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50417835 No.50417835 [Reply] [Original]

Question for ausfags: Do you have to report all the crypto you hold to the ATO? Even if you didnt sell them?

>> No.50417846

>>50417835
No

>> No.50417858

>>50417835
i dont think so, unless you've sold something in the last FY

>> No.50417861

>>50417835
>reporting to the ATO at all
how retarded are you? You really want to pay taxes in this shithole? To fund what, welfare for ahmed and his 7 children?

>> No.50417870

How do you report crypto you sold that you held for over a year?

>> No.50417872

Its pretty much treated like stock trading. You only need to report a capital gain event and can rollover capital losses to offset future gains.
Now, if you day-trade on an exchange, I don't know how you would declare that.

>> No.50417928

>>50417861
/thread

>> No.50418056

>>50417835
If you haven't sold anything, no. Hot tip I've heard from someone who works there that there are literally 2 (two) staff in the entire ATO doing CGT reviews for crypto.

>> No.50418080

in an unrelated note,

you cunts realise this year they didn't send out the letter saying they know you have crypto and you will be in big poo poo if you don't declare profits.

absolute shit cunts, out of spit im gonna be claiming so huge amounts of Capital losses and offsets

>> No.50418088

>>50417835
>Question for ausfags
Not a poofta but please, continue.
>Do you have to
I don't "have to" do jack shit you fucking bogan cunt I'll shank ya

>> No.50418116

>>50418080
Since moving crypto by their definition is a taxable event, can I move my bags that are under water to another wallet and claim the losses on it?

>> No.50418159
File: 45 KB, 589x655, taxess.png [View same] [iqdb] [saucenao] [google]
50418159

>>50417861
This is where it goes

>> No.50418211

>>50418080

When you go to do your return it says they know you have crypto and to declare any gains/losses

fucking retard

>> No.50418364

>>50418116

Yes you can.

But just so you know you aren't outsmarting them, because AUD can only be obtained through Australian fiat offramps which are monitored. so when/ if you do convert that shit back you'll be paying the same tax on it. So you'll only be delaying your tax obligations.

>> No.50418382

>>50418211

shut up idiot and read what i said again lol.

People literally received emails last year about crypto obligations during the biggest bull run in history.
but in the bear market they don't advertise shit.

>> No.50418413

Question, does binance aware ato on your USDT or BUSD trades? Or only if you sell in AUD and withdraw to bank?

If so I would owe countless millions in scalping and swing trading but I own nothing in real life

>> No.50418483

>>50418413
Binance doesn't report shit to them unless they ask specifically and they will be happy to give it all up. But if you are scalping u are being taxed more as an income than capital gains as you are more of a trader instead of an investor.

>> No.50418518

>>50418483
I was scalping and swing trading on a portfolio that is 1-2X bigger than my currently portfolio is, so I would owe way more in taxes than I have. So basically dead, but I own nothing in real life

>> No.50418533

>>50418116
moving crypto isn't disposal.

>> No.50418673

>>50418159
Get rid of the elderly and the disabled, problem solved!

>> No.50418708

>>50418056
i get so many mixed responses in regards to how the ATO are attempting to "crack down" on crypto traders. its either that they dont really know what they are doing and have fuck all resources to track peoples trades, or they have invested billions of dollars into a department thats dedicated to tracking crypto. nothing in between

>> No.50418716

>>50418413
i believe theres now a binance australia pty ltd that is supposed to be compliant with the ATO

>> No.50418897

>>50417835
Nope if you sell or trade it or gain interest you have to tell them about the it. Any losses though can be used to offset any capital gain. The ATO takes you gains but carries no fucking risk. At least let people offset their fuck income tax to a poiny with losses ffs.

>> No.50418932

>put your money at risk
>make money
>somehow the gubmint thinks they deserve a cut of YOUR pie
>they can eternally print as much as they want anyway without repercussion
Fucking sick of it bros

>> No.50418969

>>50418932
it was fucking frustrating when the regulators came out and said that "we are on our own" if something goes wrong in crypto and told everyone to stay away from it. the second we make a profit they demand some of it, cant have it both ways ya dawgs

>> No.50418971

Literally all you have to do is add your wallets to koinly and it will sort all the transactions and give you a report with your capital gains, then you just type that number to on your ATO lodgement.

>> No.50418981

>>50417835
no, i told my accountant i held but didn't sell in FY21 and that was the end of it, didn't have to report anything on my tax return.
i sold in September 2021 though so next year will be a headache.

>> No.50419320

I have 1000+ transactions, probably 30+ NFT sales, withdrew $80,000 and I want to blow my brains out using these tax programs trying to get a report to give to my tax advisor

>> No.50419398
File: 7 KB, 661x37, unknown-1.png [View same] [iqdb] [saucenao] [google]
50419398

>>50417835
Why do I live in this shithole

>> No.50419481

>>50419398
wew lad, was this all from selling crypto?

>> No.50419490

>>50417861
Kek based

>> No.50419500

>>50417872
I used cryptotaxcalculator.io, it was pretty pricey but actually kind of pain free reconciling a few hundred transactions over multiple wallets
>>50418708
There's been an anon apparently posting from ATO in the past who said they don't have the capability to track anything that's gone off the exchange, but if you cash out into AUD you're fucked anyway

>> No.50419508

>>50419481

probs sold a house

>> No.50419838
File: 37 KB, 593x656, 1655184497479.jpg [View same] [iqdb] [saucenao] [google]
50419838

>>50419481
Yep almost all of it

>> No.50419919

>>50417835
No you're just supposed to calculate how much you owe in cgt. They already know what you're holding so you don't need to submit that

>> No.50419923

If we go into another bull run how the fuck can we hide from the tax man? Do I just get residence in a country with no or minimal capital gains tax?

>> No.50420317

>>50418159
kill boomers

>> No.50420732

>>50419923
Best option is residing in Dubai, Singapore. If you live in Australia hiding assets is not worth it imo, just wash trade or try and engineer a capital loss so net capital gains is zero

>> No.50420816

>>50418159
Bit of insider info here

The (((health))) is like 90% mental health services paid by the government. It's psyche assessments for schools and immigrants (illegal and legal). It's an absolute fucking disgusting rort. Fuck I hate women

>> No.50421744

>>50420816
Mental health is by far the biggest issue humanity faces.