/biz/ - Business & Finance

Crypto trades only count towards your income. Same taxes as wage slaving. It's just a bitch to calculate.

>>6369474
you should have just gotten into fart porn

It's not that bad man, especially if you're a HODLER and HODL for more than 12 months to get 50% CGT discount

>>6369474
Fuck off if you don't like it shitskin

>>6369721
This is what I'm thinking

>>6369778
kek im not a shit skin m8 just another irate aussie that is sick of our government

If i have no income am i alright? Assuming my crypto gains dont go over the tax free income threshold.

>>6369474
What if i trade on an exchange, that isnt based in Australia, using crypto not fiat? How will they know? Our government are useless faggots as it is. The ATO threatened to audit me when i was in highschool lmao, useless cunts

>>6369771
>fuck off if you don't like being a slave
you're a stupid nigger aren't ya m8
must be your prisoner genes kicking in

aus is unironically one of the greatest country. Just pay ur taxes bois it's not that bad - just tedious.

>>6369885
Also i keep my coins on the exchanges because im a normie faggot

>>6369921
Aus is close to a tipping point. Boomers have fucked the future of this country for short term profits

>>6369474

Going to hold off cashing out until after this FYE then I have a full extra year to work it out and by then rules might change and crypto accountants will know how to jew the jew by then

>>6369856
Yeah bro

>>6369910
>Paying taxes is being a slave
>convict meme
Found the shitskin

>>6369948

How do you plan to explain the large amounts of money wired into your bank account? If you ever need to buy anything of substantial value you need to either 1) have a story behind your bank balance or 2) sell all in cash slowly.

if 2) happens and you want to buy properties in cash, it's gonna look real fukin sus handing the property owner a bag of hundreds of grands.

>>6370072
kek, bought a boat worth 20k in cash. Had two backpacks filled with cash at the bank.

Never again. I was checking my bag every 10 seconds while driving to the seller.

>>6369921
>worlds most expensive and slow internet connection
>full of natural resources but has some of the highest energy prices in developed world
>best agricultural practices in the world. All food prices insanely inflated
>government that doesnt even try to hide the fact they do fuck all and get massive corporate 'donations' to shit on the citisens

Fuck off you yuppie cunt

>>6369474

Crypto to Crypto is determined bartering and not taxable

Then withdrawing into your account is treated as CGT

HODL for a year for 50% discount

Seems like a good deal to me? Thanks Australia.

>>6370117
I withdrew 20k from the bank once. It fit in my pocket why did you need 2 backpacks full

>>6369474
Kek fuck em, they can come and find me in Asia and drag me back, what are they gonna do, write me a nasty letter?
When I make it I will leave this cucked country for good and never look back.

>>6370223
paid in gold coins

>>6370207
m8 it's an awful fucking deal
You saw how quick bitcoin tanked, your betting everything that the coin your in will last a year
So many other countries have it better then us in almost every way
My family line is military based on the autistic neet that broke the chain, I can't stand this fucking country
>in b4 typical fuck off aussie response

I intend too

>>6370207

Wait just double checked. Every trade is eligible for GST?

>>6369856

The CGT page says it gets added to your income tax.
My understanding is if you earn no income you start in the bottom bracket but your CGT pushes you into higher and higher ones. If you make more than 180K gains you get taxed 54K + 45c for each $1 over $180,000.

Gotta be loopholes somewhere, no way in hell they were prepared for rise of crypto. If big corporations can find them with years of tax rules being reviewed, so can we

>>6370352
No GST. ATO just expect you to record every single transaction and the value of both coins in the exchange.

>>6370346
>>6370352
>>6370207

Double double checked

"Generally, there will be no income tax or GST (Goods and Services Tax) implications for individuals if they are not in business or carrying on an enterprise and they pay for goods or services in bitcoin."

>>6370456
awesome.

Seems decent to me then, can't complain too much.

>>6369474
I just found out Bittrex only stores the last 10 days of trades in your history. I'm fucked.

>>6370401

the government cant even have its own representatives citizenships get approved let alone taxing crypto income. We are lucky the absolute gross incompetency of our government has distracted them from a lot of crypto things this year which is like least of their concerns for now. I

>>6370478

unless something has changed i am pretty sure you only pay CGT tax WHEN you cash out your gains not taxes on every single transaction between trades. So i am not sure where this is coming from

If you buy a car or house with crypto will the taxman know?

>>6370512
Based Bittrex hiding our trading history from the ATO you mean?

>>6370029
When you do cash out, set aside like 30% just to be safe. I dont want my anon bros to get a tax bill thats out of this fucking world. Our incompetent government will spend your gainz on a silver spoon lifestyle for a family of Sudanese immigrants that wont pay tax fir the next 10 generations cunt

>>6370478
If you are trading regularly for the purposes of profit ATO consider this to be carrying on a business.
Buy and hodl OK
Buy and use as currency OK
Trade to make profit TAX

>>6370580
>implying the govt. won't simply implode out of sheer incompetence before they come for our crypto gainz.
she'll be right m8

>>6370580
Exactly, don't know why some idiots actually think it's good to pay their taxes, when it goes straight to some welfare leaching family of shitskins that wont work a day in their lives.

If we HODL long enough, won't we simply have the option of trying whatever alts we're in to the latest, most anonymous, best alt with which to buy things?

>>6369474
only if you go from BTC to AUD
stack BTC

tldr of aussie crypto tax for those who want a run down:

>Every trade is a capital gains event (crypto-to-crypto, or crypto-to-fiat)
>Capital gains is not a seperate tax. Your capital gains are added to the rest of your assesable income for your total income. You then calculate your tax from which bracket you're in.

>>6369474
Looking forward to the future, when all members of the Austfailian government get murdered by crypto autists protecting their gains from bullshit tax laws. who would of thought this would of been the tipping point of out much needed revolution

>>6370564
Yes cunt they will. Buying a home is a taxable event. The ATO will want to know why you didnt pay Stamp Duty on your new house

>>6370737

>>6370623
Yeah im hoping this happens to. Every govt agency here is shockingly understaffed. If the ATO can have $150mil stolen from them, they wont find out trading history lmao

>>6370788

What the fuck are you on about?

Stamp Duty is statutory, there's no option to not pay this shit so it's not even evadable. (Try get the fucking deed named over to you) without it)

>>6369921

decades ago maybe, but it's a shit hole now

>>6370241

People literally pay millions to study or move here. Sure there are problems rn and boomers need to btfo, but Aus is still pretty cool regardless.

>>6370737
I will fucking barenuckle box that Turnbull cunt myself no lie. Cunts worth $4billion, name and wealrh was mentioned many times in Panama papers. Would coward punch if i ever had the chance

If I've already cashed out my initial then I just tax all future cash outs right?

>>6370916
>People literally pay millions to study or move here
Like all those Sudanese people enriching our culture at the moment?

>>6370867
Well what was the point in asking if they will know you bought a house using crypto you dumb cunt? You pay tax they will know what you have done. literally kill yourself

>>6370960

no sudaneese where im from, bris is mainly full of rich chinese students and small business owners

>>6370924
I wonder how he got so much money?

>>6371042
Just wait a few years, you'll get your share of them

>>6370924
I wonder how he has so much money?

>>6371088
pretty appropriate dubs you got there

>>6371042
Go to acacia ridge man, i was the only person on my street that wasnt sudanese and on centrelink. dindus everywhere

We're already one of the highest taxing nations on earth yet the ATO and the government want to get their filthy hands on my crypto gains. I bear all the risk and pay all the costs but I cannot keep any gain entirely for myself. Paul Keating is a socialist cunt for introducing CGT.

>>6371088
Apparently it was some "very smart investing"
Apparently selling your soul to the jews is a smart investment

>>6370069
>implying paying 40% of your wealth is a good thing
>implying it wasn't funny
i'm more white than you are guaranteed bitchboy

Say I bought 30 eth last year, traded on binance into 60 eth, can i transfer back to aus exchange and still claim first 30 as 12+ months (50% cgt reduction?)

>>6371229
It wasnt that funny nigger

>>6370017
the irony of people in this thread complaining about not being able to keep all of their short-term profits for themselves is pretty good

>>6371289

?? aren't you getting taxes on the profit only? so instead of taxing the entire 60eth stack it should be 50% reduction of the 30eth stack no?

>>6370916
Good for them, I was born here and have had to slowly watch my comfy way of life be trampled on and degraded by every entitled cunt that floats over the border with their hand out, this country can get fucked.

>>6369474
>No escaping to another country because we made our gains here
Why can't we move to another country, marry a native and pretend the crypto was hers then cash out? I'd rather risk half my gains going to a roastie than our inept government

>>6371368
The gain is the value increase in the eth, the second 30 eth would be taxed on zero cost basis

>>6371119
the digits don't lie.

>>6371416
Race war now

>>6371149

I thought you guys mainly got chinks and poos, why would you take people from shitholes like Sudan? Although migration is obviously too high, I thought Australia had a fairly reasonable immigration policy overall.

>>6371435
I'm not saying Deus Vult.... But, DEUS VULT!

>>6371484
so close to 1488

>>6371449
SE Melbourne is basically Sudan and little India, hate this place.

>>6371323
buying crypto doesnt fuck over other people let alone an entire fucking generation you shit

>>6371449
Had a cosy migration deal with NZ, their immigration policies were more lax and it became the backdoor entry to aus. 6 years in NZ and you walk into aus

>>6371323
The fact that crypto is very high risk and the government has done nothing to facilitate adoption means the complaints here are valid.

The ATO has been slow to even address crypto and they certainly don't deserve a lion's share of a traders profits.

>>6371521
I didn't even notice that, it would of been a sure sign. That it was time

>>6371568
Agreed, not like property speculation where the gov build roads, school, etc and invites migrants to up the value. No generous tax concessions for crypto either

>>6371628
>invites migrants to up the value
I don't really see how they up the value

>>6370207
WAIT. Are you 100% sure that crypto to crypto is not taxed at all in Australia?

>>6371671
200k migrants per year, they buy houses

>>6371750
we don't want them. we're fucking full

>>6371323
We are just pissed off that we get taxed so much especially compared to other country's
We are putting everything on the line, most us spent more time involved per day on crypto then wagecucks spend slaving
The constant stress that the next Korea level FUD will be fact and tanks our profits beyond repair
Apart from all the larping I'm sure people that got in early last year have aged quicker because of this

Then the government puts out its chubby BBQ sauce and cum covered hands demanding we hand over a huge fucking chunk of it so they can pay welfare junkies,refugees, Gina fucking Rhinehart and the Chinese

Where are you guys buying your eth and btc? Hit my coinbase limit so I'm using btcmarkets at the moment, wondering if there are other sites.

>>6370608

It's actually really difficult to prove to the ATO that you're a day trader by profession. Strange I know.

>>6371556
>>6371526

That's messed up. I live in Germany and we're going to get fucked even harder since the third world is literally in walking distance from us, and the average person still fails to understand the implications.

You guys are at least protected by an ocean, so if you had a reasonable immigration policy you could really be in a good position.

I'm looking to get the fuck out, before things are really going downhill and Australia looked like a good option, plus I was under the impression that immigration was fairly strict so that seemed positive.

>>6370727

> Every trade is a capital gains event (crypto-to-crypto

This is simply not true

>>6371778
Gemini has been good to me.

nice subject m8

>>6369721
Good to hear, I can hold my main shitcoins for 12 months easy, got this, thanks anon

>>6371449
Apparently living in the stinking shithole of a continent that is Africa is enough to warrant seeking asylum. And fir somereasin Australia loves giving tax dollars to dindus

>>6371873
Do they cuck you with transfer fees?

The fuck are you talking about. We have it so much better than most other actual first world nations.
Fuck off to panama or whatever... Un-Australian cunt trying to ditch the country just because of income tax.

>>6370727
>>Every trade is a capital gains event (crypto-to-crypto,
Incorrect.

>>6369474
theres nothing stopping you from trading coins for cash irl using localbitcoins or other sources (hint find high stakes poker players)

>>6371839
It has been tightened up a lot now, the majority politically support strong border protections. I do not envy all the land borders of Germany with whats happening in the world right now

>>6371323
Fuck, you really are a dumb nigger arent you cunt?

This fucking KEK Cuntry is overrun by dirty abo niggers and dirty cuck sand niggers stealing my crypto dollars to fund their nigger baby production and rob stores.

Leaving this shithole as soon as possible so I don't have to deal with NIGGERS and SOCIALIST TurnKEK anymore stealing my money.

>>6371978
where would you even go?

everywhere is being flooded by nogs.

except east asia i guess. but then you're surrounded by asians.

This is a useless shittoken shilled hard by a discord group. they get points for every post and comment they make here, if they don't post every day they get banned. That's why there are AUS posts here 24/7.

it's not because so many ppl like AUS; it's jsut because 50 retards have to shill for it. ...most of the comments being positive about AUS are all from the same group.

It's obviously nothing than a scam.

>>6371909
I intend to, gonna marry a latina bitch with a fat ass, not gonna feed my local apex gang chapter with my gainz.

>>6370727
I keep seeing people mentioning a 50% discount here. I'm a brainlet, so please explain to me how it works. I get that any profit you make off coins is taxable and it contributes to your tax threshold, but I keep seeing people claiming that all of your gains on your currency is taxable by the government.

So, if I bought Ethereum when it was 40 dollars a pop and sold it now, does that mean that I owe 50% of the profit it made to the government? If I bought it last year and sold it before a year's time, does the government gets 100% of the gains it made?

> crypto to crypto trades = non taxable
> pay all my bills with crypto = non taxable
> no need to cash out
> keep all my wage cucking cash because no bills to pay

Straya wins again lads. Paddy here becoming a citizen in April. I would fight for this country before the country of my birth.

>>6371839
australia is about as good as it gets in this shithole world.

but avoid melbourne.

>>6372118
No. 1 city in the world mate. Nice FUD.

>>6372083
You obviously don't have much money in crypto

>>6370512
>>6370565
Wrong brainlet, hit the load all button on your orderbook.

>>6372069
Say you made a profit of 1million and you hodl for 1 year. The ato will consider only half of that profit as taxable, and will be considered as income. so holding long will mean you pay only approximately 25% tax on that 1 million profit you made.

>>6370394
Here's my example. I made 100k so far this financial year. Quit my job yesterday. I then sell BTC for 20k. I only held BTC for 2 months. So now my income is 120k/year. Had I held BTC or an altcoin for 12 months my income would had been 110k instead. Also there are taxes for crypto to crypto transactions that will get added on.

Why can't I just transfer my coins into BTC and buy gold then just sell the gold? and am I missing something

>>6372062
Hey dick head you know west melbourne is barely a fraction of a fraction of a percent of australias total land mass, right?

>>6372142
i like the city, but it is full of non-euro migrants.

if your main reason for leaving germany is migrants, don't move to melbourne. simple.

>>6372069
50% gains discount on assets held over 12 months

say eth bought at $100 sold at $1000

the gain in $900, if you held over 12 months the gain is reduced 50%, so $450.

Add that $450 to your taxable income and pay the appropriate rate

>>6372069
If you held the asset (ether) for over 12 months then sold it only 50% of your gains are subject to CGT.
They don't tax 50% of your gains.
Basically half your gains are tax free.

>>6372186
Doesn't matter, still hate the place.

>>6370560
Tax accountants will vary in answer to this but whether you cash out into fiat or not you are tax liable for your crypto gains.

Some tax accountants have wrongly said that only crystallized fiat gains are taxable. Id obviously rather deal with these accountants.

We will just have to see. The law is fuzzy about this. Hopefully by July there will be a concrete answer.

>>6370630
I'm a Caucasian whose never worked and I spend my Centrelink on crypto. Did I make the taxes go higher?

>>6372183
https://www.jmbullion.com/investing-guide/buying-physical-metals/bitcoin/

and then physically sell the gold?

>>6372281
Probably, fuck you too.

>>6372167
>>6372229
>>6372246
That honestly doesn't bother me that much. Tax is obviously bullshit in this country, but it sounds like I'm getting a cheaper deal on it than people who earn that much in a regular job. Thanks for the explanation.

>>6372265
Kys then cunt

>>6372295
The ato paper specifically covers using crypto to buy investments, still taxed (so no, you cant)

>>6372344
Nah, like I said, I'll just leave this big brown shithole and forget it ever existed.

>>6369921
Fuck off kike.

>>6371533
it doesn't make anything better, either though.

>>6371978
best post

>>6372083
I dunno man. I spoke to a conservative tax accountant firm and this is their view:

Crypto-to-crypto gains, taxable or used as a tax offset if you lost money

Paying bills is non taxable if you go from fiat to BTC to livingroomofsatoshi. But if you bought shitcoins they want to tax your BTC payments as income.

Regardless whether you cash out into fiat they want your profits made from trades.

But then you speak to another tax accountant and he just tells you to pay tax on fiat you pulled out. Puts it into writing for you.

The conservative accountant tells you to hold your cryptocurrencies and not trade because you may be unable to pay off your tax on transactions and that the laws are not clear yet and that they are waiting for ATO.

>>6369474
Who else /Fuck this faggot nation/ here? It sucks cause I have ancestors back to day 1, Gallipoli, Kokoda my family was there. I'd rather shoot myself than pay taxes to this fag loving imposter nation. Whenever you pay tax you're funding a system that is actively replacing you with an Asian/Islander lower class and an Indian/Chinese middle class/upper class. Literally nobody in this thread can justify why you should cheerfully hand over money the government had no part in making to people who legitimately hate you.

I hope we become a republic and get some faggot ass flag. At least that way I can hate this country unreservedly. Feels wrong this gay gangster government appropriating the symbols of a long, long dead nation. I'm all in Monero I'll go to Vietnam and live as king of the gooks if I have to. Fuck this shitty country

>>6372167
This is accurate. But also remember that the ATO will probably want to tax you on the crypto to crypto gains too.

>>6372613
I'm with u bro, this country has fallen off the rails.

>>6371773
wealth is meant to be a reward for your contribution to society. i dont understand why people think they should be entitled to all of this money, simply because they are good at guessing patterns on a graph. it should be taxed as income like everything else, maybe even moreso because we are doing literally nothing that is making anything better for anyone, and getting very rich in the process.
you want to talk about boomers having fucked the world, financial markets are a big part of that - making it more profitable to speculate than to actually produce or earn wages. crypto is just an unregulated microcosm of that, so we can't pretend that we aren't complicit, unless we are willing to pay taxes and contribute

>>6369474


Just get tax residency elsewhere and leave the country when you cash out. If ATO throws a shitfit just renounce your citizenship.

I mean you don't actually want the burden of Aussie citizenship your whole life do you? Being born with aussie citizenship is being born cursed. I can't wait to chuck mine in the bin.

wtf I just lost my unprotected trezor on a flight to thailand. Looks like ill reporting a loss

>>6372663
Society that is low trust, dysgenic and backwards can kiss my fucking ass, not paying tax.

>>6372663
Fuck off kike boot licker. We are taking immense risks buying into a bubble that could collapse any day. Go worship your state deity on Whirlpool forums

>>6372651

Dude I am a massive brainlet can you explain how this works? I have made hundreds of trades..

Wait wait wait!!!
I'm on a carers pension looking after my dad, I saved up 10k and turned that into 30k.
Do you mean I have to calculate every trade I've ever done and pay tax on each trade, and they will be pissed because I made this over 1 month and will want their pension money back?
Or will I just have to pay capital gains tax?
Am I in trouble?
Please help me.

This is fucked. I have a masternode that I want to run and I will get anywhere from 3000 usd per month on it. How the fuck can I get this into aud to feed my dog

>>6372663
>unless we are willing to pay taxes and contribute
Contribute to what? Rise of the planet of the apes? Facilitating infrastructure for Chinese """""private""""" companies to buy up at mates rates? Welfare for Abdul and his 6 kids? Funding aboriginal finger painting courses at uni? SBS Thai cooking shows at 3AM? If we were an actual nation I would love to pay taxes. More than anything on earth id love to be a proud contributor. But this is just a shrinking middle class nation of mediocre fag lovers, being colonised by Chinese proles and lorded over by unashamedly corrupt Chinese millionaires and their lapdogs in parliament.

>>6372613
this desu lads
going on a extended world tour soon to find a relocation location
will probably become a permanent traveler setting down a few flags around the globe but never staying in one place long enough to get totally fucking assrekt in taxes to pay for mohammad's four houses, four wifes and 20 kids

>>6372791
we may be taking big risks, and stand to get big rewards, but why does that mean we should get hand-outs (ie. lower taxes) than everyone else? electricity linesmen also take big risks, and get paid lots because of it, but they still pay the same taxes as everyone else

>>6372714
>pretending to lose access to crypto holdings
Better not make any random larger-than-annual-wage purchases for the rest of your life, then.

>>6372143

$120k. Depends on what you consider a lot. I don't consider that a lot. My point still stands.

>>6372895
What about big business that pay no taxes?

>>6372952
im 100% with you there. they should definitely go after multinationals and make them pay the tax they owe. which, in turn, would put less pressure on the rest of us to make up the shortfall in income tax and tax on our crypto

>>6373107
but they won't because they are them

>>6372613

sorry that you feel that way given your history with this country. My family are from italy so we have no ties here until recent history but i admire the anzac spirit and attitude of dinkydie aussies alot. Everyday i feel like all the foundations that have built this nation are being torn down bit by bit and it makes me sad when i think about it. I think people who willingly pay taxes are the absolute cucks of socitey. I have almost zero respect for people especially when things like tax avoidance is possible (not illegal) and if a country wants to take nearly half our income it should at least fucking deserve it first

>>6372379
Yeah go to panama and deal with dirty south americans
Or go to singapore to enjoy that super high cost of living and deal with asians

Or stay in the best country in the world and pay what you would have paid if you had a job, fucking neet loser. Hilarious when dole bludgers get some money and then get all upset about having to pay tax. Kys.

>>6369474
Mean while in New Zealand

>>6372895
Everyone's taxes should be lowered. 45% is retarded since everyone is either going to use loopholes to pay next to nothing or fuck off somewhere else if they're making serious money

>>6373166
i guess we'll have to see where this senate inquiry goes. theyve been given an extension til the end of may to produce the report. i wish i could say i was more optimistic, but hopefully something can be done. there have been 127 submissions so far: https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Corporate_Tax_Avoidance/Submissions

>>6373186
It is a shame there is so much wasted potential here. You're luck at least you can go to Italy. There is nowhere for me to "go back" to really. Britain is my only real option in that regard and it is basically just as much a lost cause. Don't really like the idea of being without a country but in practical terms thats how it is right now.

I think my plan is to just shuffle money out in little drips. Would never buy anything extravagant with that money either. Pay largely in cash or debit and just bits here and there. Honestly the government is so hilariously inept they don't even know if they're citizens or not like they're going to see a $300 bank deposit and SWAT me

>>6373195
>neet loser
I've never been on welfare you pin head, go drink some bleach.

>>6373265
its only 45% for every dollar over $180,000, below that its 30% from 87k to 180k and below that its 22%. its really not that bad, and if people (and companies) actually paid them, they wouldn't have to be so high

Autistic thread is autistic. If cryptos ever actually become usable, there won't be a need to cash out out because you'll just be able to buy shit with your cryptos and the taxman won't be able to shit. Isn't this half the purpose of cryptocurrencies? Having a decentralised currency which a government has no control over. The fact you're all crying about how to cash out is evidence you all think the crypto market is just one giant shitcoin.

>be Aus Government
>do exactly zero (0) regulation or consumer protection in crypto
>therefore spend zero (0) dollars enforcing crypto regulations
>still take their pound of flesh from traders operating on the Wild West

Remind me again why I should pay these fuckers a cent? I can understand them asking for money if you make stock market gains since they actually police people fucking with it. They’ve done nothing for crypto traders and still want to take our gains

>>6373612
Because its all or nothing right, you either cash out 100% or hold until you die...

>>6373629
because we're making huge profits while using the infrastructure that the rest of society provides us, without adding to anything ourselves

>>6373764
>while using the infrastructure that the rest of society provides us
you do pay for the internet and electricity required to trade crypto right? also your time spent reading and dong these trades is time you could of spent doing other things.
>without adding to anything ourselves
Investing in these projects may not require you doing anything but providing capital, but it is allowing others to create something

>>6369474
go to New Zealand for an extended holiday for 1 year. work there if you want you get resiedncy for free. It doesnt even have to be a year as ong as you can be a resident in NZ for tax purposes for that financial year.

Cash out your crypto and transfer the money with transferwise. Fucking simple dude, they have no capital gains and you arnt liable for aus taxes if your not a resident that year for tax purposes.

>>6373764


oh you mean the shitty third world speed internet i pay 65$ a month for and incredibly high electricity prices (highest in the developed world) to make trades of currencies online that have nothing to do with the australian government whatsoever? What kind of reasoning is this you absolute dumb cunt. If i was buying a house and it goes up in land value then i can understand why paying tax on that gain is the case. But crypto currency has LITERALLY NOTHING to do with governments

nigger

>>6373764
“Rest of society” provides fuck all for us. As another poster said, the only thing which is providing for me to do crypto trading is private enterprise, not those leeches in government.
Name a single thing that government does to enable me to trade better/more safely.
If they’re not offering a service in this area, then why should they gain any benefit?

>>6371185
>Paul Keating is a socialist cunt for introducing CGT.

I thought it was one of the cunts before him. Bob Hawke or someshit.

Not that it matters every PM in this nations history has been an absolute shitcunt.

My plan on taxing out:
Calculate my capital gains tax. Contact stock broker. Tell stock broker the money is to be invested in ultra high risk futures and derivatives, but all must settle before eofy. I will either blow the lot and negate my tax debt, or make 10x the tax bill, and not give a fuck about paying tax.

>>6373764
Are you Sudanese? Or an islander? Or a (((Syrian)))?
Soon the pendulum will swing, your gibs will be taken away, and you’ll finally fuck off back to where you came from

>>6371149
Same deal around Goodna, Redbank plains. Seems to be a dumping ground

What if you mined a ton 6 years ago? If I go to cash out is the whole thing CGT? Anything else? Can you declare this shit yourself or do you have to go to some tax dude.

>>6372613

Ay fucking this 100%. I tried to give into this nation and it lead nowhere. And this gay country has fucked my opportunities over hard. Crypto is my last resort to make it and live my dreams, no way in hell am I gonna let this shithole nation fuck me again.

I am leaving. I can't wait to dump this fucking citizenship and get a better one. Probably gonna shop around for a tax haven citizenship, get residency and a home int he USA, buy a gun collection. But most of my living will be in south east asia just like you mate. Though I will be maining Thailand. Why do you pick Vietnam over Thailand though?

Can't wait to never see Australia again to be honest. Wouldn't give a fuck if it was nuked the day after I left. The chinks can have it, they basically already do anyways.

Just buy EGAS and hold it...13mil max supply and the price is sub $0.10 - at $1 it will only be 13mil market cap and even if it turns out to be a scamcoin thats still 10x returns.
Take a look@ https://coinmarketcap.com/currencies/ethgas/

>>6374350
Lol you think Vietnam or Thailand will be a better place to live? You're in for a surprise you retard. You have no idea how good you actaully have it.

>>6373984
nothing exists in a vacuum though. without roads, ports, electricity, telecommunications infrastructure, even trade agreements so you can actually buy a computer that was manufactured overseas; you wouldnt be able to trade crypto at all.
Let alone the hospitals and healthcare, police (yes, state govt but states get money from GST and federal grants, so it counts), firefighters etc. that go into making this a safe, stable environment for you to trade in.
all of these things are, either directly or indirectly, partially funded by income taxes. if you are making income from trading crypto, it is only fair that you should pay tax on that income.

>>6374400

I lived in Thailand for almost 5 months in 2016 with a budget of about 5k. Best time of my life. I was depressed for weeks when I had to return to Australia. I hate this shithole with all my being.

Thailand is a god tier country. I've never been to Vietnam, which is why I was asking the other anon if it's worth taking an extended holiday too.

>>6373879
>also your time spent reading and dong these trades is time you could of spent doing other things
what does that have anything to do with it though? youre making a choice to spend your time, and you are making lots of profit. are you asking for a pat on the back for spending your time doing something wholly selfish?
>without adding to anything ourselves
unless youre investing at ICO stage, then youre just buying coins from other traders and purely speculating on what other people are willing to pay for some bits stored on a decentralised ledger in the future; you aren't helping any company create anything at all. they already got their money from the ICO. if you DID invest in the ICO, then you dont have to pay any taxes on that investment until you either cash it out or trade it for another crypto, at which point you are producing income. you also have the option of holding for 12 months or more, and paying 50% less CGT, which is an incentive to do what you said, and invest with the intention of allowing others to create something

mates i plan to move to flipland

can i safely cash out there? how's crypto tax laws?

I'm never cashing out though what happens then?

Ok, help me out here. I'm a student (0.0001 btc for correct nationality guess) that is studying here. They made me make a tfn when i came but i have no "income" so i dont report anything. They cant do anything to my gains cant they? Its not that much anyway (less than 5k gains atm)

>>6374906
5K is under the tax free threshold, so regardless you'd get taxed 0 I think.

>>6374944
Whats the threhold?

>>6372281
Yes. Also kill yourself you leach cunt

>>6375035
First $18,200 earned is tax free

>>6374400
Those countries are heaven if you are wealthy.

idiots itt:

This is how simple crypto tax is in australia:

>Make 1m crypto from 1k
>declare as income
>1m-1k = 999,000
>999,000 - 54,232 (lump sum) = 944,768
>944,768 - 180,000 (tax bracket) = 764,768
>764,768 x 0.45 = 344,135
>764,768 + 180,000 = 944,768
>944,768 - 344,135 = 600,633

tl;dr just declare it as income tax and understand youre gonna have to make more money than your goal because.

1m from crypto declared as income tax = 600,633 after tax

>>6370509
I hope by awesome you mean lol get fucked I found this crypto address and what is monero and verge 2.0 and shit, here's my wallet address:

>provides deposit address for some random mixer/donation address.

You fucking newfags better not bend the fucking knee to this. Use your fucking brains, cash out in other, better ways.

>>6375170
But you can't.

It's literally written in law that gains made from crypto fall under capital gains tax.

You're better off not declaring it.

>>6375212
Also, don't fucking cash out.

>>6375170
>make $1M
>give over 1/3 of it to govt. who will give it to some shitskin and his 20 kids.
This cunt-ry is fucked in the head brah.

>>6375229
WRONG

ive spoken to financial lawyers and the government.

this is how i've cashed out, the government is fine with it.

>>6375229
This, the jew bank's aren't gonna bend the knee to the gay as fuck government in Australia, they sure as hell won't be rolling over on millions and millions of dollars flowing into their institutions. Be smart, don't be not smart.

>>6371071

They stopped bringing in Sudos when the Afgan war started. That's how bad of a problem they are. It just seems like more because thier kids, that were born here, are scum.

>>6375310
Am accountant.
You're correct.

But fuck that.

>>6375229
let me break it down for your low iq brain:

capital gains tax regarding crypto only applies if you acquire crypto FOR REASONS THAT ARENT RELATED TO MAKING A PROFIT

ask yourself, are you investing in crypto because you want profit? Obviously you are.

This means it can be declared as income and thus taxed via income tax brackets.

https://www.munros.com.au/blog/business/taxation-of-bitcoin-in-australia/

>>6375528
not sure if serious.

Legit he placed the CG INTO INCOME TAX CALCULATIONS.

OBVIOUSLY HE ASSUMED HE HAD NO OTHER INCOME SOURCE BCOS HES A NEET

>>6371449

All the Sudos were brought here to fill our refugee quota. Then it was Afgans, then Iraqis now Syrians.

>>6371778

Try indipendant reserve

>>6375567
literally forget about CG tax.

>invest 20 grand
>make 70 grand
>= 50 grand profit
>pay tax on 50 grand profit per tax brackets

its how ive done it
its how im doing it
its how its been explained by ATO workers

>>6369474

What happens if I accidentally lose all of my coins in an unfortunate accident?

The supermarket bottle shop had a security guard standing in it. what a time to be a live

>>6369474
Only need about 600k in crypto gains to buy 50+ acres outright in Tasmania, live comfortably for the rest of my life and travel a little. EZ. Govt can have the tax i pay them, i am proud to contribute to my country. Dont know why people here are so against tax, even though out govt is incredibly incompetent.

>>6376082
If I was happy with what the government was doing with my tax dollars it'd be a different story. My money is contributing to NBN FTTP, climate change deniers, paying off other people's mortgages, postal surveys and big business sycophants. Why would I want to pay tax?

I was shilling pfr and prl here for you on /biz since both were 0.07 and 0.01 respectively. Get profit on egas and make me (and you) rich.
Take a look@ https://coinmarketcap.com/currencies/ethgas/

>>6370654
makes me glad to be aussie that hasn't lived there for 10 years

Just buy EGAS and hold it...13mil max supply and the price is sub $0.10 - at $1 it will only be 13mil market cap and even if it turns out to be a scamcoin thats still 10x returns.
Take a look@ https://coinmarketcap.com/currencies/ethgas/

>>6373893
No longer applicable, IRD recently released a statement saying that until they make an exact ruling, gains from crypto should be classed the same as trading gold under CB 4

>>6371449
toowoomba was 90000pop until immigration dumped 8000 dindus into town at once

What's the taxes like in New Zealand? Looks like IRD hasn't classified crypto yet.

>>6376900
>>6373212

>>6371722
It's not.

>>6376977
Nice. Hopefully I'll live to see the day I can pull out my profits.

>>6376900
> The IRD says people should consider money made selling cryptocurrencies - bought with the intention of resale - as taxable, until it releases specific guidance on the matter
https://www.interest.co.nz/personal-finance/91564/ird-says-people-should-consider-money-made-selling-cryptocurrencies-bought

>>6377029
its not, not taxed or its not taxed

>>6371778
Jump on Independent Reserve. Not typically the type to shill but I have a ref. code if you feel like using it: NWYWLY

Someone explain how this wouldn't work:
>Sell all Alts for Ethereum
>Living room of satoshi my bills

>>6377271
If you consider paying your bills making it then by all means go ahead. Yes you could probably use it to buy some low key items for a while, but if you do anything hardcore obvious like a new car etc without claiming tax they will probably get suspicious.

>>6377271
Yes, shouldn't be any problem with that. Main problem is when you want to play with large amounts, ie. car, property, stocks

>>6376361
I agree with this, but they still contribute to some productive things. I think it is possible to change the government from the inside in years to come, and everyone in their 20’s right now in similar positions to us are about to weild noigh money to have influence thanks to Crypto. I have hope for this country yet.

Then, if everything goes to shit, i have a self sustaining property in one of the most remote, pristine places in the world. Good news.

>>6369474
>>Whole division

>>Mandatory requirement to hire torrestrait islanders and the laziest cunts for public sec

>>"Lets bust this guy, oh shit.. it's 4:45PM, better head home"

>>Oh wow look at the 50 pages of trades.. I could save almost a week of work just looking at the fiat->btc and btc-->fiat.. let's do that.


I aint scared. Public sector is worthless. ATO task forice is prolly made of abos, and boomer white guys who got the job due to connections.

>>6374400
You sound like a deranged boomer conservadad who thinks because he can eat until he gets diabetes he has a good life. Fuck off with your limp wristed commercialised crocodile dundee patriotism lmao

just wondering, if my managed to buy a new car with btc in a private sale, would the ato ever know i got a new car?
Assuming they audited me, since i never cashed out surely i would be in the clear. Correct?

>>6378076
registration transfer is trackable, anon.

>>6378183
ahh thats what im forgetting. but even with if they knew that I acquired a new car, they cant tax me for money that never went through a bank can they? so essentially i get a car tax free

Reposting my idea cos I didn't word it clear.
Say I cash out, I calculate my tax debt is $300, 000. It is January. I give that $300, 000 I have set aside to a savy stockbroker with instructions to invest it in high risk derivatives and futures. They must all yield their result by the end of the financial year (30 June). Cos it's high risk, I will either loose my $300, 000 and declare the loss on this, and pay no tax on my crypto profits, or my stockbroker has done good and the $300, 000 has turned into $1m, in which case I will pay all my tax and still be way in front.

>>6378303
seems like a great idea, better to give yourself a chance at using your tax money than the gov

>>6371323

You're implying that we must pay even more? The boomers have taken everything from us, I'm not paying tax, not a fucking cent until this migration shit ends, property prices are pushed way down and boomers fucking die.

I have missed out on the very basics of life, such as a reasonable income, a place to live that isn't dictated by some fucking kike landlord and a family of my own.

This is utterly the fault of the boomers. My own fucking parents live in a massive 7 bedroom house paid for by the Chinese and the federal government, who purchased our family home for $1 million - my parents paid $150k for it 20 years ago.

I will never achieve even my own apartment by giving away more years of my life to tax and rent.

FUCK YOU.

>>6378303
Don't think it works like that? Wouldn't that $300k loss be taken from your gross profit? Example, your $300k tax bill is from a $1m profit. Losing that $300k will just reduce your profit to $700k. You now pay tax based on $700k.

>>6378076
They can audit your records and they're gonna wonder where the hell $30,000 of btc magically disappeared to,I've thought about it before

>>6378616
How would they know you have 30K in BTC? Say you bought 1K on an Australian exchange and then transferred it to Binance and made it into 30K. To their eyes you still have 1K right?
t. brainlet

>>6378616
>they'll contact the CEO of crypto and audit your records

>>6378561
You offset capital gains against investment losses. The tax liability gets cancelled by your investment loss.