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/biz/ - Business & Finance

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6192159 No.6192159 [Reply] [Original]

Its over - time to pay that 40% tax, someones gotta cough up the centrelink money for osama the iraqi and abdi the somali living in broadmeadows...


http://www.afr.com/news/policy/tax/ato-creates-specialist-task-force-to-tackle-cryptocurrency-tax-evasion-20180109-h0fyaz

>> No.6192364

>>6192159

Why the fuck wouldn't they release a reasonable understandable fucking tax code for crypto first before going after tax evasion.

What the actual fuck is wrong with this country.

>> No.6192435

>>6192364
they too busy preparing the next postal vote

>> No.6192489

>>6192364
>What the actual fuck is wrong with this country.

So, so many things. We're basically a mini America.

Crypto will save me. Buying large acerage in Tasmania at the end of the year. I will buy it outright, start gardens and live as off-grid as possible.
Meanwhile, join a political party and start making moves to fuck every single boomer cunt in parliment over as hard as possible. Starting with that cunt who ruined our NBN.

>> No.6192714

Why can't they just simply make you pay tax on whatever you profit on your initial investment?

>> No.6192845
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6192845

>>6192159

>> No.6192972

>Invest in bitcoin
>Trade that bitcoin for an altcoin
>That altcoin goes up
>Now you pay tax on how much it goes up

With what exactly? Do you want me to pay the tax back in the altcoin? Or am I to just pull more money out of my bank to give back to the govt? Or do I have to sell that altcoin to fiat just to pay back the tax on it, ruining my potential investment?

Fuck this country. Fuck these old ass politicians. We need a new government.

>> No.6192996

>>6192159

paywall. Seriously 40%??? nah senpai we're gonna get lucrative

>> No.6193040

whats stopping me from becoming Iraqi citizen
leave australia
come back to australia seeking asylum
get free house with all the Somalians and negro's in dandenong
get free wage
??????
profit

>> No.6193144

>>6193040
this is more complicated than going from east germany to west germany

consider that when you make crackpot ideas up mate

>> No.6193234
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6193234

They think we're going to pay tax, hahahahaha.

Someone's gotta pay for the Somali/Sudanese scum in Melbourne but it ain't going to be me, I'd rather not cash out if I'm losing 40%, just travel to crypto friendly countries and have dope holidays.

>> No.6193338

if someone hypothetically:
>no job and on centerlink
>put all her centerlink in crypto
>now has $60k worth in crypto
>report no income to centerlink

is she committing fraud?

>> No.6193373

>>6192159
I waited 5 years to be put on the waiting list for a doctors visit. I'm sure the australian government is completely capable of doing this at a reasonable price and this won't be a gigantic fucking waste of time and money with 0 outcomes.

>> No.6193460

So have they changed any of the laws or just looking at ways to prevent people from selling 9k worth of btc on localbtc every month?

>> No.6193648
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6193648

>no crypto tax in singapore

anyone wanna go?

>> No.6193691

>>6193338
yas

>> No.6193694

>tfw comfy long holds like ICX and link I'll have longer than a year qualify for 50% tax discount

Still sucks coughing up 22% or whatever, could be worse though

>> No.6193821

40%?

If anything they're helping cryptos cause because that's ridiculous.

>> No.6193854

>>6193338

hypothetically, it wouldn't be an income until you cash out would it?

>> No.6193905

>>6193854

but you're still receiving assistance payments when you don't actually need them

>> No.6194002

>>6193905

yeah i guess. its just poorly regulated ATM, hard to know what will happen desu

>> No.6194131

>>6193821
its actually 40

I personally do not give a fuck.

If you make over $180,000 from crypto and cash out:
>Lump sump tax of $54,232
>45c to the dollar tax for every $1 over $180,000

Example:

>Make 2m in crypto
>Cash out
>2m - 54,232 = 1,945,768
>1,945,768 - 180,000 = 1,765,768
>1,765,768 x 0.45 = 794,595
>1,765,768 + 180,000 = 1,945,768
>1,945,768 - 794,595 = 1,151,173

Declaring 2m profit from crypto as income tax will see that 2m turned into 1.1m after tax.

>> No.6194136

>>6192489
I live in tas and this too is my plan.

>> No.6194214

>>6193854
Technically they claim when you sell one coin it's a recognised gain declarable.

>> No.6194237

>>6192159
>being this deluded
australia has a burden of poor whites, with a massive gap and then a small minority of non-australians or aboriginal welfare burden. the biggest burden by far is capitlist cronies, eg. NBN, and boomers

>> No.6194261

>>6194131

So just cash out slowly over a few years or use crypto to buy stuff.

For example, if I want to buy a new $50k car, instead of cashing out $50k just buy the car with your crypto assets.

You can pay bills with LivingRoomOfSatoshi, don't see why you couldn't talk to the car dealership and work out an arrangement to BPay them the money through Crypto.

>> No.6194280

>>6194131
Not cash out. Sell your alt coins and you owe tax even though you have no fiat.

>> No.6194287

>>6192489
>>6194136
Tas bros!! You think the government will go full Leviathan, I think they are incompetent when it comes to anything involving net gen tech. I'm thinking we should not be worried. Also jokes on you government can't pay my taxes in bitcoin

>> No.6194289

>>6194131
>Declaring 2m profit from crypto as income tax will see that 2m turned into 1.1m after tax.

That makes no sense

>> No.6194298

>>6192489

>better NBN?
you have my support

>> No.6194331
File: 466 KB, 610x936, 1515266979077.png [View same] [iqdb] [saucenao] [google]
6194331

Get a fucking job you hopeless dole bludgers

>> No.6194353

So is there a legitimate way around paying a stupid amount of tax?

Should I be converting my entire portfolio into a mix of BTC/ETH/LTC and hold onto those for 12 months then cash out on btcmarkets?

>> No.6194386

https://www.businessinsider.com.au/bitcoin-australia-tax-office-investigation2018-1-2018-1

At least if when they look at it it's when you cash out and not every fucking transaction

>> No.6194397

>>6194289
I literally explained it in my post you mouth breather.

Declaring 2m from crypto as income will see it taxed down to 1.1m

>> No.6194437

how can it possibly be 40% tax what kind of tax is 40%?? the fuk

>> No.6194478

>>6192972
>Do you want me to pay the tax back in the altcoin
This, the entire market is all based on bitcoin, yet they want to be paid in fiat which makes no sense because bitcoin is the medium not the dollar.

>> No.6194524

>>6194437
It's normal tax brackets. 45% above 180k income.

>> No.6194591

>>6194524
so if i've just cashed out a couple of grand then im chillin right? as long as I declare it or something

>> No.6194607

>>6194524
isn't crypto seen as capital gains tax which is different from personal income tax

>> No.6194648

>>6194287
haha maybe you are orrect but i think its always reasonable to think that the government does not have your interests in mi nd particularlg in tas which has given itself over to chinese investment heavily. They maybe incompetent but they know how to tax that which they dont 'understand and recent adopters who get a bad taste in their mouths when thheir portfolios o crashes will cash out. Excus the bad text my photos one scren is cracked..

>> No.6194777

>>6192159
fuck this junkie filled welfare country, im up $500 since last week but shit like this makes me worried about earning more
i would leave australia but im only at 1k and this crypto blitz could end at any moment
feeling depressed over this
first i was down because everyone here is doing so much better tthen me
now im down that even if i do succeeded the gov will just steal half of it and give it to junkies and foreigners

>> No.6194839

>>6194131
>45c to the dollar tax for every $1 over $180,000
LOL
what a JOKE

>> No.6194843

>>6194607
You can claim it as capital gains if you hold it long term and expected to earn passive income or some shit like that and you get the 50% discount if you hold over a year, if you're trading regularly then it's income.

>> No.6194868

>>6192159
For any ausfags who are mining: If you are mining you can claim back the mining costs(hardware and electricity costs) for any coins you exchange for fiat or sold to a third party.

>> No.6194890

Just come live in Canada man, we only pay tax on realized gains.

>> No.6194957

>>6192489
That's a nice plan. But I think moving to new zealand would be a better option, you don't pay taxes on crypto, thats what I have planned if I make it.

>> No.6194959

>>6194890
dude weed man lmao, If you kill your enemy they win

>> No.6194982

>>6194890
trading one coin to another coin is counted as realized gain.

>> No.6195012
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6195012

>>6194890
>>6194957
Leaving the country is considering realising your gains and you have to pay tax on it.

>> No.6195080

>>6195012
Oi fuck off ya greedy cunt

>> No.6195107

leaving australia for the land of burgers felt fucking good, I'd advise you cunts to do something similar, escape it before it becomes venizuela 2.0

>> No.6195115

>>6195012
> love it or leave it!
> ...okay, I'll leave it
> not so fast!

>> No.6195119

>>6195012
How the hell are they going to prove I had crypto before I left?

>> No.6195172

>>6195012
>caring overseas
I will never return to aus, its government has turned it into a socialist prison, fuck australia tbqh

>> No.6195204

>>6193648
too expensive

i intend on moving to either malaysia or thailand(low taxes, incredibly low cost of living) once iv reached $500k and know how to consistently make money trading forex

>> No.6195209

>>6195119
they arent, you fucking leave and never come back

>> No.6195238

>>6192364
i work as a tax accountant (not certified) and have to read a lot of tax law
i think it's pretty clear, you are making a capital gain/loss on each transaction you make based on the market value of the coin you are trading in to
so if you buy 100 XXX coin at 0.01 eth (total 1 eth), and paid $1000AUD for the 1eth
then you sell the 100 XXX at 0.02 eth, giving you 2 ETH you've gained 1 eth ($1000 if price hasn't changed)
but you have to take the change in price of ETH into account, so if it were 2000/eth you've gained $3000 (2x2000-1000) and that's your capital gain

>> No.6195260

Can I just move to NZ and chill there for a few years while cashing out

>> No.6195288

>>6192159
how they going to do that? foreign exchanges dont have public block chains.

>> No.6195317

>>6195238
How does this compare to day trading stocks?

>> No.6195374

>>6195209
That was my original plan

>> No.6195435

>>6192159
Would opening a bank account in New Zealand work?

>> No.6195507

>>6193040
Please try. We can only hope you're killed along the way, as a true Darwinian.

>> No.6195558

>>6192159
No. What is their justification for wanting nearly half my crypto?

>> No.6195627

>>6195558
giving it to that whale of human, gina rinehart

>> No.6195694

>>6195558
Because big goverment has to pay for itself and all the people that claim gibs from them.

>> No.6195713

>>6195627
here I thought it was to fund australias new found programs to support CHINAS military

No im not memeing, this is real life

>> No.6195745

>>6195558
Abdul needs it so he can buy a new machete

>> No.6195815

>>6195435
>>6195260
http://www.newshub.co.nz/home/money/2017/12/ird-may-treat-crypto-currencies-like-gold.html

all I found.

do i cash out my measly 7k now? kek

>> No.6195823

Can anyone actually get around the paywall?

>> No.6195844

>>6195317
It's literally the same

>> No.6195908

>>6192159
Can ready your shitty website on my phone cunt got an alt link?

It wants me to sign up fuck that.

>> No.6196068

>>6195317
same thing except far easier as stocks trade back into AUD so you don't have to calculate the gain made on shift in value, although you would if trading in foreign currency
just use cointracking.info, most exchanges let you download a CSV of your orders and you can import this in

kucoin doesnt though

>> No.6196083

Couldn't you just say you won the BTC gambling on some online poker site rather than trading?

Seeing as gambling profits are not taxable in Australia how the fuck are they going to prove how you made crypto gains?

>> No.6196147

I used to live in Australia, but still come back a couple of times a year (less than 6 months) to spend time with family. I made a quite a few million off bitcoin back in 2015 and still hold a reasonable amount.

When it comes to taxation, it's important to remember that the only way the government won't ask you to pay CGT on it, is if it is used for a transaction to buy a service / good which is worth less than $10,000.

The way in which I got almost all of my bitcoin out of Australian jurisdiction was to hire a cryptocurrency consulting company, (based in the caymans) and have them charge me $9,999 a day in consulting fees. I own the company I hired.

Back then I still had to pay GST on them, but that has been changed now, but it was an effective reduction in tax from 55% on the dollar to 10%.

>> No.6196249

this shit is making me so pissed off
realistically how hard would it be to leave this bumfucked country

>> No.6196283
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6196283

>>6192159
thanks OP cant read shit

>> No.6196298

>>6196147
Pretty sure that's structuring you piece of shit.

>> No.6196339

>>6195823

Load the page and then mash escape before the paywall comes up. Or block cookies from AFR

>> No.6196446

>>6196083
but they would have logged what you just typed anon, ya done.

>> No.6196551

>>6192159
Be me, dual australian/italian citizen. Fuq aus move to italia mama mia enjoya my millions.

>> No.6196552

>>6196339
wtf mashing esc actually works. TIL

>> No.6196624

>>6196339
Top tip m8

>> No.6196634

>>6196147
Wouldnt General Anti-Avoidance rules apply because the "dominant purpose of your arrangement is to obtain a tax benefit"?

https://www.ato.gov.au/Business/Personal-services-income/In-detail/General-anti-avoidance-rules-and-PSI/

>> No.6196642

>>6196298
Structuring isn't illegal, and it's common practice around the world to minimise tax. I have a neighbor that used to pay $14,000,000 a year in taxes from the USA, but after setting up a parent company in the Caymans (0% corporate tax) and moving to Monaco (0% personal income tax) - he pays nothing. Almost every expat you speak to in Monaco does the same thing.

>> No.6196701
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6196701

Am I missing something? Isn't this just saying they're going to crack down on people evading taxes on crypto?

I know that sucks but it's the way it's always been? Make more than 18,200, you have to pay tax. Make more than 180,000, you have to pay 40%.

It's fucked, but unless I'm missing something, it's not more fucked than that right?

>> No.6196724

>30% if u don’t hold for a year
>40-45% if u have income in the 80-90k a year

Someone’s gotta pay for these refugees

>> No.6196747

>>6192714
That's what ATO want you to do. They want you to show all transaction record so they can verify that you have earnestly reported all your income.

Remember, ATO doesn't recognise cryto"currency" as "money" and they are not going to tax every single transaction, but they will tax your final capital gain from your initial investment.

>> No.6196763

>>6194868
source?

>> No.6196793

>>6196701
>>6196724
so basically no more moon missions without paying tax

>> No.6196809

What would happen if you cashed it out to paypal?

>> No.6196827

ATO creates specialist task force to tackle cryptocurrency tax evasion

The Australian Taxation Office is consulting with tax experts and lawyers to help it identify and track cryptocurrency transactions to ensure all taxes are being paid.

A top team of industry specialists will work with the tax officials to "explore common queries and and practical issues" involving transactions using the digital "distributed" ledgers that have no central data storage, which make it difficult to trace and track.

The ATO is also believed to be also working closely with banks, Austrac, state revenue offices, which collect revenues, particularly for property transactions.

There is also growing concern about cryptocurrency spruikers using inaccurate or misleading information about the income and capital gains tax liabilities to try to cash in on recent buyer mania.

"We are consulting with key stakeholders who have expressed an interest in tax issues relating to cryptocurrencies," a spokesman for the department said.

It is also intended to "help inform the ATO's strategy for supporting the community in understanding the tax implications of cryptocurrency arrangements they may enter into, including any additional advice and guidance."

'Neither money nor a foreign currency'
The Australian Taxation Office warns bitcoin is "neither money nor a foreign currency".

While it is not subject to goods and services tax (GST), it is an asset that can be used in income and calculating capital gains tax (CGT).

Tax specialists claim they are being asked by clients about liabilities for transactions involving cryptocurrencies, such as bitcoin, where the currency value has soared - or sunk - following the deal.

For example, a property seller receiving $1 million in cash may have to pay tax on the profit at the end of the tax year based on the sale being completed for $1 million.

>> No.6196854

>>6196724
If the tax was to pay for ammunition, etc to bomb and kill them then np, I'll pay that 40% with my head held high but paying 40% which will support them living here; ye nahhh.

>> No.6196861

i fucking hate australia so fucking much
fuck this country

>> No.6196864

>>6196827


A seller who receives $1 million in bitcoin that doubles in value from the day the property settlement takes place may have to pay CGT not only on the $1 million property sale, but potentially also on the $1 million gain on the bitcoin if it is later spent or converted to cash.

"The ATO is seeking advice on how they will tackle taxing transactions and identifying liabilities," a senior tax specialist, who did not wish to be named, said.

"It wants industry input on best strategies for investigating transactions involving the currency, finding out who is involved and linking that to a tax return," he said.

Banks, who are deeply sensitive about any suggestion that their systems could inadvertently be used for money laundering following last year's bruising revelations that they provided a safe haven for illegal transactions, are believed to be working closely with authorities.

Tax specialists said customer accounts can be mined by the ATO for transactions involving payments received or made, such as buying property or luxury cars, which can provide a cash trail enabling tax officials to "follow the money".

>> No.6196916

>>6196701
Correct. They are chasing after tax dodgers and money launderers.

By the way, it is 45%, not 40% if you earn more than $180,000 annually. Plus, 2% surcharge for medicare levy.

>> No.6196919

>>6193373
When it’s about fucking it’s citizens over for money I guarantee you they will deliver 100% and ahead of schedule m8

>> No.6196924

Guys if gambling winnings aren't taxed, surely there is a gambling website that lets you play a game with a 99.999999999% chance of losing 1% of your stack and receiving the rest as winnings? I put a shitload into the ICX ICO so I'm already a millionaire and be a multimillionaire soon enough. This would work right? Is there such a service?

>> No.6196981

>doing a business degree
>applying to the ato right now with an emphasis on cryptocurrency knowledge

this is going to get me a job guaranteed

>> No.6197011

>>6196924
but wouldnt you be taxed on the amount you gambled?

if you go to a normal casino isnt the money you place supposed to be taxed already

>> No.6197030

Fuck this country, where should we move?

>> No.6197032

>>6193338
That's what I've done.

I'm on student allowance, and I put my savings into crypto.

I'm never gonna pay tax on this shit. I'll never cash out before a crypto debit card is easily available here, or I'll go to the isle of man, where they have no capital gain tax and cash out there.

>> No.6197048

>>6194868
>If you are mining you can claim back the mining costs

This is true. Heck, you can even claim your fuel prices, if you have regularly used a transport from your home to "office"(meaning anywhere you have set up your company).

>> No.6197057

>>6195115
kek

>> No.6197085

>>6197030
https://coinsutra.com/tax-free-bitcoin-countries/

>> No.6197090

>>6196981

As long as you fuck them over from the inside, that's all good, m9.

>> No.6197103

>>6196924
Gambling website are licensed, regulated and taxed according to laws. Unfortunately we can say the same for crytocurrency trading.

>> No.6197122

>>6197032
did you even read the thread?
what are you going to do once you cash out? just have a couple million in cash in your house?

>> No.6197126

>>6197011
Actually yeah I guess you'd have to cash out into BTC to gamble which would be a taxable event, unless they accept ICX directly. Could happen in the future I guess.

>> No.6197165

whats it like in NZ?

Will move to somewhere to transfer millions if i get that far.

>> No.6197249

>>6195012
That's real estate. Crytocurrency is different.

You can practically move to Bahamas for 6 months and pay 0% tax on whatever profit you made IN Bahamas.

>> No.6197373

Aight listen up cunts
You don’t have to pay taxes on money from gambling, does it apply to crypto casino or forgoing casinos?
I could potentially fake warning from crypto casinos, even make my own, bet 1btc win 100btc
Cash out, pay no taxes
Sounds good to me

>> No.6197449

>>6197373
Move 99% of your crypto to a casino wallet address
bet 1% of your crypto
make 100x
tax free baby

>> No.6197513

>>6197449
The thing is, I’m not sure if it’s tax free for Australian registered casinos (since they pay higher taxes than other business) or it applies to foreign casinos too.

>> No.6197517

>>6195107
how

>> No.6197529

This is impossible to police. I wouldn't worry about it. Pay CGT when you convert to fiat and ignore the rest.

>> No.6197591

>>6197517
left wing government policy coming from both sides of of our countries politics maybe?

>> No.6197659

>>6194261
>LivingRoomOfSatoshi

With LivingRoomOfSatoshi you can send money directly to a bank account (in this case the dealerships account) from crypto. No need for BPay.

>> No.6197705

>>6197659
how do we know that site isn't a honeypot for the ato?

>> No.6197706

just buy precious metals in less-than-$10k lots using crypto?

>> No.6197750

>>6197659
if you transfer from that to their account you shouldn't need to pay tax. But yeah, i will be paying off bills and buying things with crypto instead of cashing out.

>>6197705
because i did this last financial year and never claimed it, never got the ato on my ass.

>> No.6197752

>>6197591
No no, how do I get out of this fucking open air prison. I'm completing a Bachelors in Science this year, good programmer, young.

>> No.6197756

>>6192159
>cash out on local bitcoins
>profit???

seriously what is stopping anyone from doing this?

>> No.6197793

>>6197517
I got married to an american girl and am on my way to getting a green card

>> No.6197805

>>6197756
liquidity.

>> No.6197817

>>6193648
Expensive as fuck for everything
No drugs and if you do find any good luck not getting arrested

>> No.6197827

>>6192159
Fuck this gay country. Bunch of fucking Jewish cunts if you ask me.

>> No.6197850

>>6197793
I'm already with an Australian :\

>> No.6197868

>>6197793
He could also try the green card lottery
https://www.us-immigration.com/greencard/Green-Card-Lottery.jsp

>> No.6197885
File: 81 KB, 636x960, AH 5.jpg [View same] [iqdb] [saucenao] [google]
6197885

Ausbrahs,

Verified my CoinJar and signed up to Binance today. Is that a good stack to get going?

>> No.6197913

>>6197850
unfortunate cobba

australian girls are pigs

>> No.6197914

>>6197793
taxes for crypto in america is also fucked

>> No.6197937

>>6197913
Better than American whores

>> No.6198062

this will only expose the Australian government's shitty use of taxpayers money even more so i'm not sure what they're so hippy happy about. Big player crypto investors are in it to beat the system not to just make a quick buck

>> No.6198111

>>6197885
good enough

>> No.6198199

>>6197937
>he says as my wife sucks my dick while making me eggnog and pumpkin pie

>> No.6198244

>>6196551
Hahaha mamma mia indeed im off to latvia fuck this joke of a country. Was expecting this shit as soon as coinspot stopped accepting deposit/withdrawals. Honestly just go HK and use hsbc or another mainland china bank. Think they will cooperate..

>> No.6198310

>>6198199
Pics or it didn't happen.

>> No.6198369

>>6198199
are they even good? pumpkin in a pie sounds disgusting

>> No.6198441

>>6198369
yeah its hell sick. the pumpkin is pureed and mixed with like condensed milk, sugar and cream.

>> No.6198499

>>6194843
This. If you hold a crypto for 12 months you can prove it from a print out from the blockchain. Pay 25% (because of 50% discount on CGT) instead of paying it as income tax.

>> No.6198501

>>6192159
What if we trade in eth not $$$

>> No.6198584

>>6198441
eh, sounds awful.

>> No.6198600

please dont tell me that faggot that shitted up aus/pol/ for months posts here, the one that said he was moving to the US to marry a native american or some shit. that cunt was cancerous

>> No.6198607

>>6192489
Ill see you there cob. Maybe Tas can split from Ausfailure like those WA dickheads want to

>> No.6198726

>>6193144
Fuck off faggot. These cunts get life handed to them on a silver platter while the whitey devil works all day so the gocernment can afford to have these free votes. You and those politicians should be shot. Cunt

>> No.6198740

Looks like I'm never cashing out lmao.

'Not money or a currency'

'But we still need to tax you'

Why don't these cunts just tax school kids trading fantasy cards.

Traders are taking all the risk and doing all the work and government wants 45c per dollar ? THey want to tax every trade?

FUcking useless cunts, should be taxing coins into FIAT. Boomers get a free fucking ride with negative gearing, but if someone under 30 wants to get in on the biggest boom this decade they cock block.

Fuck I hate these cunts, and everyone else does too.

>> No.6198829

>>6198740
Just pay for your bills and buy things with crypto.

>> No.6198885

>>6193338
They still count centrelink as income. So yeah they'd get taxed

>> No.6199078
File: 36 KB, 600x885, 1515373320914.jpg [View same] [iqdb] [saucenao] [google]
6199078

Yfw this thread was created to monitor ip addresses and mac address to add to the database

>> No.6199098

>>6198740
Australia needs a revolution. No joke we need to start hanging baby boomers and politicians from trees. Traitorous cunts

>> No.6199122

>>6198441
god-tier
op get some pecan pue in you, if you're ever near texas Goode co. bbq is the shiz

>> No.6199143

>>6199098
dw they will die off in 20 yrs and australia will be free.

>> No.6199188

>>6199122
*pie

>> No.6199193

>>6199098
Be the spark anon.

>> No.6199194

>>6198829

How does one buy a house with crypto?

>> No.6199199

>>6199098
day of the rope?

>> No.6199201

>>6198600
Sounds better than living in Australia, paying the way for low socioeconomic deadbeats that couldnt be fucked getting a job because centrelink keeps throwing money at families with 12 spastic little cunts for children.

>> No.6199209

>>6196147
Whod you use to set this up?

>> No.6199241

>>6199194
when real estate agents accept cryptos to buy things.

there are a few car dealers around aus that accept cryptos

>> No.6199287

Dont we only get taxed on what we cash out? Fuck paying tax on my crypto that I have stored away.

>> No.6199326

>>6199201
America sounds shit, retards with guns.

>> No.6199332
File: 194 KB, 1280x882, IMG_20171206_154507.jpg [View same] [iqdb] [saucenao] [google]
6199332

>>6196147
Most informative post in an ausfag thread I've seen. Thanks senpai. So theoretically there is no tax on me paying rent with livingroomofsatoshi or buying gold under 10k. Sounds like I can buy $9999 worth of gold everyday and put it in my safe.

>> No.6199354

>>6197756

Are you any better off having $2m in cash?

>> No.6199419

>>6199201

It literally makes everyone safer. If someone can at least eat and have a roof and even buy some dumb shit every now and again then they don't have to survive by mugging me.

>> No.6199425

>>6196827

I'll just convert everything to ETH and then create a new ETH wallet only I know about, send all of my ETH to that wallet. When the government asks me about my crypto gains, I'll just say, "I'm retarded and sent all of my crypto to an unknown address and lost it all"

>> No.6199441

the fuck does this mean for a kiwi living in aus?

am i better off fucking off to nz and cashing then bringing it over?

>> No.6199460

>>6192489
Holy hell anon, are you me? That acarage in Tassie is even closing down, move this shitcoins fast.

>> No.6199462
File: 65 KB, 667x377, Barnaby-Joyce-001.jpg [View same] [iqdb] [saucenao] [google]
6199462

Meanwhile, big business PAYS ZERO TAX and old folk with million dollar houses collect full pensions.

Straya'

>> No.6199510

>>6197165
NZ Govtfag here.
Was in a thread a night or so back about tax on crypto in NZ.
There's no firm stance yet, though I'm keeping my ear to the ground (and I'm pretty close to the sources). Will post here when I know more.

>> No.6199552

>>6199510
kk cool, will probably move to nz if i make enough $. Seems 1000x better than Aus

>> No.6199679

how much BTC do i need to make it worth moving to NZ?

>> No.6199683

>>6196747
This is factually inaccurate. They certainly will tax every transaction. The Only exception is holding coins for 12 months without trading, these are taxed with a 50% discount. Australia is following what the USA is doing.

>> No.6199851

>>6199510
It is tempting to move their since Aus seems like it's economy could go down the tubes soon enough.

>> No.6199959

>>6199683
Huh how can they "tax" every transaction. That makes no sense. What if you made an AUD loss on the trade?

>> No.6199963

>>6192489
Are you me cunt?

>> No.6199992

The way I understood it is you pay CGT on 100% on profits at the rate of your overall income tax bracket (32%, 39%, 45%) if you sell it before 12 months from the day of purchase.

If you hold a coin for a year you only have to pay CGT on 50% of profits made.

My plan is to wait a year then withdraw an amount that doesn't exceed my overall income of $180K for the next 2 years while and allow my gains to continue growing to the point where I don't care so much about paying 45% tax.

>> No.6199995

>>6199332
i'd say because gold is an investment and not a personal purchase this would be taxable

>> No.6200035

>>6196083
Go to court and argue that you gambled in shit coins to avoid taxes instead

>> No.6200101

>>6196724
it's not 30%, that's the company flat tax rate
gains are simply added to your assessable income while losses are deducted from it
>>6196861
why? for having a taxation system, like most other countries do?

>> No.6200118

How are they going to find my wallet?

Will I have to pay tax on my $10 gains?

>> No.6200166

>>6195713
Whatchu know about dat

>> No.6200167

>>6199510
You got till April. Lol ear close to the source fuck out of here larper. You are welcome

>> No.6200210

>>6194237
NBN was originally going to be perfectly fine until the actual boomershits got in, broke it, implemented a worse system for more money than the original system was proven to be worth

>> No.6200276

Okay, so seriously, how do we go about getting money into off shore accounts?

>> No.6200435

>>6199510
When can we expect an answer guvmentfag?

Every kiwifag I talked to has talked to 3 accountants and they don't have a fucking clue!

>> No.6200480

>>6199959
Then you obviously get a tax credit and that goes towards offsetting your profits.

>> No.6200544

>>6199992
Affirmative. I'm doing this. I'm also thinking about cashing out in NZ or Singapore. Still waiting on the greenlight from nz tax authorities.

>> No.6200664

>>6200210
Nbn is perfect bro. Ive worked on a few Nbn projects and they are just easy fucking money

>> No.6200894

I’ll just keep my crypto as crypto then, I’d rather lose it all than deal with this shit, and I’ve got over 200k, started with 5k so I don’t give a fuck already cashed some 20k over 2 year period.
Fuck this welfare state, I get nothing from it but high taxes and shit healthcare, I pay private insurance anyways, literally getting cucked here.

>> No.6201000

>>6200276
How much and what steps are involved in getting a consultant company in caymens?

Easiest would be cash out in NZ or Singapore as a tax resident. Still waiting on NZ tax decision

>> No.6201007

>>6200480
Right so they don't tax every transaction. They tax Net AUD profit. Isn't that the way it's always been.

It's still shit so how do we cash out in New Zealand without getting caught do I have to renounce citizenship?

>> No.6201141

>>6201007
The net AUD profit is the sum of all gains and losses made on each transaction.

>> No.6201247

as a neet this all makes no sense to me, im goin to jail

>> No.6201339

>>6199098
You have my vote anon

>> No.6201364

>>6200664
That's why we pay so much fucking tax

>> No.6201415

>>6201141
So you have technically realised the profit before converting back to AUD?

That is pretty tricky.

>> No.6201433

>>6201364
Meh

>> No.6201538

Every day I tell my peers that we just have to wait 20 - 30 years for these old cunts to die or be physically incapable of being in a position of power before we can attempt to correct this shithole. We just need to survive.

But then I realized that, by that time, we'll be their age and thus I didn't get to enjoy my little youth in a boomer-free environment, and that the boomers will likely pull some kind of final gambit to fuck the entire country and future generations that much harder, right before they're all evicted from parliament.

I have rope ready, no joke. I either make it big to the point the boomers can no longer phase me, or I neck myself. Right now I've got 24k FUN and I plan to keep 75% of it while using the rest for more moon missions, so let's see what I can make off this in a year or two

>> No.6201551

>>6201415
yes, i'd recommend using cointracking.info because its a bitch to do yourself - i spent hours making an excel worksheet before i found this shit
you can import order history from exchanges that let you download it (bittrex, binance, many big ones) but kucoin doesn't sadly

>> No.6201582

>>6197048

Negative.

You can claim travel costs if you're going from one job to another.

For example, if you drive to your work and then leave from there to go to a building site with a truck.

You also need to log all this, time, date, km's travelled, etc.

You can't claim travel costs if you're going from your home to your job.

>> No.6201762

>>6198499
Do you have to hold the same crypto though? Like hold BTC for 12 months straight?

>> No.6201780

I’ll just convert all my shitcoins to btc then provide that and pay tax capital gain.
If they ask where I got my btc from to begin with I’ll just say my gox and moved it to my private wallet, done
Idgf, take me court try to explain what crypto is to some boomer judge lmao

>> No.6201802

>>6201538

No way I'm still living in Australia in 20-30 years. I'm either dead or somewhere in Europe

>> No.6201835

I literally had a glass jim beam bottle smashed over the back of my head on christmas eve by some centrelink funded junkie. meanwhile my internet and local infrastructure is total dog shit with potholes and blackouts everywhere.

if you think im giving a single satoshi into this system your very much mistaken

>> No.6201849

>>6201762
Yes, if u trade ur bitcoin for shitcoins and trade back to bitcoins u start from 0 again.

>> No.6201953

>>6200210

NBN was fucking stupid from the beginning.

It should have been Fibre to the curb from the beginning.

Now we have tens of thousands of seniors around the country with fucking fibre directly to their homes... Oh shit... Except these old cunts don't even use the fucking internet so we've just spent billions of tax payer money giving NBN to a bunch of old fucks that don't even own a computer.

Great job Labor!

If you want FTTP fucking pay for the upgrade.

I'm not a cheap fuck, and NBN plans on giving us FTTN. I'm gonna pay extra for FTTP and I'll be happy to pay it since I'm not a cheap fuck that expects the government to make sure I can watch 50 4k Porn streams at once with tax payer money.

All the bitching about NBN is a bunch of entitled cunts that believe everyone else spends every waking hour staring at a computer screen.

>> No.6201963

>>6201835
Straya biz needs to get together to try and finds ways around this, I already pay fuken 40% of my hard earned shekels, I have worse quality of life than refugees dude ffs, crypto took so much effort to make a decent amount and now I’m going to get taxed so hard might as well just do some cash in hand work, fuck.

>> No.6201965

>>6201802
yea im with this guy, get out of aus while you can/if you have the chance to.

Dead country is dead. USA will take control of us in the next 5-10 yrs

>> No.6202026

The day I cash out to government backed fiat is the day I'll pay a tiny bit of tax from that last trade. As far as I see it they can suck my nuts because crypto to crypto isnt theres to dictate worth.

Fuck the government

>> No.6202092

>>6201965
You mean china buddy.
Even been to the cbd?

>> No.6202110

>>6201953
You're a moron.
NBN was originally going to be FTTP at a cheaper price than what it is not.
Liberal came in and lied about their costs (which they didn't even prove would be the cost) in order to get into power. Then they ended up using far more money than Labor proved they would use, and ended up with the majority of the country on shitty wireless or FTTN. Now it's going to cost more money and take far longer to correct Liberal shit.
You have absolutely no idea what you're talking about.

>> No.6202152

>>6202092
either one.

>> No.6202180

>>6201953
nice larp faggot

>> No.6202216

>>6193234
>just travel to crypto friendly countries and have dope holidays.

Hope you aussie brainlets are listening to this. If you’re going to cash out big, do it in a tax haven.

>> No.6202226

>>6201953
FTTP is an investment for a far longer-term than FTTN. Speed requirements will continue to increase and at some point (not for 20+ years) FTTP will be a necessity. Meanwhile we've been paying a premium by maintaining copper rather than fibre. And those old cunts will die, and someone else will move in. But perhaps fibre installation costs will have dropped by the time we need it, although I doubt it as one of the major costs is labor and unless we can get robots doing it, that's only going to go up.

>> No.6202229

ammonium nitrate is pretty cheap per kg

just sayin

>> No.6202241

At this point I'm probably just going to vacation in EU or NZ and not return.. whichever is more crypto friendly and I can make by buying things I need in crypto.

>> No.6202301

What are the chances of being audited by the ATO if I were to withdraw 10k profit and not declare it?

>> No.6202341

>>6201963
i have no idea if these would work as I haven't looked into it for a second, so before you say this is fucking retarded, it probably is i have no idea

1. shell company in a place where tax is minimal, pay yourself and family members <18k if possible, collect

2. transfer it all into a betting company that takes bitcoin and bet on a sure thing, have to be team sports because even if you have something like roger federer vs world 1000th theres a chance he'd get injured during the match

>> No.6202386

>>6202301
higher than if you have withdrawn 9.9k and not declared it

>> No.6202396

Is buying a house with BTC a taxable event?

>> No.6202450

Has anybody here been using bitcoin ATMs to withdraw spending money anonymously? The fees are pretty high but definitely lower than the tax rate. I'll probably start doing this. Also crypto debit cards in Australia when?

>> No.6202497

The baby boomers running this country don't have the slightest idea about cryptocurrency, how to use it, how to buy it, or how to sell it. They're missing out on the action so they'll get it without even having to enter the market, by taxing it.

>> No.6202548

>>6202341
Yeah but wouldn’t the ATO wonder where the initial 100btc you betting came from lmao.

>> No.6202564

>>6202450
there are already crypto debit cards: coinjar
and for ATMs just get a burner phone number

>> No.6202601

>>6202450
>crypto debit cards in Australia when
When they report it ass to the ATO and comply with the legislation

>> No.6202647

I feel like I should convert all my alts into ETH and just withdraw under 180k worth (inc income) every year.

I'm assuming the 12 months doesn't have to be directly
Fiat --> Hold coin for year --> Fiat

And something like this is eligible?
Fiat --> Trading random shitcoins --> All into ETH for a year --> Fiat

>> No.6202652

>>6202564
If register on coinjar you can be 100% sure you will be busted if you don’t report ur capital gains.

>> No.6202680

Surely there is going to be a loophole somewhere initially. I can't imagine the government really had anything in plan for crypto becoming so big and their tax rules would be hastily thrown together

>> No.6202718

>be me
>13 years old
>run for prime minister
>pledge to remove tax on crypto
>tell citizens of aus that you have to buy plasma tv's
>win in a landslide
??????
profit

>> No.6202757

>>6202647
The problem is the trading random shitcoins phase is all taxable income and not an investment eligible for the 50% CGT discount, so you should technically be paying income tax on each shitcoin trade. Only the holding ETH for a year phase would be a capital gains investment.

>> No.6202775

How are they going to calculate this, one day my net worth is 100% more than the next, imagine if they decide to tax me before the great crash and the next day I'm worth nothing but have a $50,000 tax bill

>> No.6202785

>>6202718
>be me
>13 years old
Reported

>> No.6202828

>>6202396
yes and the gain would be the fair market value of the house in AUD against the purchase price of your BTC in AUD

>> No.6202837

remember that time after the GFC the government gave out millions in the stimulus package?

now literally billions of dollars are waiting to enter the economy, but they like nah we're gonna tax you

>> No.6202842

>>6202757
how does arbitrage work?

I'd be selling for a loss in 1 exchange

then buying on another

>> No.6202849

>>6201953
Responding to you again because I feel like proving that you're an idiot once more.
Less than a couple of months after liberal was elected during the NBN startup phase, NBNCo was forced to admit that the cost of NBN would be almost double what liberal promised in order to get in.
Labor promises 45B and it was definitely going to be that price because they were replacing cables already used, which means they had the exact statistics for the distance required, and had all the proof needed.
Liberal originally promises 29B, then it was bumped up to 41B after they got in. Then, two years after that, it was bumped up to 50B, which is more than Labor's original price. And that's not including the cost of hundreds of billions it'll take to fix that in the future when we finally want actual FTTP nationwide, and the lost money from the fact we can't use systems like eHealth with Liberal's network. We also got FTTN and fixed wireless rather than the FTTP Labor guaranteed.
Labor promised the entire country would have NBN by 2020.
Liberal has speeds LITERALLY 1% as fast as Labor's. With Liberal, we have worse broadband than Kenya for $50B + the costs of fixing it in the future, as well as all the money and lives lost due to the lack of services we could use with it.
But, of course, you didn't know this shit, because the reason Liberal was literally working with Rupert Murdoch to intentionally slow it down, and you probably get all your facts from 'the news'.

>> No.6202873
File: 24 KB, 692x524, rgreggrerge.png [View same] [iqdb] [saucenao] [google]
6202873

no tax if you're just making <$18k off it tho

>> No.6202880

>>6202757
why shouldn't it be eligible for the discount? can't see anything about that on ATO website

>> No.6202888

>>6202757
Fuck, so technically because I went from like 30k to 450k during the shitcoin trading, I'm going to end up needing to pay full CGT for during that period? And then I would only get the 50% discount for gainz from holding from a year?

Shiet

>> No.6202937

>>6202873
you have to add any other sources of income, such as your wages, salary, and certain centrelink payments
>>6202888
yes and you'll be paying it in the top tax bracket too, thank you for your service

>> No.6202946

>>6201953

>defending what the Liberal party did to the NBN

This might be the single most retarded post I have ever seen on biz. Ever.

>> No.6203004

>>6192489
Fucking greens. Think more govt is the answer to too much govt

>> No.6203063

>>6193234
Ding ding ding. We have a weiner

>> No.6203090

>>6202937
>you have to add any other sources of income, such as your wages, salary, and certain centrelink payments
>implying not a NEET

>> No.6203155

how they can tell if the money you cashing out are from investment or just money you received from mates? they just cant.. i am not telling i bought $1000 of eth last year and hodl.
of course i am talking about if i have coins locally stored.

>> No.6203168

>cashing out ever and paying tax
nope, I actively refuse to support this country in the way its heading. If that means I'll take my crypto to the grave, so be it.

>> No.6203217

>>6197529
This.
/Thread.

>> No.6203223

Who else planning on becoming rich off crypto and then actually using that money to get into politics and try to change the bullshit happening to our country.

>> No.6203272

>>6203223
If you want to change the world, don't get into politics

>> No.6203298

>>6203272
Tell me a better way of doing it then.

>> No.6203302

>>6203223
this

it's time to make the nocoiners pay.
too long have we suffered at their hands.
the revolution is coming brothers

>> No.6203334

>>6203298
revolt

>> No.6203355

>>6203334
Hitler came to power through the ballot box.

>> No.6203412

>>6203355
different times

>> No.6203426

So Nugget's Tax video on Youtube (Vid with Most views for Aussie Crypto Tax) claims you don't have to pay CGT on trades between alts because it's a grey area.

This is probably wrong but there's going to be such a stupidly large amount of people who are just going to pay their total profit as CGT
Kind of considering just doing this, but not too keen to be copped with a fat fine from the ATO

Video in question;
https://www.youtube.com/watch?v=tEMxdTz7jE4

>> No.6203453
File: 370 KB, 750x1023, FA9298E4-6F8D-43FC-AA0D-96F419596867.jpg [View same] [iqdb] [saucenao] [google]
6203453

>Silly boy, that internet funny money will never be worth anything!
>Oh it’s worth something? Give me half right fucking now or go to jail
Thanks gooberment, you really need that money for giving out more gibs

>> No.6203560

>>6203168
Just spend your crypto instead.

>> No.6203611

So what's to stop me giving all my crypto winnings to my Thai wife, who can go over Thailand and cash out? Would we be able to come back to AUs with our cash? Could we move to another country?

>> No.6203618
File: 62 KB, 1000x563, Gtbe+me+gtausfag+gtwake+up+and+_a053c3545c464efa32586d8c411c4a40.jpg [View same] [iqdb] [saucenao] [google]
6203618

you must be some kind of retarded to buy your coins and leave them on an australian exchange then cashing out. this way they will have proof how much gain you earned.

if i buy coins and transfer them to a local wallet they will never tell its my fucking wallet. i can say i paid weed on the fucking deep web.

then i transfer the money to the exchange i can tell friends/family sent me money. they cant proof its my wallet i send it from. they can come from wherever.

good luck ATO. I will never fucking pay a cent on my coin.

>> No.6203666

So say i have 10k fun as of today, if I move 5k of it to other coins would 5k of it still be eligible for the %50 discount on captital gains tax?

>> No.6203702

>>6203611
giving your asset to someone counts as a disposal and you should pay tax on any gain made, based on the fair market value
you will get fucked in the ass if you are caught doing this
>>6203666
if it has been held for a year yes, the 5k will still be eligible

>> No.6203772

>>6203702
prove i gave my coins away
protip: you cant

>> No.6203808

>>6203772
>
this.. they cant.. you can even say you got hacked lmaooo


they think they can treat crypto as AUD AHHAHAHHAHHAHAH

>> No.6203816

>>6202229
this

>> No.6203845

>>6203772
there is no fucking name on the address. they is no signature there is fucking nothing to prove it. they cant do shit

>> No.6203848

ATO are monitoring this thread lads, be on your best behavior.

>> No.6203849

>>6203426
Noone believes thE ATO would leave a loophole yesterday
Today they instated a task force to address this and you still think in 6 months time there'll be a grey area loophole? Use your noggin and dont take some random YouTubers "my m8s at the ato said"

>> No.6203866

>>6203702
But will they really know if I gift her monero or something?

>> No.6203875

Why dont you cunts just open up a bank account in Luxembourg or Switzerland? They have the best banking secrecy laws in the world for us to cash out into

If you cant be fucked to do that your best bet is opening up several bank accounts over here and never cashing out more than 1K at a time into each of them

>> No.6203897

>All these retards not knowing the difference between income tax and capital gains tax
>All these retards talking about just moving or renouncing citizenship
>All these retards who are probably on newstart and talking about "fuk da gobment"
I thought /biz/ being retarded was a meme

>> No.6204150

>>6203897
Give me one reason the government should have half of the money I have gotten 3 hours sleep per night for the past year to obtain.

It’s fucking mine.

>> No.6204233

>>6204150
>>6203897
also trading crypto is literally gambling. i can fucking lose everything in one go i am not trading Apple stock. I can wake up and all gone.. and they want half of my fucking gains?

>> No.6204281

>>6195238
will they take the price of ETH *at the time of the trade* into account when calculating gains from trades? or the price of ETH when they compute it?

Say it is 40%, it's pretty unfair to make someone pay $350 tax on a 0.5 ETH gain on a trade they made 6 months ago when ETH was $300 AUD, just because ETH is $1700 now

>> No.6204288

>>6204233
>>6204150
well the government doesn't even know how to use a computer, let alone buy cryptocurrencies

how else are they gonna get a total risk free slice of the pie?

>> No.6204302

>>6204150
The fact that everything in your life was in some way paid for in part by the government

>>6204233
BTC are capital

>> No.6204438

>>6203772
hey anon we noticed you purchased coins on this exchange at this time, could you please tell us where they are? oh, you lost them? why didn't you claim that when you lost them?
still have to pay tax on "lost" assets

>> No.6204482

>>6204281
yes of course you take the historical value of ETH
the part i'm not sure about is where this value should come from. i think taking the value from any australian exchange should suffice as long as you are consistent with your calculations, so find an exchange with lower spot prices and use that

>> No.6204618

>>6204302
>The fact that everything in your life was in some way paid for in part by the government
Ahahahaha. I’m from Snow Nigeria and that sounds exactly like retarded authoritarian / commie / putin propaganda.
Australia going full USSR lmao

>> No.6204630

>>6195558
Well how else are they going to reclaim the $50 billion+ tax cuts they gave to big money last year?

Gotta take from the poor

>> No.6204697

If trading crypto to crypto negates your eligibility for the 50% long term discount then doesnt that make it possible to make a negitive profit on a profitable trade...

>> No.6204774

>>6204697
Then also your supposed to beable to claim an tax ofset for you loss even though it was a profit...this loop seems rediculous and must be what they intend to fix

>> No.6204791

>>6196827
These idiots just don't get it, do they? Decentralization exists as evidence that society does not want their governance anymore. People are not going to just play along.

>> No.6204971

You know why the socialists are so big on pretending to care about women now? It's to deflect from the fact that they are tyrants. If they can get you to think they care about women and their problems, you'll make the false mental association that they are good people who want you to be free and happy. The opposite is true. They want to impose themselves on you like a rapist would. How ironic.

>> No.6205049

>>6192159
>>6192972
>>6194131
>What Bitcoin officer?

>I got hacked!

>I deposited all mine on an exchange that exit scammed!

>I bought drugs with it!

>I lost the keys!

You only have to pay tax if you sell on an Australian exchange.

Daily reminder that taxation is theft and it is not amoral to not pay it.

>> No.6205062

45% tax depending on your income? What if you're just an innocent uni student who probably won't ever get a job and needs to pay off their house and stuff in the future with crypto?

>>6199078
>[USER WAS TAXED FOR THIS POST]

>> No.6205144

>>6198499
So buy an ICO. It 200x then your fucked because you need to transfer to xrp to cash out unless you wait another year

>> No.6205373

>>6204302
The government uses far more money paying their monopolistic friends than they do actually using any of it for the majority of citizens.

>> No.6205459

WE ARE THE TAXMARINES AND WE ARE NEVER FUCKING PAYING

>> No.6205481

The day big business pays its tax is the same day I do. Fuck that

>> No.6205513

>>6204302
>The fact that everything in your life was in some way paid for in part by the government

but that isn't true though is it haha

>> No.6205526

How the fuck am I supposed to declare this shit? So i buy x coin with $1000 of eth and then including eths increase in price i cash back into eth for an equivalent of $4000. What do i declare?

>> No.6205542

>>6195558
Telstra requires more donations.

>> No.6205639

Governments are bullies that want you to report all your movements to them. Even worse now is the globalists are trying to now convince people that there's a wonderful world of freedom, all we have to do is get rid of the evil people that don't agree with everything we say. They are essentially role playing as God, which is essentially what rapists do. They are the type of people who don't want Christianity "shoved down their throat" but somehow they have no problem playing as Lord over you. The absolute epitome of hypocrisy.

>> No.6205653

>>6205513
>The fact that everything in your life was in some way paid for in part by the government

Nothing is paid for by the government, everything is paid for by the taxpayers

>> No.6205716
File: 19 KB, 250x250, IMG_0086.jpg [View same] [iqdb] [saucenao] [google]
6205716

>>6199441
This is my plan. Then go work for cryptopia and do insider trading

>> No.6205808

>>6204618
The internet that you're using right now is subsidized by the government btw
Ever stepped out? Transport paid for by the government
>>6205513
But it is hahaha
>>6205653
The government is filled by electives voted in by the taxpayers you dumb fuck

>> No.6205901

>>6205716

Kiwi ausbro here too. Does NZ have crypto tax or nah?

>> No.6205918

>>6205808
>The government is filled by electives voted in by the taxpayers you dumb fuck

And they are funded by the taxpayers, dickhead.
How they are voted in has nothing to do with how the government money comes from

>> No.6205921

>>6199425
That's fine, it's easy to explain why you don't have ownership of your crypto, they will buy that. Hwoever, when it comes to cashing it out, how will you legally achieve that when you can't prove you purchased/owned any crypto? That's where the laundering taskforce will bite your nuts off.

>> No.6205938
File: 48 KB, 341x341, D17C6D9C-1FEA-4572-B1DB-3BE942D547F3.jpg [View same] [iqdb] [saucenao] [google]
6205938

Hi guys, I live in NL (0% capital gain tax) and will cash in here. After I have cashed in I would like to move to Australia.
How much is the tax on patrimony/assets there ? Let’s say I come with 10M in the bank and buy a 1.5M appartment in Australia.

>> No.6205980

>>6205808
>The government is filled by electives voted in by the taxpayers you dumb fuck

Hah, that's what they want you to think. Democracy doesn't exist. All power structures are heavily manipulated. Even Trump admitted he was an insider and he's going to try to clean from within. He's always saying the system is rigged against the people. Of course everyone he knows is abandoning him now because he went rogue and decided to expose them because he got sick and tired of normies and choose to serve God instead.

>> No.6206007

>>6205918
Genuine retard
>>6205980
Edgy

>> No.6206015

>>6205808
>The internet that you're using right now is subsidized by the government btw
Ever stepped out? Transport paid for by the government

Hahahaha....

The NBN is a massive failure, all they seem to have done is take public money and donate it to Telstra / The pockets of NBN CEO's that are paid millions to fail.

>>Transport paid for by the government?
The trains just fucking stopped yesterday and it took people 2-3 hours to get home.

I drive my car, and have to pay a 'seperate' tax for that, and you know what? They still fucked the m4 by slapping a toll on it, and asking for even MORE money.. wait didn't I just pay road-tax for roads?? and now I have to pay a toll? or use parramatta road with massive potholes and standstill traffic.


You know what? You can fuck right off. The government is just wasting money at this point and donating it to their friends/mates.

Not my crypto money, If they wanted crypto gains they should've invested earlier, No risk = No reward.. I'm sorry ATO that's the law.

>> No.6206026

>>6204791
Yep. They'll be kicking and screaming until the end. Just a heads up everyone, I know we're likely to make some life changing gains in the coming years and we'll want to use some of that hard earned money. For the short term future we will be forced to convert back to fiat to spend our gains on the things we want: a nice house, a cool car, diversifying and investing in index funds. I would highly, highly recommend that you never, ever get rid of your entire crypto stack though. My short term goal is to buy a house in cash, I want shelter to be a done deal.

We're so reluctant to pay these taxes because we know the money is wasted on shit that none of us actually want. In fact it's spent on things that actually disgust us. Our tax dollars are being handed to African refugees who contribute nothing to our society, steal from our fellow Australians and that's just the start of it. Our tax dollars are subsidising private businesses who are in bed with our shameless, disgusting politicians.

I try to think of this in a bigger picture and I think the power we'll wield with our newfound wealth will be our only possible chance at making the changes we want for our country. I don't blame anyone who wants to leave this dump though.

>> No.6206031

>>6201141

So do I need to pay taxes before I have liquidated or do I only pay the capital gains once I sell for AUD?

>> No.6206070

>>6201953
Except FTTN still uses our deteriorating copper network and suffers from throttling at peak hours to the point some areas receive speeds slower than ADSL.

>> No.6206086

>>6206015
>The NBN is a massive failure
Doesnt change the fact that it's paid for by the government, and unless you're an absolute newfag, so was the copper wiring prior to that
>car
Roads paid for by the government

Fuck off you dumb cunt

>> No.6206160

Here's the legal way to avoid paying too much tax boys if you don't want to renounce your citizenship. Say you make 500k

#1. Hold it for over a year. No trades. Right away, you get the 50% CGT discount, & you only pay tax on 250k of that 500.

#2 Spread your withdrawals out over two financial years. Take 250k out (125k taxable) on June 30 2018, then the other half July 1 2018.

#3 Optional- Don't wage cuck to keep your income low, & use this time to live somewhere overseas dirt cheap.

Doing it this way, you'll pay tax on 125k over two years (paying tax on 250k total) of your 500k in gains.

This is approx a 34k tax bill each year. So, in the end you pay under 70k in tax on your 500k in gains or approx 14%

You're welcome gents & buy BAT

>> No.6206170
File: 496 KB, 624x640, 1480387255487.png [View same] [iqdb] [saucenao] [google]
6206170

>>6206086
>Roads paid for by the government
Hm.... where does the government get its money to pay for things...

>> No.6206186

So what do I need to give to my tax agent when the time comes?

A list of all my orders on exchanges converted to AUD as well as how much my initial was?

>> No.6206190

>>6206086
paid by the government? so why i am paying $100 a month for a shitty connection?

>> No.6206209

>>6206170
Apparently it comes from votes, not the taxpayers
I got schooled about it a moment ago

>> No.6206214

>>6206026
Problem is the cycle of corruption will just repeat, it will simply have new faces. Remember the Occupy movement? They couldn't come together with a message so they got eaten alive by people who've been at the game of life for much longer.

>> No.6206245

>>6205808
>it isn’t, we have the worst internet in the developed world and we pay more than any other European country, the only reason it’s “subsidised” it’s because the government allowed Telstra to keep the monopoly and ducked Australian infrastructure and market for decades to come.
I paid for my own car which has taxes on it for no reason too (muh luxury tax) and on top of that we pay tolls waaay beyond the point of covering costs of maintenance and construction. So I pay for my god damn transport too.

>> No.6206267

>>6205938
None as far as I'm aware - you'll pay stamp duty for that apartment though ( State tax on property purchases)

>> No.6206361

Fact is, governments don't need currency, they only give it to you to give you the sense that you have freedom, so that way there will be some order in society and they won't get hunted down and killed for trying to impose rules on you. Imagine some random person tells you what to do. You instinctively want them to fuck off because who the fuck are they? Obviously creating a system that excludes them is a huge FUCK OFF to them and they are going to try to hold on to control just like a rapist would when they're fucking you in the ass and you try to run away.

>> No.6206437

Normies are an ass fucker cult. They love being fucked in the ass and they love fucking others in the ass.

>> No.6206439

>>6203426
>exchanging an asset for another asset
>believing that you haven't realised your gain

>>6206186
What exchange are you using anon?

Ideally, the Aus exchange you first purchased crypto off will have a tax invoice (coinspot definitely does, unsure about others)

Also records of the transactions you'be made in your trades. Generally in terms of providing the AUD value of this, you can use the closing value on the daily charts probs.

Also honestly you're better off trying to find an accountant who actually knows about crypto if you don't want to get buttfucked to the core with accounting fees


Tax accountant here who wants to stress test my knowledge on tax on crypto. Ask ahead.

Previous thread:
>>6092470

>> No.6206484

>>6201762
Yes. For example.

AUD -> BTC -> iota (hold 12 months) -> BTC ->

Every transaction is taxed 100% except iota that U held for 12 months which is only 50% taxable. Verifiable on the blockchain.

>> No.6206494
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6206494

>>6205901
Yeah nah. There's no cap gains tax so my guess is you would treat it as taxable income. If I could legally cash out I wouldn't mind paying ~20% as we don't fund as many murderous migrants and we have way less corruption

>> No.6206605

>>6201141
the fuckers will have to audit me then, i aint working out that shit

>> No.6206608

>>6206437
Oh, and that's why they love Bitcoin and Reddit.

>> No.6206672

>>6194777

Now you know why communism will never work. What if you never saw a cent from your work, how would you feel then?

>> No.6206796
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6206796

>>6206672

>> No.6206827

>>6206484
So it would be possible to claim a loss if BTC price went down after I traded the IOTA for it?

>> No.6206895

>>6206439
>ask questions
Can the ATO come after me if I only withdraw small amounts at a time and only withdraw below 75k a year so I can live a low-tax life?
My plan is to just make it big and only withdraw enough each year that I don't have to work
I'm only going to tell them the money I started with and the amount I'm withdrawing each time. I have records of all my trades just in case, abiding by ruling on 'Bitcoin' that the ATO has on their website (things like Binance don't give sender address so they can't ask for that), but I still only want to show them what I made when I pull out each year.
I don't mind paying a 45% tax if I make it so big that I literally don't care, but fuck doing that if I'm just barely making the threshold

>> No.6206920

>>6206439
Do I need to worry about anything at all if I don't withdraw within the financial year and keep on holding?