/biz/ - Business & Finance

[Anonymous No.25439033]

>Made 2mil
>In Australia
>Will be taxed ~$470,000
>That's like 7 years of salary for me.
>Considering moving to Germany or Malta or Singapore or something to take out tax free.

Has anyone looked into moving country or somehow getting tax resident status so you can legally avoid paying your cap gains tax? Does it mean I have to live in the other country forever, or can I come back ...and not have a problem when I move 2mil into my Aus bank account... Pls advice. Seems stupid to throw away half a million $AUD... Or is this just complicating it all and I should just pay it up?

[Anonymous No.25439053]

>>25439033
Read your passport

It will say if you are liable to taxes when overseas

[Anonymous No.25439107]

Bump. Pls I'm so ready to quit m job and find out im still depressed for other reasons.

[Anonymous No.25439108]

>>25439033
im also Aussie expect to make a fuckton of money this year, I have Maltese heritage so considering a move there. Also wondering that if I cash everything into stablecoins and hold them for a year, will I get the long term capital gains discount? I should, right?

[Anonymous No.25439131]

>>25439033
Are you just going to live off of passive income? You can live off of that. Just take out 6% a year or so, it will offset if you keep it invested and you'll never lose your principal.

There's a 4% rule calculator, just google it.

[Anonymous No.25439149]

>>25439033
you owe tax on it already, not when you cash it out

[Anonymous No.25439198]

>>25439033
Is kiwi land too close to down under to avoid the taxes? I thought there was a one time crypto tax exemption there?

[Anonymous No.25439199]

>>25439108
If you go from BTC-> stable coin .... Whenever you did that, it'll be a cap gain event...and you'll pay the tax... And your cost basis will start again with those stable coins.. You won't see much cap gains on them...but they'll need to be held 12months to get the 50% CGT reduction.

[Anonymous No.25439248]

>>25439199
I am going to try and cash out at the end of the bullrun into stablecoins and hold for a year, the bear market should last longer than that. Then I can cash out 20-30% into fiat and leave the rest in stablecoins to rebuy the BTC and ETH lows in 2022-23

[Anonymous No.25439252]

>>25439033
>use money and take loan
>cash out loan
>a loan is not an income and cant be taxed

[Anonymous No.25439253]

>>25439149
that's not true crypto works the same way stocks do in Australia so its taxed on the sale not from holding.

[Anonymous No.25439269]

>>25439199
That's not too bad, so once you've made it just put your gains into stablecoins and wait a year?

[Anonymous No.25439277]

>>25439253
yeah I have had crypto for 3 years and only cashed out around $1k so far, they dont care if you cash out less than 10k per year.

[Anonymous No.25439305]

Can you really put anything into an air fryer? I've never even seen one.

[Anonymous No.25439314]

BTW I feel like Australia has the most crypto investors per capita of any country, we have so much activity here in the investing side and on the dev side.

[Anonymous No.25439324]

How does it work in the UK? You can widthdraw £12500 tax free right?

[Anonymous No.25439407]

>>25439053
the only way you can get out of Australia's taxes is renouncing your Australian citizenship -- which means you need to have dual citizenship somewhere else first (you might be interested to know that New Zealand has no capital gains tax)

[Anonymous No.25439417]

>>25439305
idk but millenials fucking love them i guess its real easy to cook shit

[Anonymous No.25439474]

>>25439108
>>25439269
>>25439149
that's not how any of this works... JFC how many zoomer newfags have invaded this board?

[Anonymous No.25439513]

>>25439277
No... Its still not 'personal use' ...That would be taxable as CGT... Unless it was like you bought it yesterday, then spent under 10k today... the longer you've held it the higher likilihood of ATO considering it as an invesment and subject to CGT laws.

>>25439269
I don't think you understand... Stablecoins wont help you avoid tax. if you bought 1 btc at $1 and sold it for $10000. $9999 is subject to CGT. Doesn't matter if it was sold for AUD or stablecoins or into ETH etc... if you held the btc for a year b4 selling only 50% of it is CGT taxable.

[Anonymous No.25439530]

>>25439269
"so you take your TSLA gains, buy gold, wait one year, and then you don't owe the government any taxes!"

[Anonymous No.25439532]

>>25439314
Eastern Euros still probably got you beat on that point. Lots of devs, low cost of living, shitty low paying jobs. Crypto is their ticket out

[Anonymous No.25439533]

>>25439407
Mfw

[Anonymous No.25439545]

>>25439305
desu they're just regular mini convection ovens. Nothing special, just a better insulated toaster oven with a fan and a digital timer... gimmicky mostly.

[Anonymous No.25439610]

>>25439474
Yeah fuck... I posted this thinking I'd get some people who knew a little more than me around tax shit... but christ, tardos everywhere seem to have 0 clue.

[Anonymous No.25439616]

Same OP
23 yr old with 1.5million in ausbux crypto. Don’t know what the fuck I’m doing. My parents are Dutch so I might just fuck off there lol

[Anonymous No.25439745]

>>25439252
Yes but is for say converting your LINK to aLINK on AAVE a trade? I think I fucked myself this year for taxes because of this

[Anonymous No.25439755]

>>25439616
No capital gains here, just a ~1% wealth tax that starts at 50k EUR net worth (debts included, except for mortgage). Pretty comfy.

>t. student with 70k debt at 0% apr, 100k+ in crypto. Not paying any taxes

[Anonymous No.25439792]

>>25439252
Best advice so far... Probs gonna see the ATO change laws around crypto lending bs though... And call it a disposable for CGT purposes when putting it down as collateral for the loan... It's kinda undefined atm.

[Anonymous No.25439802]

>>25439755
What’s the lifestyle like in the Netherlands? Visited there when I was 16 last. It’s nice, but very cold and everyone is so fucking tall. Despite having 100% Dutch heritage in a 5’11” manlet lol

[Anonymous No.25439827]

In the UK for example:
>Buy £1000 worth BTC
>Your BTC is now worth £20000
>Trade BTC for £20000 worth of ETH
>Your ETH value goes all the way down to £1000
You now have to pay 20% tax when you traded your BTC for ETH.

[Anonymous No.25439829]

>>25439755
...Where? Is getting residency easy?

[Anonymous No.25439864]

>>25439827
but the thing is how would the government know about it? If you just kept quiet. They can't just get it from Binance right?

[Anonymous No.25439903]

>>25439827
Yeah, it's fucked like that here too... Can legit cause you to become bankrupt on taxes if you don't cash out the tax amount into fiat to pay... fucking grubberment parasites.

[Anonymous No.25439944]

>>25439314
I doubt it.

Everyone in Australia invests in property.

[Anonymous No.25439978]

>>25439864
Because the gov pours 100's of millions into tax collection. If you get audited ...Which you fucking will if you just randomly get a fat stack of money into your bank..you'll need to provide the paper train of all your trades... Then you'll get butt blasted in prison for tax fraud.

[Anonymous No.25440030]

>>25439864
Yes, they can just get it from Binance

[Anonymous No.25440050]

>>25439053
As an australian citizen you are only obliged to pay taxes to australia on all income if you are a resident in australia for tax purposes. If you move from australia and are no longer a resident, you no longer have to pay tax on any income you make abroad. However, you cant just move abroad and THEN cash out, because that was money that you made as an australian resident and the ATO want their cut.

There MAY be a loophole that will allow you to cash out offshore and not get raped by the ATO, but i highly doubt it.

If you made $2 mil, and they want to take 470k, thats a tax of 23.5%. Now, as a non cuck thats hard to take. BUT its actually no where no NEAR as extortionate as many other western countries, and as a one time 'make it' fee, its a small price to pay for peace of mind imo.

Think about it, you pay up, and then you take your $1,530,000 and move wherever in the world treats you best. Set up offshore tax havens and conduct the rest of your investing activity away from prying eyes and grabbing hands. Do whatever you want. You've made it bro.

[Anonymous No.25440064]

>>25439745
defs owe tax on that trade. sorry fren

[Anonymous No.25440067]

>>25439802
I'm 6'1, in at least 2 social circles I frequently hang out with I'm the shortest guy lmao. 5'11 is more than enough though, maybe just slightly under the average. It is cold here yeah, and Dutch people can be a bit weird and direct. /int/ likes to shit on us but I think as far as autism goes, the Dutch fit in right in the middle of the ultra autistic Finns and the super open and warm meds. I also like to think we're funnier and less autistic than Germans, but they think the inverse so whatever. At least we have beaches.

>>25439829
I don't think so. Not at least when I skim this page: https://www.expatica.com/nl/moving/visas/permanent-residence-netherlands-108418/
I am acquinted with a christian Syrian refugee that has been trying the get a permanent residence permit for 5 years now. Seems like it takes a lot of effort but should be easier for someone with money. Money talks.

[Anonymous No.25440113]

if this isn't a larp heres an amazing tax resource.

https://flagtheory.com/

[Anonymous No.25440117]

>>25439978
I have trades dating back from 2017 and the history isn't there on exchanges. How would I even get them when my trade history is already gone?

[Anonymous No.25440174]

>>25439802
>everyone is really tall; bad place to be a manlet
>everybody leaves the office at 5 PM; I wouldn't start a company there
>50% income tax; fucking socialists
>everyone is a godless atheist
>nobody wears bright colors; the unofficial uniform is to wear a black coat when you're outside
>cigarette smoke everywhere
>serious, German-like culture where being silly in public is considered shameful

[Anonymous No.25440188]

>>25440064
Never even thought of it before diving into it to take loans on it but desu it is probably for the better. Will keep my gains in the 15% bracket vs the 20% if I were to cash out all at once. Just need to somehow come up with the cash without liquidating my positions

[Anonymous No.25440193]

>>25440117
doesnt matter
can't show it? pay up (and you have to assume your cost basis is zero)

[Anonymous No.25440227]

>>25440193
pay how much? 20% of everything I widthdraw?

[Anonymous No.25440271]

>>25440050
this is good advice OP.

[Anonymous No.25440288]

>>25440227
Yes.

[Anonymous No.25440362]

>>25440030
HMRC doesnt have access to binance so they cant

[Anonymous No.25440414]

>>25440050
Yeah thanks. I've somewhat accepted that really the answer is just gonna be to pay it... Just sounded too good (to be true) that I could live abroad for a year or two essentially on $450k...

How do the billionaires do it?

Seems kinda shitty Aus would get that tax just because I was living here while it appreciated (without realizing those gains while here) ... but I can see why (((they)) would interpret it that way...

I guess its the tax cuck life for me.

[Anonymous No.25440453]

>>25440050
If you move to a tax haven like Hong Kong for 6 months, you become a tax resident and no longer have to pay gains on your crypto. You just get a certificate and ScoMo can’t do shit about it
>t. Living in HK for 4 years and paid like 15 percent income tax compared to 50%

[Anonymous No.25440486]

>>25440453
yah, I'm scared of China...Not moving to hongkong. Sounds pretty neato tho...Surly it work the same elsewhere.

[Anonymous No.25440518]

>>25440486
Puerto Rico in the states, I've heard, has a similar low crypto tax rate.
T.ignorant new friend

[Anonymous No.25440541]

>>25439033
Belgium as well and we can be frens (pls)

[Anonymous No.25440591]

OP if you are anything like Canada then you will need to be a non-tax resident. You will likely need to leave the country for a year, file for being a non-tax resident, and then get your money.

[Anonymous No.25440596]

>>25439033
>>25440541
But wait just come in Belgium and transfer it by yourself on my Kraken account and take it from my bank account yourself!
You’ll leave me a part in exchange.
No scam, I’m white and I’ll give you all necessary in your hands

[Anonymous No.25440620]

okay so I traded on etherdelta, Huobi, some shitty exchange not sure they are there, binance, kraken and I I didn't use any identity on all of them.

How would the HMRC know info about me on these exchanges? I don't have access to these anymore and history is gone on them as I've not traded for years until recently.

[Anonymous No.25440647]

>>25439033
Head over NZ or the Caymen Isles

[Anonymous No.25440660]

>>25440620
>give us your address
looks through etherscan
>mate looks like you use some shitty exchange mate, why don't you give us your trades mate

[Anonymous No.25440683]

>>25440591
can you come back to canada after 3 years or something after youve done that?

[Anonymous No.25440693]

>>25440660
>cash out 200k
>put the rest in XMR
nothing personnel ATO

[Anonymous No.25440713]

Transfer it all into hard storage BTC then just live off that using BTCs ATMs. There’s always a risk you will be audited at someone point and get forced into paying but this will potentially minimise it.

[Anonymous No.25440720]

>>25440660
I don't have access to the exchanges anymore. I've traded privacy coins.

Can't I just widthdraw £12300 tax free every year instead and no need to report? there's a Capital Gains Tax allowances of £12300

[Anonymous No.25440727]

>>25440683
Yeah, as soon as you are back for 183 days you would be considered a tax resident again (if you fucking told the CRA lmao they have no idea).

I am a non-tax resident who usually lives in Asia but I am currently in Canada due to Wu Flu and the CRA has no fucking clue

[Anonymous No.25440742]

>>25440174
Literally sounds perfect, I just want to be among the beautiful and dreary.

[Anonymous No.25440751]

>>25440693
based
>>25440720
that's a pretty good idea. in burgerland you can cash out 40k free + 12.4k more because standard deduction

[Anonymous No.25440770]

>>25440720
also if you marry your allowance gets doubled, though your wife might run away with the bitcorns in a divorce.

[Anonymous No.25440778]

Taxes are that low in australia? Would be almost double that in USA

[Anonymous No.25440829]

>>25440778
It’s capital gains tax. I pay a net income tax of about 40%, 10% sales tax on everything I purchase and then 30% capital gains on any asset I sell.

[Anonymous No.25440839]

>>25439033
stop being greedy and pay a good accountant

[Anonymous No.25440848]

>>25439149
I choose to believe this is b8

[Anonymous No.25440849]

>>25440770
>though your wife might run away with the bitcorns
not if you break her legs! we were so sad when sarah took a spill down the stairs. but she's doing well now...

[Anonymous No.25440850]

>>25440778
It is double... (~47%) ..but I've had it for over a year so CGT is halved...which is nice I giess..but ~25% of my money is still a lot..

[Anonymous No.25440864]

I hate the tax rate in this cunt.

[Anonymous No.25441126]

>>25440850
CGT is 30% not 47%.

[Anonymous No.25441128]

Hire a tax accountant and pay the 25%, it will be the easiest way to go about things then you focus on tripling your cash to 4mil+.

In NZ we will soon have to pay 39% on all income over 180k lol...... what a fucking joke. 25% is nothing

[Anonymous No.25441167]

A good lawyer and tax accountant would cost a tiny fraction of that

[Anonymous No.25441192]

what if you widthdraw money to your mum's thailand bank account then your mum send money from her bank account to your UK bank account?

Your mum gifted you that money from abroad

[Anonymous No.25441243]

>>25441192
>send BTC to thailand exchange
>sell BTC to fiat then to parent's thailand bank account
>parent sends money to your UK bank account
how is it?

[Anonymous No.25441276]

>>25441192
In most western countries gifting crypto is liable for CGT.

[Anonymous No.25441277]

Become a resident of another country for tax purposes and hire a tax accountant to make sure you dont fuck it up

[Anonymous No.25441333]

>>25441276
they won't know though. Its seen as my parent gifting me money. They won't ever know about me transfering crypto over to another country on an exchange like Binance since the exchange is in Melta

[Anonymous No.25441378]

>>25441333
I’m not saying you won’t get away with it, I’m just saying in theory it’s taxable.

[Anonymous No.25441391]

>>25439745
just don't report any moves except fiat -> crypto or crypto -> fiat, how hard is this, the irs isn't going to dive into etherscan over some 100k bullshit

[Anonymous No.25441534]

>>25441128
>25% is nothing
it's a full fucking quarter you dipshit. this mindset is how you cucks got to 39% in the first place.

[Anonymous No.25441557]

>>25439033
How did you get the 450k figure?
You would be on the 45% tax rate if you tried to cash it all out?

Also your taxes would be spread over the last 4 years, going back to 2017, depending on how you traded. I'm in a similar situation OP and I don't know what to do. If I get audited I'm fucked because I havent kept any records

[Anonymous No.25441639]

>>25439305
It's basically just the new Easy Bake Oven. Millennials like me buy them because it reminds us of our childhood

[Anonymous No.25441642]

>>25441557
Capital Gains isn’t the same as income tax. Goddam crypto has made millionaires out of morons.

[Anonymous No.25441655]

Stop staying in countries that are going to tax you for having an IQ above fucking 90.

[Anonymous No.25441698]

>>25441642
CGT is taxed at your income tax bracket in Australia

[Anonymous No.25441968]

>>25441698
If I don't work, made $0 income.

How would I go about cashing out $100k? What about $300k?

A-asking for a me

[Anonymous No.25441993]

>>25441698
>>25441968
fuck i meant
>friend
not me friend

[Anonymous No.25442103]

>>25441968
If your salary is 0 then when you cash out your net taxable income will be 100k. On that you will pay $24,497 in tax.
https://www.ato.gov.au/Calculators-and-tools

Keep in mind Centrelink payments are taxed as well, almost no one has a $0 income

[Anonymous No.25442146]

>>25442103
I haven't worked since june last year and i dont get gibs. I do have a certain amount of crypto that may or may not have gone up in value.

Cheers for you assistance ato nig.

[Anonymous No.25442180]

>>25441391
Then how the fuck am going to explain how I turned 1 bitcoin into 20 bitcoin

[Anonymous No.25442200]

>>25442146
Have you held the asset for more than a year? If so there is a 50% CGT discount and you will only pay tax on 50k

[Anonymous No.25442232]

>>25442180
why don't you just pay 20% tax on all of it then? You'd lose 2 worth of BTC only.

Though I question if you still have to give a history of your trades or something, which I won't have.

[Anonymous No.25442244]

>>25439305
Anything sealed. I wouldn't throw a liquid or semiliquid in there, it's basically a oven with a circulating fan. Good for fried stuff if you want less oil

[Anonymous No.25442253]

>>25441126
CGT works off income tax brackets, at the upper end it's 47% or close to it.

[Anonymous No.25442308]

>>25442232
Not sure what you mean. Here's the problem, in the US, up to 500k is taxed at 15% long term, everything over is 20%. Creating a new cost basis and realizing gains is beneficial if I spread it out every year and keep it below 500k. Only problem is I need to put money aside from my stack to pay these taxes unless I can find the cash elsewhere

[Anonymous No.25442362]

>>25439802
sup jimmy

[Anonymous No.25442386]

>>25442253
I haven't read he CGT tax shit recently but is that how it really works? Seems kinda retarded. Especially since anyone with a brain already has zero "income".

[Anonymous No.25442631]

I have 44 pages worth of trades from 2017 and haven't reported anything. I went from £3000 invest and everything was a blur after that. So many trades, gains and losses. I don't even have the reports for the other exchanges since I don't have access to them.

[Anonymous No.25442655]

>>25439033

>Will only walk away with a meager 1.5 mil

Fuck off

[Anonymous No.25442681]

>>25439033
do u not know how to launder money? lol

[Anonymous No.25442689]

>>25442180
1) when you sell BTC, you just say "i sold 5 btc for 500k, here's your taxes" and then if they question shit you bought btc off mylocalbitcoin for cash back in 2013. when you give them 150k in taxes they aren't gonna call in the feds to investigate where you got 5 bitcoin, if you say you bought them for 500$ awhile back they'll just have to accept it

[Anonymous No.25442703]

>>25442631
also I was up a lot so I owe more tax than I came out with since I had losses thereafter.
This is retarded.

[Anonymous No.25442738]

>>25442689
they'll ask where you got the cash from, and backtrace it. If you have no proof to show then youre screwed

[Anonymous No.25442780]

>>25442200
I dunno, it's in my private wallet so if i move it to sell does that count? Also what about staking rewards?

[Anonymous No.25442809]

>>25439033
you can't cash out without giving oz their duty. you made the money there, you owe the tax there. i can't believe i share a board with you retards.

[Anonymous No.25442863]

>>25442809
Fuck off glowie. I already laid tax from i got paid from waging. Why should I have to pay more taxes.

[Anonymous No.25442867]

>>25442780
you can move it between wallets fine, but if you sell it / dispose of it (eg. gift, trade for alt coin) then that's the CGT event.

Staking rewards and interest accrued for crypto lending are considered INCOME for the tax year you got it...(the value of it at the time of aquire - which is also the cost basis - so when u sell it theres CGT too...)

[Anonymous No.25442890]

here an idea boys, get like 2 million stack and then find a 10-20% apy LP or farm and just cash out what you farm only, then you only pay tax on that every year.

[Anonymous No.25442972]

>>25442780
I'm in a similar position to you, I have 6 figures of a staking coin. My plan is to wait for 1 year (as demonstratable on the blockchain) and then start selling to AUD with the 50% CGT discount. I'm going to use a zero cost basis because I can't be bothered tracking all my prior crypto trades and for staking rewards I will just pay full CGT on them with a zero cost basis.

In a sense I'm overpaying but I think the ATO will accept it as a genuine attempt to pay tax and they won't pursue me for tax evasion, given that I havent declared any of my crypto to crypto trades for the last 4 years.

[Anonymous No.25443016]

>>25442809
You're the fucking retard here m8. Being in Aus literally had nothing to do with it appreciating in value. The money wasn't 'made' here. Its just been going up in value while I've been living here. fucking cuck.

[Anonymous No.25443080]

Ato HERE CUNTS. WE WILL find u

[Anonymous No.25443109]

>>25439277
>>25439253

In the US, every-single-transaction is taxed if there was a capital gain.

If you bought BTC@ $1000 and sold BTC@$10000 to buy a shit coin. Then you just made taxable income because you traded something that is now worth $10k. You now would owe tax on the $9k you made as "income" REGARDLESS if it is fiat or not.

You may want to look into what your country does about about taxes and how it defines capital gains.

I almost got fucked because of this in 2017, but thankfully I had fiat reserves to cover the taxes...$30k of it. Im sure many other got fucked.

[Anonymous No.25443160]

>>25443016
>while I've been living here
and sealed. i'm sure the down under version of the IRS aren't going to pursue their dollars. just be free m8, do what feels right.

[Anonymous No.25443434]

Have you guys ever got a call from the ATO? They're a bunch of clueless pajeets who can't string words together much less chase down obfuscated crypto trails. Anyone who pays a cent of their hard-earned to those retards didn't deserve to get rich with crypto in the first place

[Anonymous No.25443533]

>>25440414
You have to research trusts and off shore accounts. I think the cook islands is good for aussies

[Anonymous No.25443605]

>>25443434
what's the worst that can happen anyway? If they do find out you haven't paid taxes don't they ask for it before throwing you in jail?

[Anonymous No.25443643]

>>25443605
https://www.offshore-protection.com/cook-islands-tax-haven
based, thanks for the info

[Anonymous No.25443715]

>>25443643
>>25443533

[Anonymous No.25443720]

>>25439033
dont fucking touch it until you move to a different country. australia is the most cucked country for taxation

[Anonymous No.25443755]

Are you Craig Wright?

[Anonymous No.25443769]

>>25440050
thanks SN

[Anonymous No.25443806]

>>25439305
Every time I cook chicken in mine it always comes out tender and juicy.

[Anonymous No.25443961]

>>25442738
>they'll ask where you got the cash from, and backtrace it.
I'll be honest, I've never been audited, but that sounds fucking absurd. if you're worried about that, just come up with a more elaborate lie, "My uncle gave me 10btc before he died" or "I bought link at .20 cents" and show 1 trade instead of 1000

[Anonymous No.25444046]

>>25439033
look up countries that have a territorial taxation or no capital gains tax, find one you like go live there and cash out to a bank outside that country tax free. you could use your aus bank even.

the important thing is to get a certificate of residency every year from your new country of residence, this is how you prove to your country of origin that you are a resident somewhere else. make sure to look up the double tax agreement treaty between your new country of residence and your country of origin, without a DTA you could be taxed twice by both countries.

[Anonymous No.25444075]

>>25443961
Lol people like you give me a lot of faith I won't be audited for at least trying my best to stay tax compliant. ...I forgot how many retards like you are out there that think they're so clever to be ble to avoid it all so simply.

[Anonymous No.25444123]

>>25439033
just to be clear, any trade you made while in australia is a capital gain event and is taxable the year it happened. hopefully you just bought and hold there, otherwise game over.

[Anonymous No.25444153]

>>25444123
If you do your trades over layer 2 they cant track anything fyi.

[Anonymous No.25444266]

You should have been born in the United States of America, we fucking rebelled over representation and taxes.

Assuming $150,000 initial start and a $75,000 salary I would only have to pay.....$573,773

Fuck we really are the cocksleeves of the (((them))) and modern slaves.

[Anonymous No.25444305]

>>25444266
Oh and that assumes you HOLDld for over a year. If you made crypto to crypto conversions those are taxable too and you have better have HOLDld for a year between each of those at a much higher tax rate.

[Anonymous No.25444319]

>>25439616
Why don’t you just cash out the little as you need it? Do you want to cash all of it out?

[Anonymous No.25444426]

>>25444075
This.

It's not a risk worth taking unless you are 100% sure of not having to pay tax. Just get an account with Koinly or one of the many other crypt tax websites out there, upload your buys, sells, receives and sends and present the tax report to your accountant to include it in taxable income.

Not saying I dont think tax isnt theft because it fucking is in this country especially the way they spend it to support foreign takeover of this country but if they catch you, you are fucked.

[Anonymous No.25444547]

Does someone here have experience of creating a holding company in a low taxation country to transfer your crypto in it and to use it to buy other investments like stocks?
Even if it has to be in our home country the company structure could bring some tax optimization and would be worth looking into.

[Anonymous No.25444791]

does Australia have an Exit Tax ? if OP you are fucked, no way to escape legally.

[Anonymous No.25444802]

>>25444075
you should have faith you won't get audited, man. and don't be so dramatic, if you make a mistake you just pay, they don't pull out a hairbrush and assfuck you over the desk
>With fewer agents available to perform audits, the agency's audit rate has been whittled to 0.45% of individual returns in fiscal 2019, the IRS said recently. That compares with an audit rate of 0.9% in the fiscal 2014

[Anonymous No.25444876]

>>25439033
If you’re a resident in aus for tax purposes you must pay tax here, the ato is ruthless, that said if you move away with a visa for 2-3 years and come back you may get away with it. If you think ducking away for a 3-6 month Holliday, cashing out and coming back transferring 2m to your bank from offshore will go well for you then Na you’ll get fucked

[Anonymous No.25445090]

advice is to just move for years, murky it up and try it, best advice is just pay your taxes it sucks and people still cry about the Jewishness of it all but you fucked up by not protecting yourself here at all, 2m is enough to acquire a good life of wealth, why fuck your self when the ato cucks you and destroys you with Interest and fees and if they decide to make an example out of you being crypto, freeze your assets and run you through expensive court and a criminal charge for evasion. 2m is not 10k and it’s enough to build Great wealth, also remember you can negate that capital gains against capital losses for years to come, so open a business and go nuts if you’re not a brainlet. Don’t take advicefrom broke people they’ll get you rekt
t Aussie with 4m net worth

[Anonymous No.25445117]

>>25440518
Can confirm, in Puerto Rico now. Look up Act 60.

[Anonymous No.25445185]

>>25442180
You won it gambling

[Anonymous No.25445300]

>>25439033
Find someone smart to advise you ASAP

[Anonymous No.25445301]

>>25439033
"Yeah nah mate
All started with a big win on the pokies , then a young fella told me to invest it in these , whattayacallit cryptographuck i dunno
Anyways i had a double hoorah win it looks and their worth a motsa
This is what i made mate heres your taxes hoorah
God save the queen
Waltsing matilda and all that"

We are not gifted with spinning a yarn for nothing anon.

[Anonymous No.25445359]

>>25445301
kek

[Anonymous No.25445511]

>>25439407
> the only way you can get out of Australia's taxes is renouncing your Australian citizenship -- which means you need to have dual citizenship somewhere else first (you might be interested to know that New Zealand has no capital gains tax)

Kek, great advice if true. based kiwi

[Anonymous No.25446012]

>>25445090
>also remember you can negate that capital gains against capital losses for years to come, so open a business and go nuts if you’re not a brainlet. Don’t take advicefrom broke people they’ll get you rekt

pretty sure cap gains don't carry over...cap loses do...So If I had a shit tonne of cap gains this year and a bunch of losses made next... thne I just have to wait until I make gains again to properly offset those loses...won't save me any money from the past gains.

[Anonymous No.25446310]

>>25446012
I’ve carried them over From crypto, so they do. Get a good accountant Not a cuck for $99

[Anonymous No.25446450]

If I deposit £3000 from 2017 and then buy £3000 worth BTC then in 2021 its worth £30000 and I sell.
How am I taxed? 30000-3000-12300=£14700

[Anonymous No.25446549]

>>25439198
NZ taxes Crypto the same as it taxes FX gains. They don't count it as Capital gains so it is not exempt.