/biz/ - Business & Finance

nice try glowy

>>22288841
im serious fren

>>22288826
Assuming you're cashing out more discreetly than coinspot, the ATO is woefully unprepared for chasing/auditing crypto. Next 2-3 years at least are relatively safe to non-declare (again, as long as you aren't retarded and cashing out via Australian KYC exchanges).

>>22288871
hard to cash out during covid with limited travel

guberment will never get a cent of my crypto profits

>>22288901
Then don't cash out till you have enough to start your new life in Portugal (no clue if that's a crypto haven, but I'm assuming they exist).

What staking rewards?

>>22288826
Yes any extra tokens from staking is counted as income tax and valued at the time of creation. It's so fucking dumb.

>>22288826
Yes.

You owe tax the moment you accrue them, not when you sell them

So let’s say you stake $50k of X and you manage to pull $25k of staking rewards in the current 2020-2021 financial year, even if you don’t sell those staking rewards you owe income tax on that $25k

My advice, sell out the taxable amount and keep it aside. The worst thing you can do is not put away the tax as if that $25k fizzles down to $5k in the 2021-2022 tax year, guess what, you still owe the tax on the original $25k

I got raped this was in 2018 after the crash. I actually got double raped as it goes towards my child support so I then had to pay higher child support rates on money I didn’t actually have

>>22289182
Income tax? I can live with that

fuck australia cunt swear on my life the gov can go get fucked

>>22289188
It sucks so much, I wish i never used an Australian exchange.

>>22289188
That's utterly retarded. Why would anyone pay for something they haven't cashed out?

>>22289215
i blame scotty the cunt, he should go shit himself some more

What about rebasing?

>>22288826
It's taxed as income. I don't see the problem. Just cash it out and pay your taxes ya bloody scumbags

>>22289249
Fuck that. Don't hold anything with rebases.

>>22289253
I'm fine with paying income tax on what I cash out, but >>22289188 said that all staking rewards are taxable from the moment of creation. Which if true is entirely unreasonable and invites people to dodge the system. Which of course is quite easy if you really want to.

>>22289276
>all staking rewards are taxable from the moment of creation
It makes sense really. Same as dividends.

>>22289297
no it doesn't you fucking ato golem. crypto fluctuates wildly and should only be measured when cashed against a fiat "stablecoin". change my mind

>>22289333
Top fucking kek.
Also checked.

>>22288871
>the ATO is woefully unprepared for chasing crypto
this is false

>>22289225
crypto-crypto and airdrops are taxable events with a cost base of the previous crypto, and 0 respectively. If you buy link at $5 and it goes to $10, and you trade 1k link for 10k ample and ample goes to zero, you owe (10-5)x1000, so $5000 in income tax even though you have no money. If you make money on crypto again you can deduct the $5000 in losses from your gains. But they don't want you buying crypto so the taxes can be brutal.
Of course, CGT is added to income taxes, so if you're a NEET you can deduct a rather large amount before it starts hurting.

>>22289249
Rebasing is the same as an airdrop, aka considered an airdrop with 0 cost base. Negative rebasing hasn't been tested but you can at least write it off as a loss later. Rebasing tokens are a nightmare for tax and the onus is on (you) to calculate it properly.


If anyone has any tax questions ask away.

>>22289297
let me add. you mean to tell me that if an asset at the time of creation would be worth $25 in tax, then rose, making the tax due $50 that you'd settle for the 25 because that's what it was worth at the time of creation? ... don't think so

>>22289359
yeah i got a question, best way to dodge?

>>22289333
Well then make a plan and monitor it you fucking retard, it's not difficult. The easiest thing to do is just sell to aud when it's received if you're worried.

By your logic, you could acrue millions in staking rewards and never pay any taxes. How fucking stupid do you think ato are?

Simple, just keep it in a stable coin you trust, and just pull out what you need when you need it
Thats for small stuff, I'd have no idea how to cash out millions and buy a house with it and have it all legal lol

>>22289359
>>22289359
If I stake and unstake tokens, is that a tax event on the original tokens i stake?

>>22289359
But if ample goesto zero, can't you claim the loss of initial investment?

>>22289386
I can't pay for anything with crypto. So, until the ato accepts btc as a form of tax payment, unrealised gains in internet funny money are just that.

>>22288826
ATO is responsible for Dusk attacks on all lInkie wallets.

>>22289413
what if i claim and stake those tokens then too? is that a taxable event if i stake and the price went up inbetween?

>>22289359
How will it be treated when depositing LINK into the yearn yLINK vault? You technically change your LINK for yLINK, but the value remains the same.

I wonder how that applies to commercial entities that would rather reuse those tokens to increase their node network.

>>22289433
you owe them 100% of your linkies

>>22289433
Same goes for aLINK or any other of these services that change your LINK for an interem token when depositing.

The Australian government is so fucking backward, and has been for a long time. There will never be any serious technological innovation in this country. Just boomers getting rich off property.

>>22289386
Let me put it this way. If I buy a tract of land that then increases in value, I don't have to pay any tax on that increase in value unless I start selling off parcels, or sell the whole thing. THEY will get nowhere until they understand crypto as an entirely new asset class. And if they want some shekels out of it, they'll have to make the rules reasonable and not typically retard-tier as befits so many other Australian laws.

>>22289380
Send cash to friends in more crypto-tax friendly jurisdictions and have them buy for you, and hope they don't run away with your keys. It's pretty much the only way. Anyone saying you can dodge the ATO on an immutable ledger is deluded.

>>22289413
>>22289433
No. It would be considered wallet to wallet, not wallet to coin. There may be an issue with depositing one coin and receiving another, e.g. from LINK to aLINK, you might have to explain it, but it should be fine, as at the end of the day the value is the same as the yLINK guy said, so you could just skip that step and if you get the letter asking why, explain that you received another token of equal value.

>>22289414
No, because you made a gain on LINK, and then traded to another token, which is a CGT event. It's how people got fucked over in 2017. The best way is unironically to buy low, hold, and sell high. Swingtrading can backfire really hard in the middle of a bullrun if you don't cash out along the way.

Fucking hate this country and its retarded pollies and nanny state laws. I will do everything in my power to pay no tax on my gains, fuck jews. Renouncing citizenship if necessary. Citizens shouldnt pay tax when corporations pay nothing.

>>22289517
what if you can't get coins value on creation a few years later? like it was a a shitcoin

>>22289552
They literally don't fucking know. The ATO are hard-working but retarded.

>>22289517
what if i opened my own cayman islands bank and just sent money there then bought crypto with that bank acc

>>22289552
If you can't prove the price for which you bought it, they will assume a cost basis of 0 until you prove otherwise. Meaning you'll have to pay tax on 100% of it rather than sell price - buy price. Even if they don't know like >>22289554 said that doesn't mean they're stupid. They'll just make you choose between doing the heavy lifting or paying the maximum amount of tax.

>>22289513
The crypto that you hold also increases in value, but you're receiving extra quantities of that asset. You don't magically receive extra land if you own land.

>>22289561
You are an Australian resident for tax purposes if you are primarily based in Australia, i.e. you have been here for at least 183 days out of the past year. With the lockdowns and nobody being allowed out, then you almost definitely meet this criteria. As such, it doesn't matter if you traded shares in Timbuktu or Mars, you have to pay tax on your earnings.
Also fun fact, if you really send money to a cayman islands bank account, you will be immediately put on 7 or 8 lists and can expect to be audited every single July for the rest of your life.

>>22289577
Yeah you're right. Living in Australia is a bummer. I like it here, especially for the nature and generally chill way of life, but the government is beyond retarded. We're lucky we have so few people and so much natural wealth, but it's not gonna last forever.

>>22289517
>No. It would be considered wallet to wallet, not wallet to coin.
Thanks, I was thinking the same. Just hope I don't have to explain it to any ato boomers if I get audited though.

>>22288826
Im still trying to work out if staking on aave is a taxable event. I have held off on staking anything because im worried they will count the crypto exchange as a transaction and want a huge chunk of CGT.

>>22289610
To be fair, a heavy handed CGT system is the only way we can get *something* out of the boomers for their property ponzi. The real problem is negative gearing and pension asset tests which create warped incentives.
A boomer can have a million dollar house, 400k in shares/cash and will receive an $880 fortnightly pension.
Someone on centrelink can't have more than 5k in their bank account or their $540 fortnightly payment will be cut. You are literally not allowed to save.

>>22289333
You are retarded.

Yes this might seem like the ideal situation, however that’s not how tax in Australia works

Hope you have lots of lube for when you get raped by the ATO

>>22289380
Out your money in OTC and cash out OTC.

Don’t ever KYC

End result is Clean funds

fucking jews it should just be you put an amount in and get taxed a flat rate on the amount you pull out. FAGGOT TAX FAGGOTS

>>22289641
Yeah, it's fucked. I hope the property market shits itself soon, except I don't because it would tank our economy. What's clear is that the government isn't going to even thinking about fixing it, presumably because they're making fat cash from these policies. It's just gonna keep going until something bad happens.

>>22289517
If you sell the ample at 0 you would have a $5k capital loss, negating the $5k link gain. But only if you sold in the same financial year.

>>22289607
Damn based and ato-pilled. Ill pay my tax glowyfren. Best way to just keep spreadsheet & go to accountant to lodge?

>>22289188
>Yes any extra tokens from staking is counted as income tax and valued at the time of creation. It's so fucking dumb.

Fucking hell. Fuck this piece of shit bogan country. As if it wasn't bad enough with the heat and insects and braindead bogans there's the fucking ATO jews to deal with. Fucking worst Western country in the world

>>22289727
It's not that bad mate. Other countries have fucked up problems too, most of them worse than ours. I've been to lots of them, despite the fact that I hate travelling. It's still pretty nice to live here, in many ways.

>>22289589
I would think it would just have a purchase cost of $0, therefore whenever it is exchanged, it would be taxable at the maximum amount. Much like when you recieve tokens through coinbase earn. It is different to dividends, because dividends are paid in AUD.

If you were getting significant staking rewards would it be better to create a company and process it all as revenue then?

>>22289770
Probably better to set up a smart contract to immediatly transfer it into USDT, deduct 30% for tax and repurchase the base crypto to re-invest.

>>22289517
a couple of the exchanges I used in 2017 have unironically disappeared from the internet along with my trading history there. I only have the in/out transactions from my main wallets. What do?

>>22289787
That's the most retarded thing I've ever heard and the fact it's a good idea is just hilarious.

>>22289631
>Im still trying to work out if staking on aave is a taxable event
I was worried about that too, but old mate above reckons it's not a taxable event. Not sure if he's ato or an accountant though.
>>22289517
What are your qualifications there fella? Cheers for the help.

>>22289787
how could i go about doing that

>>22289710
It will crash. They're trying everything they can to prop it up but over the next 2 years we're going to see some real pain. Go to realestate.com.au, look at rental listings in your area in "map" mode and have a laugh. I'm in Vic and people are *still* asking $400/room/week. Absolute denial. Nobody can afford to rent these houses, especially when jobkeeper and seeker get cut this month.

>>22289715
Yes I should have been more clear. Total gains and losses apply in the same year.

>>22289724
Have a notepad/word doc with your trades. As long as you appear to be honest and give them no reason to think you're not, they'll be reasonable. Remember - gas fees are deductable, as are the .30% uniswap/your exchange fees.

>>22289770
Won't really work. They are extremely averse to trading entities, this is standard for stonks and doesn't work for crypto either. But regardless, unless you're making stupid, stupid amount of money *consistently*, you will pay less in tax as an individual than a company.

>>22289795
Look really hard or make an educated guess. *always* overestimate so that you pay slightly more tax if you're unsure. It will pay off in spades in the long run.

>>22289802
Done some tax work for clients in a professional industry. Not an accountant by any means.

>>22289787
Not a bad idea, depending on gas prices. But perhaps just sell 30% of what's received to a stable coin, then there's no need for the second step.

>>22289188
>Tax ID
Creepy

>>22289837
Tell them that unless you get audited your crypto declarations will never matter.

>tfw ATO in the thread trying to figure out crypto tax on the fly
Abstract feel. These threads aren't 100% organic

>>22289855
The problem I have is keeping track of the value of the asset/crypto at the time of recieving the staking payment, especially if it is calculated daily.

>>22289837
>It will crash. They're trying everything they can to prop it up but over the next 2 years we're going to see some real pain
I've been thinking that for many years now and held off buying, but fuck knows if it will ever happen. I'm in a position where I can buy the house I'm currently renting because the owner needs to sell. It's a decent price, and I figure if I don't buy I'll still have to move and pay rent anyways. May as well just buy it and hope for the best.

>>22289750
Big doubt on that mate. Between multiculturalism and the rise of bureaucratic powergoblins, esp. since corona, the end of the country is near. You say there are similar problems elsewhere, and there are, but they don’t share the same irrecoverable status of the Australian psyche being uniquely empty enough to withstand all trespasses on its sovereignty.

>>22289837
>>22289908
Feels like it'll never crash. We've been told it's coming for decades now. Boomers and chinks hold this shit with literal diamond encrusted hands and they're exerting every drop of influence to maintain it.

>>22289908
If you like the house, its a good deal, and you don't live in an apartment or capital city, then go for it. If you live in Sydney/Melbourne in a cuckshed, hold off for a year or do some strong bargaining.
How did you get the funds? Fat link stack?

>>22289930
>boomers at real risk of not being around for much longer
>no immigration to prop the prices up
>market the most bearish it's ever been, with only government gibs keeping it on life support, and the government withdrawing that support this month
>everyone trying to sell quick or lock in tenants long-term because there's nobody around to rent, they've all moved to the country if they could
>even the real estate websites who are paid to act bullish are saying "we just need to cool off before the next pump"

>>22290003
Only makes me think China will just swoop in and pick it up sadly.

>>22289837
What ways could the ATO access information that I can't access? Is there some way I can inform them that I don't know how much tax I owe and could they please use their glownigger technology to help me out?

>>22289940
Cheers. It's a small unit in Queensland, not in the city. Would prefer a house but I can switch this to investment later and get something else. Yep, sold some LINK for a decent deposit which was tough, but everything crashed afterwards so it worked out alright (for now).

>>22290054
You can inform them of that, and they'll inform you that you have to pay the maximum amount of tax.

>>22290074
yeah but what's the maximum amount of tax on unknown number of trades?

Cheers ausbros. Learnt a lot this thread. Thanks for not trying to sell me food tokens for my cent-bucks. We most certainly are full.
>t.Darwin Local.
>No room in the desert, fuck off chinks.

What happens if ive reported no assets and no income for my centrelink this whole new financial year. Student aswell btw. When it comes to taxes will i have to pay back centrelink too, obviously?

>>22290132
Will i be fined for this too?

>>22290074
to add, say I made a handful of small-fry trades in shitcoins on some dead exchanges. think <$5000, with maybe $1000 total profit. I used some of this profit (plus additional ETH) to buy a pile of link at ICO which is now worth $500k. I held for over a year, so if I cash out I will owe 25% CGT (about $125k).
But I have no idea what the max tax would be on those initial random shitcoin trades. What would the max be?

>>22290095
>We most certainly are full.
no one gives a fuck about your laughably irrelevant prison country

>>22290199
You wont be saying that when war starts my friend. Not even worth or near anyone worth bombing. Git a clue faggotm8

>>22289423
This. Fuck them

and this >>22289513

I fucking hate this retarded ass country and its nanny state authoritative laws. Fuck Dutton, fucking voldemort looking cunt

>>22290199
>>22290285
Based

>be me
>trade crypto’s non stop for 6 years
>never declared on tax beyond a few token gestures of buy sell capital gains
>never been questioned

>>22290378
how you buy em

>>22290276
>chinks buying all of your land, infrastructure and businesses
>chink government constantly taking shits on yours economically
>chinks installing a propaganda arm of the ccp in your universities (confucius institute)
>war
>implying your country hasn't already been sabotaged by the enemy
but don't worry you dumb crippled bogan, when the time comes for war, the USA will swoop in and save the day as it always does

>>22290428
lmao yours is owned by Russia now cunt. your cities are burning, your people are either protesting in the streets or dying in them from the worst handled covid repsonse IN THE WORLD. lmao you cunts did worse than Ghana mate. Your cult leader is literally a cuck for putin - tired of winning yet?

>>22290428
Cities burning. Niggers winning. China winning economic war.
>Muhh ameriicaa, werre numbbaa #1.
Faggot.

>>22290132
yes

>>22290500
Dude China has PROBLEMS. There is only chaos in the future.

aussie aussie aussie

>>22290538
Except perhaps in Russia. They are strong and self-sufficient. Australia could also be an OK place if you live in shitfuck nowhere and know how to farm.

>>22289930

Im expecting some retarded schemes to prop it up - house keeper or something. The politicians all have multiple investment properties lmao. They need to let it tank so young people can have a chance, or change renting laws so it doesnt suck ass

>>22289359
>crypto-crypto and airdrops are taxable events with a cost base of the previous crypto, and 0 respectively. If you buy link at $5 and it goes to $10, and you trade 1k link for 10k ample and ample goes to zero, you owe (10-5)x1000, so $5000 in income tax even though you have no money. If you make money on crypto again you can deduct the $5000 in losses from your gains. But they don't want you buying crypto so the taxes can be brutal.
>Of course, CGT is added to income taxes, so if you're a NEET you can deduct a rather large amount before it starts hurting.

what a joke

>>22289546
>I will do everything in my power to pay no tax on my gains, fuck jews.
If you move to another country with a lower capital gains rate and then sell your crypto, can't you just pay the capital gains tax to your new country?

>>22290591
I will move to Malta, I have maltese heritage and they are a crypto tax haven.

>>22290561
I just don't see any way it crashes with chinks and boomers in control. They'll never let it.
Every time I see articles celebrating housing prices go up I feel sick to my stomach. How is that a sign of a healthy society? More people being locked out of an essential product is not something worth celebrating. It's fucking twisted. Call me a commie if you want, but there should 100% be laws against this bullshit, at least to this degree.

What happened to that anon who said he was working on something to help ausbros. Hope he's making progress.

>>22290591
If you ever come back and they know you're 100% going to federal prison.

>>22290538
They've never not had problems. They will live and prosper.
Only weakness is a thermonuke. But ww3 then.

>>22290551
But they have that big russian target on them as a superpower. Wouldn't worry about siberia but they have the same tactics we have of escaping to the bush(frozen tundra for russia) and play a long game of small attacks with their vast volumes of land. Would prefer a russian over an american any day.

>>22289837
>Nobody can afford to rent these houses, especially when jobkeeper and seeker get cut this month.

Based I left my last place and moved back to my parents in preparation for september and because i couldn't find anywhere new to live that wasnt grossly over priced, gonna rent the dip

>>22290603
It should be, but as long as people keep voting for the libs nothing is gonna change. I'm not sure labor is much better, but it's a step in the right direction. Of course, Daddy M controls the brains of half the idiot residents of the country, so good luck getting rid of the blue boys.

>>22289359
I struggle to believe analytics would be of any use given the following opportunities/developments:

1. On-chain mixers.
2. Decentralized exchanges with atomic swaps for Monero.
3. People claiming addresses from KYC exchange withdrawals do not belong to them.

Imagine the ATO going to court against all of the above. They haven't even prosecuted anyone to have a semblance of a test case, why do you 'think' they are prepared?

>>22290621
Maybe you're just pulling that out of your ass, pretty sure you owe tax to the country you realize the gain in.

>>22290661
Nobody tell him.
>>22290649
They're both bottom of the barrel dogshit, Labor will just also build some shitty public housing and fill it with browns.

>>22290650
Interpol glowies already said they can't trace if you use wasabi or monero.

>>22289546
While taxation is theft, the reason citizens pay tax is because they contribute almost nothing to society. Corporations provide production generally and jobs for the population, which is valuable, and you provide nothing except a negative return on the states investment in your healthcare and education. Unless you are a successful business owner or property developer, you are basically taking more than you are contributing, as a wagie. That’s why wagies and poors get wrecked by tax and the wealthy pay little to no tax, because it’s actually fair and the government needs to incentivise people to make hugely profitable businesses and not just being drunk self employed brickies or factory workers.

Capitalism is actually based and you have an advantage under it so make the most of it. It is truly up to you. Don’t be a commie or a nigger, be industrious and take risks. It is your moral imperative to start a business and invest your profits into helping your own family and community and undermining globalists and progressives and immigrants.


Also Aussie is cool bros, appreciate what you actually have. Your government is bad but so is everyone’s thanks to the UN and ZOG globohomo commies, the upside for Aussie is that it’s actual citizens are not too badly brainwashed by it compared to most of the developed nations being targeted by these terrorists and Aussies know what is right and who belongs there and what is worth speaking up about. Never stop talking shit.

>>22290603

If hard times fall upon the general population it will be a tough sell cranking up immigration again which props up investment properties. The low interest rates and lending to anybody with a pulse is also a big factor, depends if they will be allowed to default and then that triggers a big sell off. That would fuck a lot of people though and they will be too proud to sell.

Sydney and Melbourne are just going to turn into retirement villages, inner Sydney is full of Nimby boomers who block any development they can. Young people who want to buy live at home until 30 or have the bank of mum and dad help out, god help you if you are saving yourself. The big cities are not worth the squeeze, my gf and I are high paid yuppies but we are fucking off as soon as we can, you work hard to get nowhere and rent off somebody who bagged groceries for a living lol

>>22290746
https://www.youtube.com/watch?v=OdAqEV4XH2s&feature=youtu.be&t=59

>>22290661
pretty sure moving countries is a capital gains event

>>22288826
Seethe

>>22290777
Yeah, the big cities are bullshit. None of the fun of European, Asian or American cities, with insane prices and no real opportunity. You can get a high-paying job if you're smart, but if you're young and your parents aren't rich, you're unlikely to own a decent house anytime soon unless you take debt up the ass or sacrifice 2+ hours a day to the car god. In fact you're better off being a tradie than anything yuppie-tier.

>>22290746
>Corporations provide production generally and jobs for the population, which is valuable, and you provide nothing except a negative return on the states investment in your healthcare and education.
>Your government is bad but so is everyone’s thanks to the UN and ZOG globohomo commies
> citizens are not too badly brainwashed
WOW

>>22290746
Yeah bro capitalism is so based, encouraging rampant consumerism and breeding of the human race until we have made the planet that gave life to us uninhabitable is super based. Woulda happened with almost any other system but capitalism is fucking horrible. Enjoy the world being uninhabitable in 50 years.

>>22290974

Its good if you are young, can get good career progression and rent in the city or near the beach, the other 95% of the city sucks balls. I have enjoyed my time in Sydney so far but I am struggling to see a future here

>>22289915
based. glad to know there's a few thinking men left

This thread sure is depressing, but somewhat enlightening.

So in regards to my staking returns on my potential moon missions, how's this for a strategy:

>Recieve weekly Jobseeker payment of $600

>Invest 1 ETH into...lets say.... $LGCY (fuck off fudders, this project is gold and it's just an example anyway)

>Record market price of shitcoin daily, to minimise income tax on staking returns

>Put 30% staking returns into grandpa / ETH on a weekly-ish basis, to at least find a half-decent entry point (at risk, but not as much as LGCY etc... stablecoins and USDT can get fucked).

>Put the remaining 70% of the returns back into whatever coin you choose to maximise profit after a 12 month hold while minimising CGT.

>When exiting from position (after 12 months) pull out the gains from the initial 1 ETH upfront, and the rest on a weekly-ish basis (to make the most of market fluctuations and keep within the 12 month CGT discount)

>If the ATO come calling for your CGT in July for whatever reason, apply for a payment plan / deferral to help you over the finish line.

The big gamble here is assuming gramps / ETH is going to have increased 30% in value 12 months from now, otherwise the tax bill is coming directly out of your pocket.

If you declare your gains week to week to MYGOV, if will barely affect your Jobseeker payment and you wont go to jail. Unless $LGCY goes 1000X, in which case, you don't need Jobseeker anymore and have an entirely different problem.

Thoughts, cunts?

>>22291674
Complicated. Can't someone just nuke Canberra in minecraft?

>>22290777
based. where will you escape to? for me, it's northern NSW

>>22288972
Words of wisdom anon

>>22289373
I think he is saying if the total value rose to 50 from 20 and you pay that sooner rather than later any other rises in price related to that specific group you wouldn’t need to pay but I’m also trying to make sense of this so please add more

>>22291802
except that anon didnt tell u that by denouncing ur citizenship u are liable for the capital gain tax on the assets u hold even if u didnt sell, so they assume as if u sold.

>>22291780

Im from Newy so either there or even the Gong with some kind of WFH setup. Will see what opportunities pan out with work and how that all looks, for now Sydney is giving us great career growth. Those places are a bit still expensive but you at least get something for your money (beach, low traffic etc...) and can raise a family there.

Our plan is to just stack money and invest most of it (She is in ETFs, Im a mix of crypto and ETFs) so we have options instead of kneecapping ourselves with a retarded mortgage.

>>22290276
>>22290428
And I’ll be glad when I see us boots blaring let the bodies hit the floor with mags flags ready to kills some chink commies murica is my daddy and idc

>>22291934
Private jet or boat too Timbuktu maybe launder through Charities idk

>>22290276
Also japan wanted our asses in ww2

>>22290479
I’m ashamed to know my fellow Ausfag is this retarded. You need to fuck off back to plebbit mate.
And put your mask on you dumb cuck.

>>22289188
if you cash out that 25K that you are already paying tax on and turning it into AUD, is that also taxed?

>>22292875
If you do it at the same time, no. When you withdraw your staking rewards, those funds count as ordinary income, and you're meant to record the AUD value at the time it's claimed so it can be taxed in your marginal tax bracket.

So if you claim the rewards and then convert them to AUD, you're only liable for extra capital gains tax if there was a change in AUD value from when you claimed the rewards, and when you cashed out to AUD. If you did it at the same time, it's unlikely it'll be anything significant. If you wait and there a difference between the AUD value at the time you claimed the reward, and the time you cashed it into AUD, you'll have to declare the appropriate capital gain/loss.

>>22292875
yes everything is taxed even the post you just made will be taxed

I legitimately plan to just say "I had this much at the start, I have this much now, I'm paying you tax on this" - and if they want to tell me I'm wrong they can prove me otherwise that I somehow had more money.

>>22290746
You stupid cunt. Who the fuck do you think provides all that surplus value that makes corporations profitable? WORKERS.
>the reason citizens pay tax is because they contribute almost nothing to society
Yeah bro all those cunts on centrelink contributing to society pay very little to no tax for this reason right? Meanwhile old mate working his fucking ass off all week pays half his fucking wages in tax.

just hold long enough to only pay 25%

>ausfags pay capital gains on crypto
Meanwhile NZ pays nothing for crypto and the IRD doesn't care how much you trade.

australia btfo yet again

>>22288972
giving up tax residency is a CGT event. Even if you leave the country and start a new life in Portugal or Germany, you will need to pay taxes on your crypto assets before you go. Shit sucks.

>>22293423
You lose some potential deduction gains here. The gas fees and liq prov. fees add up to a couple grand if you swing often.

>>22289359
The part regarding the $5000 income tax is incorrect. In your example, the $5000 profit made from selling the link is treated as a capital gain. It's added to income taxes for the purpose of identifying the appropriate marginal ta rate, but it can still be offset by past capital losses, or more importantly, losses occurring in the same financial year.

So in your example, assuming all trades were completed before 1 July, he doesn't have to pay any capital gains tax because he had a net loss of $5000, which he can rollover to future years.