Australia capital gains tax advics

[Anonymous No.28375919]

What’s the best way to cuck Scomo & Frydenburg out of my cozy gains? Is there any benefit to trading crypto to crypto vs. crypto to aud?

[Anonymous No.28376008]

I think if you hold more than year you only get taxed 50% on your total profit..maybe hold for a year or more?

[Anonymous No.28376069]

If you hold more than year you only get taxed on 50% on your profit instead of 100% so maybe plan to hold for a year

[Anonymous No.28376179]

>>28376069
do you have to hold the same coin for over a year ? What if you're day trading ?

[Anonymous No.28376266]

Here's my plan right, once I have enough crypto I'm leaving AUS and moving somewhere else and not worrying about this shit.

[Anonymous No.28376345]

>>28376266
Hahah based, which country? I heard north Macedonia is quite attractive for this reason

[Anonymous No.28376354]

>>28376266
good boy!!! me too fuck these gook loving thieves. Im done with this place.

[Anonymous No.28376410]

>>28376345
Portugal for me, spanish gf makes this easier.

[Anonymous No.28376500]

>>28375919
You can only be taxed if AUD enters your bank account right?

[Anonymous No.28376514]

>>28376179
Every trade is classed as a taxable event in cuckstralia

[Anonymous No.28376517]

>>28376179
I’m actually not too sure, from what I understand your original holding of the coin will be counted as year+ tax but the coins you added since then won’t be included. You just gotta go check your receipts and see how many coins exactly are applicable

[Anonymous No.28376524]

>>28376266
I heard if you're still an AUS citizen the ATO will still ask for tax on trades regardless of what country you live in. Dont quote me on that but was reading a thread yesterday about this and an anon posted they wanted to move to Portugal and taxman following you around the globe was mentioned.
Be good to get out here before the whole country is China 2 though

[Anonymous No.28376607]

>>28376069
>>28376179
You have to hold the same for a year. So if you held BTC from Jan 1st 2020 and sold on Jan 2nd 2021 you get a tax discount.

[Anonymous No.28376632]

>>28376266
>>28376345
>>28376354
Malaysia doesn't tax crypto but I don't want an ugly malay gf. I guess Portugal is best option. Any other good ones?
>>28376524
Ever had a call from the ATO? They're retard pajeets who rely on you dobbing yourself in for fear of being caught. They won't do shit

[Anonymous No.28376673]

>>28376500
No, selling crypto to crypto is a CGT event

[Anonymous No.28376729]

>>28376673
No it isn't.

[Anonymous No.28376875]

>>28376729
>If you dispose of one cryptocurrency to acquire another cryptocurrency, you dispose of one CGT asset and acquire another CGT asset. Because you receive property instead of money in return for your cryptocurrency, the market value of the cryptocurrency you receive needs to be accounted for in Australian dollars.
From ATO website
Does that mean even gas fees accumulate CGT? lmao what a joke

[Anonymous No.28376985]

Register for an abn and put all your crypto into the business account. Disguise it as a "crypto mining" company and you only get taxed 30%. That's what I do anyway

[Anonymous No.28376989]

>>28376875
Gas fees and trade fees are deductible from your gains

[Anonymous No.28377179]

>>28376524
Just move to a country that has no extradition treaty with Australia and deposit your funds in an account based in your chosen country

[Anonymous No.28377253]

100% tax on gains..day trading must be such a black pill

[Anonymous No.28377270]

>>28376008
bear market could be here by then

[Anonymous No.28377359]

>>28377179
FTW even Israel extradites to Australia
FUCKING ISRAEL GAVE US A PEDOPHILE TO PUT ON TRIAL
Nowhere is safe.

[Anonymous No.28377406]

>>28376985
>implying that 30% isnt a lot

[Anonymous No.28377433]

>>28376989
Oh yeah that makes way more sense lol thanks

[Anonymous No.28377451]

>>28375919
You aren't cucking them, just the lest fortunate people of the country.

[Anonymous No.28377503]

>>28376524
just move fundsu and cash out overseas?

[Anonymous No.28377532]

>>28377179
RUSSIA IT IS

[Anonymous No.28377703]

>>28377406
In Australia it’s a tax on 100% of profits and a tax on 50% of your profits after a year..so yeah 30% is quite a discount

[Anonymous No.28377741]

If I started with $10,000, then I make numerous trades over the year, then at tax time if I have $20,000, can i just pay them the 15% CGT of the $10,000 difference (i.e. $1,500) ? Or do I have to track every single transaction I make and calculate some other value ?

[Anonymous No.28377754]

>>28377703
Isn’t it a 100% on all your gains then 50% on all your gains after a year?

[Anonymous No.28377802]

>>28377741
The way I read it you pay tax on every single transaction

[Anonymous No.28377804]

>>28377433
Haha all good mate

[Anonymous No.28377821]

>>28376985
your a loser....

[Anonymous No.28377878]

Can they see transactions on metamask? What if I use binance without kyc, then they can't do anything right? Fuck this country man.

[Anonymous No.28377938]

>>28377451
Lol they’ll be fine

[Anonymous No.28378037]

>>28377754
Bruh it’s a 15% tax on either 100% of gains(minus gas & fees) or 50% of your gains if you hold for a year or longer

[Anonymous No.28378126]

>>28376266
NZ doesn’t have capital gains tax boys

[Anonymous No.28378138]

>>28377878
>>28375919
>>28376008
>>28376069
>>28376179
>>28376266
>>28376345
>>28376354
>>28376410
>>28376500
>>28376514
>>28376517
>>28376524
>>28376607
>>28376632
>>28376673
>>28376729
>>28376875
>>28376985
>>28376875
>>28376989
>>28377179
>>28377270
>>28377359
>>28377406
>>28377451
>>28377503
>>28377532
>>28377741
>>28377703
>>28377802
>377802▶
>>>28377741
>>28377804
>>28377821
>>28377878
>>28377938
https://www.news.com.au/finance/real-estate/buying/australia-will-pay-foreigners-up-to-50000-to-buy-a-new-home-as-perth-market-set-to-boom/news-story/21eebff2400bce7bad548c656aa491a4
FUCK GOOKS AND FUCK AUSTRLIA

[Anonymous No.28378253]

>>28378138
fuck me that's awful

[Anonymous No.28378319]

>>28378138
Yeah fucking sick, so glad I pay taxes here woohoo.
I fucking hate this shit hole

[Anonymous No.28378347]

[Anonymous No.28378400]

>>28378138
First Home owners grant for native born Australian citizens was just reduced from 25,000 to 15,000 but they're giving Chinese people 50k? What the Fuck is this shit...

[Anonymous No.28378456]

>>28378400
First I heard of this, makes me fucking sick.

[Anonymous No.28378467]

100% tax on gains? What meth are you lot smoking. No one would invest in anything ever if you got taxed 100%

[Anonymous No.28378472]

>>28378319
>>28378253
i leave in March and im so happy... I have so many reasons as to why this place sucks before we even get into taxes.. Im going to spend my time posting pics of my gf s ass through out europe on these breads.

[Anonymous No.28378520]

>>28376729
Yes it is. Maybe try reading even the most basic available resources from the ATO.

[Anonymous No.28378555]

>>28378400
Yeah all states do this btw its not only WA. No one speak of this ever, i wonder why. Also my mum is a solicitor for property and told me 50% of all work she does involves these rebates. Enjoy your 15k in your FOB ridden outer suburb flat pack home.

[Anonymous No.28378769]

>>28378555
Lucky to be in rural QLD... atleast for the meantime no doubt it'll go to shit soon, it's already starting. What a fucking disgrace. Thanks for posting that though, I had no idea it was that fucked...

[Anonymous No.28378814]

>>28378138
Wow that’s news to me..fuck this place we need to vote civic nationalist

[Anonymous No.28378896]

>>28378138
I wish I could just turn into a nuke and explode!

[Anonymous No.28378911]

>>28376729
Anon, I hate to break it to you...
https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-currencies-in-australia---specifically-bitcoin/?page=2

[Anonymous No.28378989]

>>28378347
Yup it’s income tax. As someone who earns > 200k as a wagie, selling crypto on top is just painful

[Anonymous No.28379063]

Binance isn't kyc tho. I'm going to buy my btc with binance from now on.

[Anonymous No.28379130]

Bitcoin atm then put it into a pokie machine and ask for a cheque gambling wins are not taxed would this work?

[Anonymous No.28379133]

>>28375919
Just pay them. Pay a dude to figure it out.

Also : ARPA + the bella protocol gibs.

[Anonymous No.28379135]

>>28379063
Binance is KYC. Well at least I had to do it. I wonder how much information binance will give the ATO? There is no way they will have the ability to go through all my trades etc... How the fuck do they do it??

[Anonymous No.28379167]

>>28378769
yeah im shocked by how little people know of this. Its disgusting IMO yet Tracie goes on at 6:30 bloody boomers and their investment properties causing housing prices to climb..
Australia has super low mortgage rates but have you tried to get a loan? GL, try explaining why you need to take out 250 a week in cash for weed cause your bank manager is going to ask...
Im done living in the most expensive country in the world that rewards gooks and calls me a monster.
>>28378896
i wish too but we all know that isnt going to happen. Blair was the best we had and hes back to driving his 96 hilux to build flat pack homes for indian families....
>>28378814
yeah its sad. I dont know what else to do anymore. Nothing will change no matter what they will keep selling homes to chinese and taxing you for everything.. Theres a reason a property market keeps going up even though ((we)) are buying less.

[Anonymous No.28379174]

>>28375919
JUST

[Anonymous No.28379258]

>>28379135
idk man, i signed up yesterday and had a look around. If you deposit from your bank, yes, you need kyc. But if you transfer to binance, sell to fiat, then buy something, they have no proof.

[Anonymous No.28379394]

>>28378138
Thats fucking hilarious

[Anonymous No.28379481]

>>28379394
I can't fucking believe it anon, I'm still seething about it.

[Anonymous No.28379500]

>>28378400
Yup. and it has to be a brand new house that has never been lived in or you get nothing goy :)

Chang over here gets a free deposit though! Ouch!

[Anonymous No.28379611]

>>28379500
and these idiots are trying to decide if they want to pay 50 or 30 % taxes on their cryptos... What you gonna buy with you taxed crypto gains ? a car that cost more to purchase/ own than any other country ?

[Anonymous No.28379675]

>>28379481
>Juwai IQI co-founder Georg Chmiel said while it “sounds strange to pay foreigners to buy houses and apartments, in fact it makes sense”.

>“This is a triple win for Australia,” he said.

HAHAHAHHAHAHAHAHHAHAHAAAA

OMFGGGGG AHAHAHHAHAA

[Anonymous No.28379828]

>>28378467
>No one would invest in anything ever if you got taxed 100%
that's the point

[Anonymous No.28379831]

I was talking to lads in /smg/ about this today. NZ has a max tax bracket of 33%, and we have a residency treaty with them. What if we all rented a house and just lived there for 34 months then cashed out

[Anonymous No.28379874]

Now you've all gone and made me upset, fuck sake.

[Anonymous No.28379880]

>>28379167
What in your opinion is the best party to support who will actually deal with issues like these?

[Anonymous No.28379925]

>>28379880
>he thinks his vote matters

[Anonymous No.28379927]

>>28375919
You have a few options. First you could somehow accumulate lots of capital losses to offset the gains, as to how I don't know. Second you could move to a country that doesn't report back to the ATO and cash out there, speak to a tax lawyer about which is best. Third, you can take a collateralised loan and sell the loan. You can separately pay off your collateral or wait for the collateral to pay itself off when the value goes up. The first is difficult to do, second breaks aus laws, third carries financial risk if you get liquidated.

[Anonymous No.28379939]

>>28376266
that counts as disposal so you'd have to go to a country that doesn't have any agreements with australia

[Anonymous No.28380015]

>>28379880

[Anonymous No.28380077]

>>28378138
Fuck off cunt Im gonna curb stomp one of these fucks if they buy next to me.

[Anonymous No.28380089]

>>28380015
>oh nononono

[Anonymous No.28380165]

>>28379880
no one currently... China has its talons gripped around Aus in everything.. Anon we sell them coal so cheap that they dont even use it they just store it.. buy now use in 100 years, we have the highest energy cost in any country?? yeah i think were too broken sorry.. Like i said Blaire was the closest thing to a nationalist who could get something done but waleeds twitter mob took him down.

FUCK THE CUNT WHO WEARS THE RED BANDANNA TOO THAT CUNT MAKES ME WANT TO LEAVE MORE THAN ANYTHING FUCK YOU WHITE ABO CUNT

[Anonymous No.28380360]

A house across the road from me went up for near 600k and was gone in less than a week, what are the chances the chinkoids got it?

[Anonymous No.28380474]

>>28376632
>Malaysia doesn't tax crypto but I don't want an ugly malay gf. I guess Portugal is best option. Any other good ones?
To memory Singapore and Poo Peeland. Maybe Taiwan as well, not sure.
Or you could live like a kind in Bulgaria. Or maybe it was Belorussia I can't remember

[Anonymous No.28380546]

>>28376985
Err you need to be a company to get a flat 30% tax rate not just hold an ABN

[Anonymous No.28380666]

>>28379831
>Living in Poo Peeland
Ehh I think I'll just pay the tax

[Anonymous No.28380827]

Feels good only 3 years of university left then wage slave for 10 years and probably still priced out of housing.

[Anonymous No.28380881]

>>28375919
I don't know if this really helps, but just say you've bought at multiple times at different prices, when you sell, you can pick which coins and at which prices you sell. I always select my most expensive buys first (just say I'm trading into another coin) so it reduces the capital gains tax quite a bit.

[Anonymous No.28380950]

>>28380827
>he doesn't know we outsourced most of our graduate jobs overseas or to cheaper imported workers
anon it only gets worse

[Anonymous No.28381241]

>>28380950
aussies are actually so cuck...

[Anonymous No.28381465]

This country is actually fucked, I don’t give a shit about the everyelse but here is fucked - on a median salary of 70k aud you are fucked, factor in 12 k minimum rent after tax you’d have 45-12 = 35 k then take out your expenses and your down conservatively to 30k - fuck you cunts people should just sit on welfare for 15-27 k depending on what you get. And the amount of 3rd world trash we let in is insane - this country is fucked - never move to fucking Melbourne it’s a cancerous shithole.

[Anonymous No.28381649]

>>28381465
I was planning to leave this bull market, but it looks like I'll be stuck here forever due to covid. Even when I make it I can't make it.

[Anonymous No.28382033]

>>28380950
I hate sydney

[Anonymous No.28382080]

>>28380666
>666 trips
So fucking based, I bow before you

[Anonymous No.28382369]

>>28375919
>What’s the best way to cuck Scomo

look, scomo gives a fair go for those who have a go. so if you have a go, you get a go. ok? just give it a go, and you never know, you might end up with a go.

[Anonymous No.28382433]

Why is the Australian government so against people making it

what's the obversion with the full time job meme for 60 years then dropping dead I don't understand

[Anonymous No.28382482]

>>28382369
Literally a guy at the dog park called bruce who looks like that. Nice bloke

[Anonymous No.28382513]

>Hold for more than 12 months
>Whatever you want to cash out, hold in stable coin instead.
>Only withdraw expenses

Tax should be quite low depending on your spending

[Anonymous No.28382565]

>>28382433
If australians make it then the government can't sell the country to china

[Anonymous No.28382650]

>>28382513
Crypto to crypto is CGT regardless. So cashing out to USDT instead of AUD does not save tax.

[Anonymous No.28382677]

>>28382513
Bro this country is fucked - close to 200 billion a year in welfare and it’s only get worse - people don’t want to work and it actually seems vastly smarter not to work anymore. The % of jobs paying over 6 figures after tax is neglible and starting you own buisness and everything is over regulated. I truly hate this place.

[Anonymous No.28382814]

>Wife owns all our crypto, $20k tax free cash out per year.
Hi glowies, all my taxes are up to date

[Anonymous No.28382848]

>>28378126
Nope, but the ird will try really fucking hard to pin you and say that your crypto was traded with the intention of making money - then it counts as income and gets taxed as income tax.
https://www.ird.govt.nz/cryptoassets
however its counted as property - so if you were "gifted" the crypto, or say bought it with no intention of selling (and can prove it) then like our fucked property market theres no tax when you sell.

Also im getting a crypto.com card and moving to thailand when I make it.

[Anonymous No.28382916]

>>28382814

>giving your wife the keys to the castle

How does that work though?

[Anonymous No.28382926]

>>28376069
>only get taxed on 50%
>only
>50%

[Anonymous No.28382964]

>>28382677
The earlier you leave this shithole the better. Next level of globalism is competition between governances. Low taxes and freedom will bring tons of successful people to first movers.

[Anonymous No.28383129]

Who does everyone go through to calculate their taxes? Are there any decent bankers out there or are we best off calculating ourselves?

[Anonymous No.28383172]

>>28376410
Based. Are you the aussie on /int/ who recently got with a Spaniard?

[Anonymous No.28383207]

>>28382964
Assuming you'll be able to get off this island penitentiary without getting injected with the mark of the cuck serum, what countries do you think will be these first movers?"

[Anonymous No.28383305]

>>28382369
>Just go get
>get up and get go getting
>just have a crack
>Scomo is fair to those that go and get

[Anonymous No.28383538]

>>28383305
Yeah he’s fair to welfare recipients- muh ladies and a few lucky guys do well. I have 0 intentions of getting a 30 year mortgage and neither should you. everyone else gets I wouldn’t mind but these shit stains literally create there own work stream. Come at me glowies if you’re lucky I’ll let you give me a blowie - cash so shhhhh to the tax fuck wits

[Anonymous No.28383745]

Fuck the tax man. Already pay 40% in my wage, pisses me off to no end that they just want their grubby hands in all my pockets.

[Anonymous No.28383766]

>>28383129
My intention is to talk to my good mate who is now a tax attorney. I would suggest you try to find a similarly qualified person you trust and offer them a percentage to incentivize him (or her) to make sure both of you get maximum gains.

[Anonymous No.28383855]

lmao this boy still eats this shit
so ridiculous to check this trashtalk about bots and algo’s that you made here
smart sharks wait for bot ocean pre-sale finish and trade with bots on dex and cex launch
>as u got I am smart and not a sucker like this niggers

[Anonymous No.28383984]

>>28383766
Paying someone to give you advice lol what a KEK.

[Anonymous No.28384182]

>>28379500
>>28379611
What's the endgame here with fucking over natives and importing scum?

[Anonymous No.28384316]

>>28383984
Look I get where you're coming from, but don't be an idiot about your free money

[Anonymous No.28384384]

>>28384182
Tradition

[Anonymous No.28384476]

>>28379130
congratulations, you figured out how to easily launder money. Ever wonder why casinos are always filled with chinks?

[Anonymous No.28384621]

>>28375919
Pay your taxes glowie, it's bad enough you got rich spying on us

[Anonymous No.28384743]

>>28384384
KEK

[Anonymous No.28384839]

If it is within the first year how big of a dip would it have to be to justify taking profits and doubling your tax as opposed to just holding through a bear market and hoping it doesn't fall too far?

[Anonymous No.28384862]

>>28375919
HOLY FUCK SO MANY RETARDS IN THIS THREAD

[Anonymous No.28385010]

>>28384182
Pump real estate which is what all the pollies keep their gains in.
Get chink bribes (plenty of pollies caught taking chink bribes of millions). Chink launder money into real estate.
Keep consoomer and tax cuck base up since they let feminists destroy the birth rate for decades. Problem is sudos, terrorists and poos take more resources than they give, so they only think propping up the entire economy is the mining sector.

[Anonymous No.28385047]

>>28378138
What the fuck.

[Anonymous No.28385073]

>>28379675
>Sounds unbelievable, but it's true!
Thank you Georg Chmiel. Very cool. I can see that Tel Aviv business school education is paying off.

[Anonymous No.28385094]

so cfds dont count as capital gains?

[Anonymous No.28385233]

Just found out apparently crypto to crypto is a capital gains event here?

FUCK THAT SHIT

BOOMERS GET TO WRITE THEIR RENTAL EXPENSES OFF AGAINST TAX AND YOU WANT TO TAX MY GAINS?

COME AND TAKE IT CUNTS

not like the poojeets at the ATO could figure out how to tax their way out of a paper bag anyway, let alone figure out crypto wallets lmao thanks diversity.

[Anonymous No.28385593]

>>28378347
>tfw 6 figure 37% bracket
just fuck my shit up, already getting jewed by the medicare levy into private health insurance. I hate this country. No good political parties, cant buy a house on a single income. Whats the point, I'm doing "well" by any metric but see no future here.

fuck indians, fuck chinks, fuck this debt up to your eyeballs society. I'm not participating.

[Anonymous No.28385874]

If youre going to pay $1.3 million for a standard house in the suburbs thats quickly turning into Mumbai, might as well just cut to the chase and buy one in Mumbai for 1/100th of the price

[Anonymous No.28385965]

>>28385874
If you're gonna go that far probably better to pick somewhere like the Philippines, Indonesia or Thailand. At least they are sort of mostly civilised.

[Anonymous No.28385977]

>>28375919
OP glows

[Anonymous No.28386231]

>>28375919
WELL THE LAST PLANE OUTTA SYDNEYS ALMOST GONE

[Anonymous No.28386318]

>>28385965
You can't buy anything but maybe an apartment in those countries because you're a foreigner and their governments are actually somewhat sane.

[Anonymous No.28386337]

>>28378138
applies to natives as well, fuck off doomers

[Anonymous No.28386422]

>>28386318
Fuck it then I'm just going to cash out into a catamaran.

[Anonymous No.28386680]

>>28376985
>only 30%
> only 50%
how much are they they taking? if 50% is a work around

[Anonymous No.28386705]

This bread is making me thirsty.

Just get a good accountant, look them dead in the eye and say, I want to minimise my tax as much as humanly possible.

The better your accountant, the more creative he will be. Pay at least 1k to do your taxes, it's tax deductible (fucking lol) and it could save you fucking bags.

[Anonymous No.28386779]

>>28386705
Also, ATO has the option of going on a repayment plan, at like 1 percent interest. So just set and forget 5 years of payments and leave the rest in crypto

[Anonymous No.28386898]

>Only capital gains you make from personal use assets acquired for less than $10,000 are disregarded for CGT purposes.
So have multiple cryptos where you spend 9999 to acquire each and you dont need to pay cgt on it?

[Anonymous No.28387007]

>>28376410
>Portugal
>spanish gf
Why are anglos so utterly retarded? Is it genetic?

[Anonymous No.28387022]

Can I just calculate it as fiat in fiat out and tax that figure or will the ATO fuck me in the ass over that?

[Anonymous No.28387037]

>>28375919
Move to NZ dumbfuck.
Absolute retard.

[Anonymous No.28387062]

>>28386898
Yep, and then you can sell those assets for cash.
Beware though, the ATO knows this, and will get pretty fucking irate if you go too far.

[Anonymous No.28387132]

>>28376354
You didn’t Reply to my proton mail

[Anonymous No.28387414]

>>28387062
How about if you sold off crypto worth more than $10000 in increments smaller than $10000? Each sale should count as a separate CGT event correct?

[Anonymous No.28387637]

>>28386337
read it again faggot
>>28387414
This is how you go to jail retard!!!!
>>28387132
i got chu boo
>>28387007
We said fuck off were full. that didn't work.. were not going to fight you can have our hot baron land. Clearly dont understand how europe works. Why dont gooks travel ??

[Anonymous No.28387693]

>>28387414
If they are sales into AUD then yes, each transaction is taxed from your cost basis.

If direct purchase using crypto and under 10k then they are not taxed

[Anonymous No.28387707]

>>28382926
nah it's 50% off the 30% you get taxed but still gay though

[Anonymous No.28388093]

>>28386705
This won't work.
So $1000 is chump change for accountants.
Source - I am an accountant

[Anonymous No.28388111]

>>28386779
how do you get on a payment plan? What are the terms? Do you need to have 0 bank balance for something like this? I can't find any info on the ATO website?

[Anonymous No.28388234]

>>28388111
Nah just google ato payment plan.

It's all automatic once you have an ATO debt, you can just set it up in mygov. I don't think you have to prove you can't pay, you just type in what your min payment will be per month and pay that.
I did this a while back because I fucked up on a medicare surcharge once.

Talk to an accountant about this one man, I'm just some random faggot on a sri lankan pottery forum

[Anonymous No.28388333]

>>28388234
thanks mate

[Anonymous No.28388334]

>>28388111
>please i need a payment plan to pay my taxes
HAHAHA....

[Anonymous No.28388386]

>>28377878
I'm doing the majority of my trading with metamask, they'd need to employ a fuck load of people to track trades through that.

[Anonymous No.28388440]

>>28388334
You know that you can earn money on your capital while you wait to pay it back right anon?

You know this is how banks make their money right? Generating revenue on money that belongs to someone else?

Fuck me you are simply not going to make it with that smooth brain of yours.

[Anonymous No.28388633]

>>28388234
You can do it online or over the phone with a robo service for under 100k. They will usually give 2 years no questions unless you have a bad history. Interest will be steep though.

[Anonymous No.28388768]

>>28388440
no but the gooks that i sell my overpriced house too will have your back.
Stop justifying your debt loser.

[Anonymous No.28388770]

>>28388633
10 percent? pfft, I make that on iota in like a day. Just roll it forward

[Anonymous No.28388810]

>>28388768
I bet you own avax don't you anon

[Anonymous No.28388848]

I will go to assraping prison before i willingly get taxed for crypto

[Anonymous No.28388906]

>>28377253
Lmao what even is the point in trading.

[Anonymous No.28388945]

>>28388093
Would accountants consider it a crime if you went in and asked how to pay as little in tax as possible? or is exploiting loopholes something that is generally very expensive and more reserved to the world of lawyers?

[Anonymous No.28388995]

would withdrawing small amounts like 10k every month work?

[Anonymous No.28389007]

>>28388945
>Would accountants consider it a crime if you went in and asked how to pay as little in tax as possible?

nah

[Anonymous No.28389047]

I fucking hate this country and hope every single normie inside it suffers the most extreme consequences that their ignorance, laziness and complacency could possibly afford.

[Anonymous No.28389049]

>>28388945
That's their job

[Anonymous No.28389086]

>>28376729
Haha. Yes it is champ.

[Anonymous No.28389109]

>>28388810
no og boomer coin but nice try
>>28388995
if you want to go to jail.. are you 16?

[Anonymous No.28389121]

>>28388945
If its unethical and will probably harm their practice then they will probably refuse you. Bending the rules to pay less tax is literally what accountants do a lot of the time

[Anonymous No.28389309]

Fucking hell, someone open a DNM for crypto trading

[Anonymous No.28389334]

>Get taxed on crypto earned through staking
>Get taxed when you try to sell that crypto
Fuck this gay country. The goverment makes a big deal about Anzac's and how they gave their lives for this country, but I wonder if they knew how it would turn out would they still have gone?

[Anonymous No.28389346]

I left cuckstralia a few years ago and now live in cozy eastern europe with %20 capital gains tax, can buy a house for 100k, and no "diversity" bullshit. feels good.

[Anonymous No.28389369]

Aussie here. Have never paid crypto tax nor declared it.

[Anonymous No.28389436]

Ok there is some top tier retards on this thread so i am going to write up a proper response.

You can't 'register an ABN' and claim to be a mining business to limit your tax to 30%. Yes you could register a company and hold your crypto in the company, but then guess what, how do you get the money out, you have to pay dividends and you are back to square one. Granted you could defer over a few years or perpetually keep investing within the company.

Don't think you can pressure your accountant to being 'creative'. They will just tell you to fuck off. They aren't going to risk losing their tax agent registration just so you can save a few bucks.

If you have a wife and kids then you can ask your accountant about setting up a family trust which will help spread the income between you and make sure everyone's marginal rates are used.

If you are on less then say the $120k bracket then just stop being a faggot and pay the tax.

You will get a 50% deduction for capital gains if you've held the asset for > 1 year. If you have losses you can offset them against the <1 year gains first.

YOu can consider making a super contribution which will be a straight deduction. Up to $25k / year before-tax, plus you can use the previous 2 years.

Will the ATO be able to track trades? Nobody really knows. Anecdoteally I have not seen much action here, but most clients will be boomers. If I had to guess i think the ATO are probably alot better then they used to be but probably still not that good. It's not clear what kind of reporting they get from exchanges. Obviously after bull runs they will be looking to use more resources then otherwise.

Any kind of 'staking' or other activity which makes a return will be analogeous to interest and assessable.

[Anonymous No.28389444]

What non-shithole country can you even move to that won't have the same fucking conditions? Europeans pay a fucking kidney worth of tax from and I'm not sure Canada is much different to Aus...
The US is out of the question for obvious reasons.

[Anonymous No.28389482]

>>28389346
What do you work as?

[Anonymous No.28389534]

>>28389346
Fuck, I'll never get out and get an EEqt due to this chinkflu.
Where's the best place to move to in Prison Island with my gains? Sydney's fucked, Melbourne's fucked even more and with sudos. Queensland?

[Anonymous No.28389592]

>>28378814
Why civic nationalist? How about just nationalist? Either go back or be prepared to clobber gooks. No middle road.

[Anonymous No.28389594]

>>28389369
Your English is good for a Chinese.

[Anonymous No.28389639]

>>28389436
Do you know if the action of sending your coins to a wallet for staking purposes is considered a capital gain event? It didn't seem very clear on the ATO's site.
You still own the coins but technically they have left your wallet.

[Anonymous No.28389653]

>>28389436
>JUST PAY YOUR TAXES!!!!
How much onions did you leak onto your keyboard through your fingertips typing this ?

[Anonymous No.28389672]

>>28385233
That is because they are losing money on the property you retard

[Anonymous No.28389682]

>>28375919
trading crypto to crypto is a taxable event, they have very detailed rules on ATO website.

[Anonymous No.28389695]

>>28389346
if you hold for 12 months, CGT (50%), is reduced by 50%, making it 25% depending on salary
you moved to a slum country for 5%

[Anonymous No.28389722]

>>28389639
No, there is no change in beneficial ownership, so not a CGT event

[Anonymous No.28389782]

>>28389482

"devops engineer", but I have citizenship through descent, so my residency is not tied to a job.

[Anonymous No.28389811]

>>28379880
my party i was gonna make

[Anonymous No.28389826]

>>28389653
I gave various actual suggestions on how to reduce taxes which will actually work and be legal

[Anonymous No.28389851]

>>28375919
You should be laying plans to move it offshore. If one of my family members is still in Dubai by then, I will get them to cash some out and give me access to the relevant bank account (0 tax in Dubai). Alternatively I will cash it to a bank account in SE Asia and remain there for 3 years at which point you are exempt from Aussie taxes. If you come back earlier you have to pay accrued equivalent tax over the duration of your stay. It's quite fucked.

It's all especially fucked given these fucking cunts just print money. Tax is quite literally a psychological operation to cover for the Big Crime. Can you imagine if normies actually knew about money printing and put two and two together? Fucking French Revolution 2.0

[Anonymous No.28389854]

>>28389722
Thanks, that is how I've been recording it koinly. I add a new wallet for staking purposes and just treat it as a transfer so no CGT on that.
I mark the rewards as income into that wallet.

[Anonymous No.28389908]

>>28377703
no you fucking idiot its a 30% CGT and if you hold the asset for 12 months that 30% gets halved so 15% tax. Holy fukc there is literally an ATO Crypto tax page

[Anonymous No.28389924]

>>28377703
Lol that's not how it works, after a year its still a tax on ALL your profits but you get a 50% discount... so if you're holding for longer than a year you'll always be better off even at highest tax bracket

[Anonymous No.28389934]

>>28389534

Dunno, I'm a QLDer myself. maybe north queensland or maybe tasmania.

[Anonymous No.28389942]

>>28389782
I wish I studied that. Enjoy your low cost of living bro :')

[Anonymous No.28390007]

>>28389851
Both good ideas although technically becoming a non-resident would itself be a capital gains event and deemed to dispose at that date. Of course I doubt the ATO would catch on to this but it's possible.

[Anonymous No.28390033]

>>28375919
Open an account with Deutsche Bank.

[Anonymous No.28390059]

>>28389908
You spazz. It is added as income to your tax bracket. So it's irrelevant what the 'tax' is, because it depends on your fucking job. It's just how much of a discount you get off the actual net profit being taxable

[Anonymous No.28390143]

Jesus, some of you guys are bloody clueless on tax. The ATO literally lays it out here - https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-currencies-in-australia---specifically-bitcoin/

[Anonymous No.28390169]

>>28385874
You'd get maybe a 500sq ft shoebox in mumbai for 1 mil.

[Anonymous No.28390335]

>>28376524
This is true

Know a guy with around $1m cash made in Monaco over the course of 10 years residing there where there is no tax

Wants to bring it home to Australia when he moved back but he will have to pay tax on that money

Has spent a year with an accountant trying to figure out how to avoid paying the tax on it, short answer is that there is no way

What a fucked situation for him

[Anonymous No.28390469]

>>28378989
I feel your pain

Mine is worse that not only do I have the pleasure of paying top rate too, my child support also increases

There is no ceiling on child support so it increases exponentially the more you earn

You could make $5m in a year and the kids mum would get enough child support to put the kid through private school and fully fund a mortgage

[Anonymous No.28390663]

>>28390469
Holy fuck that sucks.
I guess I need to never divorce my wife then

[Anonymous No.28390671]

>>28390469
>There is no ceiling on child support so it increases exponentially the more you earn
Then they scratch their heads and wonder why the birth rate is below replacement and instead import shitskins

[Anonymous No.28390725]

>>28390469
>There is no ceiling on child support so it increases exponentially the more you earn

Really? a mate once told me it caps out at a certain point

[Anonymous No.28390921]

On holding assets for a year, say I buy some bitcoin in Jan, and then in september. Bitcoin moons february next year and I withdraw that month. Is only part of the bitcoin holdings assessed at 50% or is all of it?
-literal tax retard

[Anonymous No.28390977]

>>28378138
I feel sick bros. Why is the average Australian now such a complacent cocksucker.

[Anonymous No.28390994]

>>28378138
Fuck it, might find some foreigner or six who wants to flip houses for a split 50k profit each time.

[Anonymous No.28391037]

The average income of people in this thread, even including their $500 profit they made on their shticoins, is probably like $35,000 or less where you're paying less than 10% in tax.

[Anonymous No.28391040]

Probably a dumb question. If I don't pay my taxes will ATO contact me and tell me to pay it, or do they contact me and I'm in trouble

[Anonymous No.28391047]

>>28390977
Our kiked universities bro

[Anonymous No.28391073]

>>28375919
if you talk to a tax attorney they'll tell you how to properly structure your assets to pay as little tax as possible, family trusts etc.
might need to trigger capital gains to do that though.
Generally worth it if youre in the highest tax bracket

[Anonymous No.28391141]

>>28390921
If you withdrew all of it. the btc you bought in jan would get the cgt discount, the btc you bough in september would not

[Anonymous No.28391167]

>>28391040
As in you have lodged your tax return, and you had a payable bill and you haven't paid it? Or you haven't done your tax returns? If It's the former they will eventually get a debt collector to hound you and start threatening interest and penalty fees. If it's the latter they will will eventually reach you to you and ask you to do your overdue returns.

[Anonymous No.28391350]

>>28391167
Yea as in when I lodged my tax returns back in 2017/2018 and didnt declare anything

[Anonymous No.28391410]

>>28390725
Mate, it caps out at a % rate, not a $ rate

So if your income goes to $5m a year, the % rate applies.

I can promise you there is no $ limit to child support

It is the most fucked system

[Anonymous No.28391434]

Initial input (capital) is not taxed when withdrawn
All losses are tax deductable
gas fees tax deductable
internet bill tax deductable
phone bill tax deductable
New laptop tax deductable
Ledger wallet tax deductable

If you're NEET and have no income you're not taxed on your first 30k at all, it incriments up from there in tax brackets

but fuck that, i'm moving to Germany with my deutsch GF - bitcoin withdrawals tax free.

[Anonymous No.28391481]

>>28390663
I hope you didn’t tell her about your crypto

I also hope you put it in OTC so it can’t be traced back to you

You did do that right? Right?????

;)

[Anonymous No.28391521]

>>28390921
CGT applies on a 'per parcel' basis, so It'd only be the January purchase that gets the discount. Also If you make a loss on a certain parcel the loss is deductible from gains BEFORE the discount ie; you make $1000 profit on one purchase but -$500 loss on another and you've held for 12 months. You would have a $250 taxable gain from that sale, not $0 ((1000-500)/2) not 1000/2-500. It's important you keep a good track of your transactions if you're doing lots, because when it comes to work out your CGT If you don't know and do it wrong, and the ATO decides to audit you they will absolutely ask you to show them how you worked out the CGT.

[Anonymous No.28391531]

>>28375919
Crypto.com card, convert to Singapore dollars and spend normally, never convert crypto to aud, don't tell them shit.

[Anonymous No.28391581]

>>28376524
Just tell them to fuck off. Obviously they can freeze any Australian assets/accounts.

[Anonymous No.28391645]

>>28376266
Dude, Fiji or new Caledonia, dollar goes a realllyyy long way and theyre easy on the eyes (land and ladies)

[Anonymous No.28391671]

>>28391481
No and no.

I told her we have some great gains, but told her a number about a third of what it actually is (150k instead of 500k). She wants us to buy a house together, which I want to do, but I need to think about how best to protect my wealth whatever happens.

[Anonymous No.28391674]

>>28378138
Aussie racewar when? What would someone have to do to rile up the normies to start forcing shit to get fixed?

[Anonymous No.28391723]

>>28391350
What was the payable/refundable bill after you lodged it? Almost everyone gets a refund when they lodge their tax return because employers withhold tax assuming you have $0 in deductions. If you did your return back in 2018 and didn't declare anything they didn't know you made any money and they won't come asking for any tax (you committed tax fraud). You can go back into mygov and amend past years pretty easily to relodge them if you made a mistake.

[Anonymous No.28391744]

>>28391674
As long as boomers selll our land to chinks and pajeets, this is what will happen.

Scumo will sell this nation out from under us like the cunt he is.

[Anonymous No.28391778]

>>28390994
Turns out it's a stamp duty rebate, so no dice on this plan.

[Anonymous No.28391853]

>>28389672

GOOD
FUCKING SELL IT BACK INTO THE MARKET AT A REASONABLE PRICE THEN

[Anonymous No.28392062]

>>28391531
How do you get this card?

[Anonymous No.28392124]

>>28389672
They are intentionally losing money because they are speculating on growth, and plan to sell the property once its price has increased greatly and pay fuck all tax because 50% discount on a massive sale is very generous to growth assets. Almost no one in Australia buys property because they want to own real estate and receive an income yield. Personally I think rental losses should only be quarantined to offset rental gains (with carry forward obviously). That would completely and entirely kill the loss-running capital growth speculative real estate investing bubble this dumb countries been in for over a decade.

[Anonymous No.28392173]

>>28391744
Sadly feels that way, but what do you think could be a rallying cry to aussies who want to see the degregation stop? My greatest fear is us becoming america or china 2.0, basically subversion or racial/cultural displacement. Anyone here in the defence force? If so what's the general sentiment of the way aus is headed?

[Anonymous No.28392390]

>>28380360

As a gellow commonwealth asswipe from Canada, my bet is on 91.6% veing bought by a chinaman

[Anonymous No.28392403]

>>28392173
If it's like anything here in europe the rank and file have been purge of all intellectuals.

[Anonymous No.28392410]

>>28392173
We're a nation of passive investment pussies who hide away in our million dollar homes hoping some poor person will rent their third investment property. We produce nothing, we have no innovation, we don't even fucking incentivise electric cars. We dig fucking rocks out of the ground and send the profits overseas. We are nothing, and we will remain nothing.
The australia you remember watchin in The Castle is gone mate, it's never coming back.

[Anonymous No.28392561]

>>28379880
Labor, although begrudgingly. Liberals are statistically fucking terrible economic managers, my autistic nephew could do a better job than them

[Anonymous No.28392611]

>>28392410
Agreed. The phrase 'the lucky country' was intended to mean we're a country of a lazy, stupid, unmotivated people who have had it way easier than the rest of the world for hundreds of years because we're a large Island with almost unlimited natural resources out of the way of most geopolitical risks.

[Anonymous No.28392781]

>>28392561
Boomers love them. Your boomer aunt with a nice big house and a fuck load of super votes for greg cunt or that bald headed fuck dutton because they give boomers and rich cunts kick backs.
Labor is fucking retarded and partisan, but at least their policies go toward tightening that shit, at least they did in the past. Albo may just backflip on all core promises just to get elected this year.

[Anonymous No.28392906]

>>28392403
I'm wondering what a paramilitary would look like of ex defence force officers/soldiers, if the sentiment for change was there at least in the ex servicemen I wonder what could be achieved, Bronze Age Mindset has me fantasizing about hostile internal takeover
>>28392410
Maybe I'm lucky in that regard, I'm a 2001 kid, born right into the post 9/11 hellscape we're all currently experiencing, I don't have much too remember about australias greatness

[Anonymous No.28392990]

>>28391674
We don't do that till the crown asks nicely, then we do real fucking damage.

[Anonymous No.28393012]

>>28392906
>Bronze Age Mindset has me fantasizing about hostile internal takeover
Probably not a wise idea saying that on a honeypot.

[Anonymous No.28393092]

>>28392906
You're lucky because you didn't see the decline. I was born 10 years before you, so I saw the last good bits of australia. Good jobs, nice laid back lifestyle, and then the unis started importing asians for billions in revenue, they scrapped incentives for any kind of manufacturing, everyone got priced out of everything, just so our '30 years no recession meme' could continue. No recession for the elite, but not for the working bloke.

Anon, you are a youngfag. Take an oldfag's advice and stack crypto and assets as much as possible. There will come a day when you can't get hired even with a degree, because chang took your spot. You will need a multigenerational mortgage to afford a home, and bushfires sweep through our cities every single year.

You can make it, but do not piss your 20s away chasing skanks and sinking piss. Acquire hard wealth and live indpendently.

[Anonymous No.28393225]

>>28391674
i dont know anon i gave up. Do what others here are doing and just leave... Im sorry i dont have an answer i wish i did

[Anonymous No.28393267]

>>28389436
>just so you can save a few bucks
fuck you faggot i’m never paying shit and fuck the ATO you’re a bunch of dead set dumb cunts

[Anonymous No.28393268]

transfer to Monero > tell the ATO you lost it > drugs paid for forever

[Anonymous No.28393341]

>>28376266
I wanna move to a different country desu

Liberals are disgustingly corrupt, Labor have absolutely no backbone or identity beyond "H-hey Liberals stop pork barrelling billions of dollars into your own electorates, that's illegal... cmon man". Old conservative faggots rule every fibre of this nation and the so called socialists who might just have the balls to take down the necessary establishments are too busy bitching about Sia cos of her protege pretending to be retarded.

Where should I move to? Croatia? Norway? Iceland?

[Anonymous No.28393721]

>>28393341
I was going to travel around for a bit to work that all out. Not possible now due to chink flu.

[Anonymous No.28394127]

>>28392990
Kek
>>28393012
Of course this is all in minecraft, private server, and is in no way financial advice, anything I do or say whether it be online or in reality is for entertainment purposes only
>>28393225
Nah man that's lameo, besides, where else is there to go? Before this year I really wanted to get into america and experience the speed of a dominant country but covid took the wind outta my sails
>>28393092
>Anon, you are a youngfag. Take an oldfag's advice and stack crypto and assets as much as possible. There will come a day when you can't get hired even with a degree, because chang took your spot. You will need a multigenerational mortgage to afford a home, and bushfires sweep through our cities every single year.
>You can make it, but do not piss your 20s away chasing skanks and sinking piss. Acquire hard wealth and live indpendently.
Already on it, any money I get has been going straight into crypto and a handful of stock picks. I was lucky to have a teacher who hammered into my head the importance of investing and not going to uni unless absolutely essential. finished a cheap tafe course and looking at becoming self employed

[Anonymous No.28394392]

>>28376514
So can i claim all my buy high sell low on my return?

[Anonymous No.28394564]

>>28394127
Incredibly based anon. You're doing better than 99 percent of your age,.

You are gmi

[Anonymous No.28395075]

>If you make a capital gain on the disposal of cryptocurrency, some or all of the gain may be taxed
ALL of the gain?? $100? If I buy 600 in shitcoins, sell for $1200, they take $600 and I should say thank you for giving me my principle back? Or does this just mean all of that $600 can be taxed at 30%?

[Anonymous No.28395482]

>>28394564
Thankyou anon, here's to both us making it

[Anonymous No.28395783]

Ok so crypto is taxed at 15/30% cgt or put on my income tax or both? How do we get crypto trading to be considered gambling?

[Anonymous No.28396385]

>>28389534
Tasmania or NZ. 33% maximum tax

[Anonymous No.28396401]

>>28393721
Rip

Once rona ends I wanna travel around central Europe and find a place where I'm least likely to get mugged by gypsies

[Anonymous No.28396574]

>>28377821
Lol stay mad tax cuck, enjoy paying 50%

[Anonymous No.28396650]

>>28389444
NZ

[Anonymous No.28397335]

>>28389695
And a year of his life, which is INFINITELY valuable. But hey, just cuck yourself out of that year.

[Anonymous No.28397577]

>>28391723
Fuck off kike

[Anonymous No.28397746]

>>28393092
>You can make it, but do not piss your 20s away chasing skanks and sinking piss. Acquire hard wealth and live indpendently
Yeah great idea, and by the time you've made it at age 40 you can finally start living life. Genius.

[Anonymous No.28398157]

>>28377253
Ato ain't gonna even know unless aud hits your bank anyway. If you are trading with an exchange they might report to the ato but chances are they don't. I just don't tell them shit and if they find out they usuay just tell you that you owe them something and you pay it then. It isn't worth their time trying to take everyone to court over forgotten declarations unless you are talking real big bucks. If they say shit just apologise and spin some sob story about how busy you are cause your God father died and pay them what they ask. Usually ends here.

More often that not they don't even know what tf you are doing with crypto though.

[Anonymous No.28398390]

>>28397746
I didn't say you can't have fun, just don't do what the other fucking clowns do which is buy cars on credit, get girlfriends that they blow cash on, and generally be fucking reckless because they're young and dgaf.

[Anonymous No.28398512]

>>28398157
I have it on very good authority that australian crypto exchanges have mandatory reporting for all customers every year. They know exactly how much went in and was traded. Sure, you can cash out by buy assets on a crypto.com card, but you can't pull out 100k without them noticng you only put 10k in

[Anonymous No.28398759]

>>28398512
Don't use an Australian crypto exchange...

[Anonymous No.28399634]

>>28395783
As gay as it sounds type up a letter to your federal mp, print it and physically mail it to their office (seems to get a better rate of response in my experience). If you can explain why it shouldn't be a CGT asset and ideally point to how another 1st world country has done it differently you'll have better odds of them taking note. Use words and phrases they love to throw around. Fair go, young Australians, future, etc.

[Anonymous No.28400950]

>>28376524
>>28390335
This is bullshit.

As an australian tax resident, you are obligated to pay tax on any income earned in or OUT of australia.

If you are an australian citizen, but NOT a resident for tax purposes(ie you live in another country), you are under no obligation to pay any tax on any foriegn income to australia(however, you will still have to pay tax to australia on any income earned in australia)

So if you bought crypto here in australia, anytime and anywhere in the world you sell it, you will be obligated to pay tax to australia.

HOWEVER, how the FUCK are they gonna know what your doing with your crypto?

You can simply take a flight to panama(well, not so simply nowadays) and cash out there. and the ATO will be none the wiser. better yet, panama has no tax treaty with australia. Neither does portugal, another based tax jurisdiction(and a magnificent country, but i dont know how easy it is for australians to get visas there)