much, etc.

>>19945741
Crazy man yeah I mostly held back in the early days then traded everything to link at the start of the year for a huge loss. I'm up overall thanks to link but haven't declared before because of the huge loss and the fact that it wasn't really that much. I might just find myself a Jewish accountant
>>19945803
Coinspot does which is good and it's in n excel file with all the fees and gst and other shit I'd reckon accountants love.

I got in contact with one of the crypto tax accountants in Aus a while ago. They've been doing my tax since.
I'll only look at creative ways to reduce liability if it will affect a very large amount of money.
Best to download all your transaction history OP and get in contact with an aus tax accountant who knows crypto (google will help you).

In my opinion most of the time it's best to pay your toll like a good goy and carry on your merry way.

What exchange did you swing on?

>>19945741
Do you think the irs would give a shit about a few hundred dollars I made from swinging shitcoins on uniswap? I'm wondering if I need to provide that history to my accountant when I do my taxes next year.

>>19944637
Bros help, if I took out some Bitcoin at roughly the amount I put it in at give or take like 100 dollars I don't have to pay fuck all do I. It's only on the gains I have made correct?

>>19945868
Yeah might see if I can tee up something like that too. It was on coinspot. Did you have to visit the accountant in person? Id love to just do it over email phone

>>19944637
If the government is contacting you that means their information shows you fucked up. You should have a 1099 from you broker for 2019. They also sent it to the government so thats where their getting that info.

>>19946172
All over the phone, email and their web portal. You don't need to visit in person, first question I asked them. I'm located more than 500km from the accountant.
Find one of two and give them a call, recommended.
Just get any historical trade data. Also if you're going to swing or try anything do it on an exchange that isn't squeezed by the gov. I'll only use those to move fiat in and out.

>>19944991
I don't think so.

>>19946235
This is literally how it works

>>19945869

Absolutely not. But don't get yourself in a pickle like me. I said oh, it's only a couple grand in Bitcoin. And now it's a quarter million and growing fast...

>>19946247
It's exactly how it works.

>>19946208
Can you cunts stop saying I fucked up. It's just about the amount of the trade coz literally after I did the trade it must've hit a magic number because suddenly they wanna know more about me. >>19946224
Thanks anon good information I'll track one down next week in preparation. Usually ima buy and wait until I get rich but it was last year in like September when link was fucking around like it's doing now so I took a risk but happy to have my stack back.

>>19946235
>>19946247
>>19946260
Kek based tax anons

>>19945017
>You literaly lost a minimum $30k because of your low IQ
>I can hear the low IQ in your posts, that linkie money will be gone in a few years.

You missed out on over 20k in Centerlink payments over 6 months... They haven't had reporting requirements for months and they will remove them again for wave 2.

Plus a job suppliment of $10k

PS you can have a networth of nearly 500k and claim full Centerlink.

>>19946374
I don't give a fuck anon I dealt with them during my student years and it wasn't worth it. Might look into it if push comes to shove but then I might as well get another job

>>19946313
Did you use coinspot? If not, where did you execute the trade?

>>19946407
They removed all that shit for covid.

You literally clicked a button on mygov for cash.

>>19946313

The ATO sends it to anybody who sells shares or whatever, just reminding you of your obligation to claim. inb4 reddit half of r/ausfinance got the email. You havent fucked up anything

>>19946374
>>19946419
You are going to get rekt mate. They have very sophisticated data matching capabilities. I know because I work in data science and have met them at conferences. You are going to regret it, you’ll have to pay it all back with penalties.

>>19946418
Jesus anons read the thread. Coinspot. >>19946419
Look I know all about that but I don't want to be in their system. I don't like handouts. I'm not a nigger. Listen to yourself with your gibs me that. I can hear the lips smacking from here.
Then again if they fuck me other for tax I'll apply and then use government assistance to pay the backtaxes to the ato. Fairs fair

>>19946450
Gfy I’m the guy who was spoonfeeding you earlier. You’re on your own.

>>19946419
What are you going to do when then find your tax file number receiving super or withholding tax whilst also claiming the gibs?

>>19946437

Should also add a fuckload of aussies got into the asx for the first time hence the ato sending out the warning that you have to claim cgt

>>19946476
This is incorrect. Coinspot share their data with the ATO, it’s a condition of being allowed to operate. The email is very specific about crypto activities.

>>19946462
Sorry anon but I wrote it multiple times. I have a low tolerance for repetition these days. And the rest of the comment was directed at the other anon.
>>19946475
Super withdrawals are tax free >>19946476
I own shares now too as of this financial year so maybe that triggered it too.

>>19946444
>Biz is really full of stupid people

So you read anything you sign or look up how Centerlink and other government programs work?

Look up assets and income tests.

>>19946516
That's the exact same notice. I bet i know the trade because it was over 10k aud.

If I were you I would call the IRS tomorrow and beg them not to send the ATF to your house, because you better believe a no-knock raid is happening some in the next 7 to 10 business days.

>>19946526
The super release is ok if you can prove the conditions applied to you. I thought he meant he was receiving the jobseeker payment and working.

Ps if you take out the super release and the conditions didn’t apply to you it’s a $12k fine.

>>19946536
You’re actually clinically retarded
>>19946542
Yep, they already know everything
>>19946547
>IRS
Burger scum

>>19946526
Correct

I sometimes forget how biz is full of P&D retards with 0 financial knowledge.

>>19944637
Use Token Tax.

$750 to never get fucked with by the IRS is a small price to pay.

Also, put your money into Kleros and shovel ETH before it gets up to $450.

>>19946569
>>19946553

>>19946567
Yeah the conditions apply to me because I'm not working right now and really just waiting for link to moon

>>19946609
https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-using-your-super/COVID-19-early-release-of-super/

>>19946569
But whose the retard in a thread full of pseudo experts

>>19946635
Great I'll apply for another 10k next week.

>>19944637
seriously what's wrong with you fucking retards. you trade crypto and you never considerd how to funnel your money around anonymously?
step 1 ) don't trade on a kyc exchange ( use for example Kucoin. you can trade up to 2 BTC a day without KYC)
2) Ok you are done swinging your shitcoins and want to cash out. swap your shit to Monero
3) Shit for brains retards, now you buy generic gold bars online with monero. ( like bitgild)
4) sell your golden bars around the country in goldstores. stay under whatever the flagging amount is. do some research.I have done this plenty of times. EUfag here. never detected, and trust me the tax office in my country is worse than the IRS.

>>19946667
But how to fiat BTC to non KYC exchange anon? In Minecraft?

>>19946542

Interesting, I got one for selling like $800 worth of shares but no crypto one for a few grand on btc markets

>>19946733
they must be desperate from the wuflu

>>19946774

haha maybe, I bought those shares for 3.5k in 2018 and bagheld all the way down from 6k so was nice of them to rub it in

>>19945284
Not if it was for personal use. I was freaking because i have $4 worth of btc leftover after a purchase.

>>19946643

All the info people need in Australia is on the ATO and Centerlink websites.

The way it's written is designed for someone with an IQ of 80+.

If their IQ is between 60 - 80 get the accountant do do it all and get the money back on tax.

If someone can't do that they should go to their GP and get their disabilities recognised so they can claim disability payments.

**It's allways recommended that you get your financial affairs looked at by an accountant before submitting.

https://www.servicesaustralia.gov.au/individuals/job-seekers

>>19946863
yes it is straight forward but my unfamiliarity with systems and obligations make me wary. Plus I don't want to be mischarged under or over because of my fuck ups. I'll just contact an accountant next week and square everything away and then I know it's done properly. I did mine last year and didnt feel comfy desu

Say I've been holding crypto for 3+ years and move to a tax haven from the US and eventually cash out into USD or whatever currency, would I legally owe taxes to the US?

>>19946696
use prepaid credit cards...
This is as close to anonimity as you can get besides meeting random faggots in an alley and swapping fiat for crypto.
Be sensible, don't deposit like 20k all at once , spread it out. read up on financial regulation in your country. When do they flag transactions etc.. Nobody is gonna flag you for using your fucking creditcard deposits to some company your bank never heard of as long as you keep your deposits reasonably small. I managed to get my crypto gains in and out like that for around 75k. 2 years ago. notn a huge amount but didn't pay any taxes and fuckers won't find out

>>19946983
great idea but it seems like a lot of fucking effort just to save a few bucks. I'd rather just bite the bullet and pay and then when LINK finally moons I'll square myself with the state and that will be thhat

Thanks for all the help and advice anons I really appreciate it.