/biz/ - Business & Finance

how are they going to rape me? im a neet ive never paid taxes before and i have $450000 in crypto holdings

Fuck the ATO, if they want my coins they can come to where I live and get fucked in the ass

Also fuck the cricket

>>28838607
Well I earn low six figs, and my tax bracket has zero room for crypto gains that aren't going to get taxed to high heaven.
Honestly thinking of lying and saying I gave some of my stack to the gf so she can get it taxed at a lower bracket (she's on 65k)

>>28838714
Good luck anon, but just know that if you ever cash out, they have records, unless you do local purchases for cash.

No reason to declare anything if you dont sell anything.

>>28838558
Why the fuck is the AUD 77.9c and climbing?
And why the fuck are house prices going up?
Our biggest trading (((partner))) has brushed us & no immigration for the housing ponzi
Peak clownworld this shithole

>>28838758
>unless you do local purchases for cash
what if the nignog runs away as soon as i send the transaction? how do i prevent getting scammed at in-person transactions

>>28838738
>Honestly thinking of lying and saying I gave some of my stack to the gf so she can get it taxed at a lower bracket (she's on 65k)

Gifting crypto = taxable event

>>28838558
Jesus. Another tax thread. Get a company Bois. It's $500 bucks for 2 years Christ.

>>28839133
You sit there and wait with the chink until three confirmations.

>>28839092
because its being held low by the government/rba to ensure exports dont get fucked

House prices are going up because all the people who normally drop 20k on a holiday somewhere nice have decided to buy instead

>>28839092
Pic related.

>>28839170
I gifted it on March 22nd 2020, there fixed.

>>28839209
Businesses still have to pay cgt m8

>>28839092
>Why the fuck is the AUD 77.9c and climbing?
we printed less money this year and most local businesses are doing 20% better now that everyone is spending money here rather then in bali
>And why the fuck are house prices going up?
low rates and everyone is buying rural/regional properties to gtfo big cities

>>28839275
Please provide evidence of your transfer from your wallet I.d to the wallet I.d you gifted the cryptocurrency for verification, if failure to comply you will be taxed at the full rate with no CGT discount and you will be taxed at a date of value we choose.

>>28839092
Government doesn't want to spend any money so reserve bank forced to lower interest rates. Asset prices go brrr

>>28839275
The ATO is fear based

>>28839382
This, they are going to ask for times and you will need to prove everything including trades etc, goodluck.

>>28839328
They sure as hell do, and for every dollar you take out as realised profit from investments you pay CGT on you get a franking credit, ala no income tax.

I'm going to declare what I cashed into fiat, but not what I've converted into ETH. it's only maybe $1500 into fiat. about 5k into ETH. how fucked am I?

>>28839092
Its going up compared to USD. It just means our currency is going stronger compared to USD.

>>28839209
can you explain further? Or link me to a resource where I can exploit this?

what if I said I knew how to get away with not paying full rates for CGT?

I'm settling up with the ATO this year after 4 years of NEETing and living off crypto. The ridiculous thing is is that even if I put aside, say, $100k to cover my pound of flesh to the taxman, then That $100k, even if just in a stablecoin, would count as a "crypto to crypto trade" and I would be taxed on that TOO. So then you have to put $150k aside to cover that, but that doesn't solve the problem.
Any crypto I liquidate to pay the tax office incurs further obligations to the tax office. It's such a fucking retarded system, doubly so because the Australian government has done literally nothing to facilitate or encourage a local industry in this shit.

>>28840156
I have been thinking about that. I was going to do the exact same thing, because I assume that each financial year, I will have to pay taxes to pay off the taxable event incurred on selling my taxable asset.

You really can't win.
Also, I do crypto through my smsf, same problem I have to pay my super tax with my investments, but those investments need to be sold to pay tax on them when I trade, doing the exact same thing. You literally cannot escape this unless you pay with audcoin.

>>28839916
Stepped away. Sure thing, https://dividend.net.au/capital-gains-tax-australia/

In a nutshell, you pay cgt on the gain then payout as a shareholder dividend that comes attached with a 30% franking credit, essentially lowering the cgt paid on the sale less than 20%. You can drop that to 0% if you set up a corporate SMSF, but it makes accessing the money harder

>>28840156
do you understand you only get taxed on a crypto to crypto trade if there is a profit?

sell shitcoin that went up alot into ETH (tax incurred)
sell that ETH to AUD straight away (no profit so no tax incurred)

>>28840156
Initial amount and end amount. Thats all they need to know. If they want to know more say you forgot the login details of the exchange you were using and cant produce the csv. Unless you are already target of an investigation they dont give a fuck.

>>28840474
So as a SMSF trade you claim a 50% reduction, then treat the trade as a long term liability hold and don't pay the CGT for 2 years, the trick is to have the SMSF spend the money made into a loss making entity, like a business venture, that just so happens to loose money at the tax free threshold every year, to an employee of that business namely you. It's convoluted for sure but not strictly illegal, for every year the business reports a nett loss you don't pay an equal amount of cgt. Sure it's only $18k a year but there are ways to expand on that.

>>28840681
This. Fear based reporting.

>>28840775
Very interesting anon. My SMSF has only purchased crypto this year, and all up has done a 6x. No sales yet, so no taxable events, but when I do start to cash out a bit to more stable stonks that is going to cost me. I will look into investing into business ventures. Thank you anon

>>28839092
Biden died on the money printer lever

I keep track of everything on cointracking(dot)info, you can just api import your trade history from most exchanges

>>28840587
I am pretty sure crypto to crypto is US or something. Australia only cares about start and end.

>>28840954
That's definitely not the case.

https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-currencies-in-australia---specifically-bitcoin/?page=2

>A capital gains tax (CGT) event occurs when you dispose of your cryptocurrency. A disposal can occur when you:
>trade or exchange cryptocurrency (including the disposal of one cryptocurrency for another cryptocurrency)

>>28840954
nah man, its the same here

like if you have only been trading within this financial year and cash everything out within this financial year it will work out as your cash out amount - your initial investment = how much income you need to pay tax on but if you have been trading over multiple financial years its more complex to figure it out

>>28840954
you should consult a tax agent asap

I only started this FY and I'm down 30% off one stop loss fuckup, is it worth declaring a capital loss to carry forward if it's only for $700

Just got fucked my Coinbase wallet for the first time when sending ETH to Meta. Luckily I'm not that retarded and know about etherscan, they refunded me the next day.

It was a failed and dropped transaction then it was replaced and credited some other Meta account WTF? Do you think they tried to pull a shifty?

>>28839133
Don't deal with nignogs?

>>28841147
Why consult a tax agent when I can wait for a pay with crypto option.

aussie exchanges are rat cunts. they report your crypto purchases to the ATO through austrac. Last year, my tax return automatically pre-filled the crypto section even though I've told them nothing about crypto in the past.

>>28840681
Aren't Coinspot and other exchanges regulated to give the ATO access to trade history?

disposal of any coin triggers a CGT event.
CGT is calculated on the selling price minus the buying price.
that CG is then added to your taxable income and you pay tax on it at whatever marginal rate it puts you at.

>>28841360
Don't use an Aussie exchange, Binance wont give Australia shit for example, you can always use XMR to shift money around too.

>>28841079
>>28841122
>>28841147
Just saw bros link for the ATO, I havn't seen shit since 2017 so this is news to me.

>>28841344
there already is an option, where the fuck have u been?
https://www.livingroomofsatoshi.com/

>>28838558
Can't fucking deposit AUD in Kraken
Would've been able to get in on some crypto gainz this week if I'd been able to buy

Anyone know if binance shares out trades if we verify our identity with them?

I had to KYC because they blocked a 40k withdrawal and now I'm scared the ATO are gonna come after me for my crypto-crypto trades

>>28841360
Pretty sure they're legally required to do that.

>>28841694
>https://www.livingroomofsatoshi.com/
Don't they ask for KYC?

>>28841537
Yeah might try that. But i notice they ask for KYC if you deposit AUD. So they might still give your info away.

>>28838558
That isn't a Australian woman
That is a white supremacist colonizer

This is a beautiful native Australian lady
Stay mad racists
Give us our reparations now or else

>>28842143
I will pay her in crypto. If she can figure it out, it's all hers.

>>28842178
Das Ryte!!!
Give us your crypto as reparations now
How dear you try avoiding fair and just taxes
You owe us
Pay up white boy

How are you guys getting xmr... I've wanted in for a while

>>28842595
click on any coin on coinmarketcap or coingecko then click on the markets tab to see where you can buy it

>>28842595
decentralized app that rhymes with isq

Bros I’ve used cointracker to do my taxes, links nicely with wallet addresses and exchange APIs. I hear koinly is good too. Makes it all pretty easy.