Wtf are we going to do about this?
i dont fuking know.
yeah nah my hard drive got corrupted. no backups. now send me gibs cunt.
>>32652436how will they ever know
>>32652436kek i know what to do, but ill never tell you ATO boomer faggots kill yourselves you glowie cunts.
Ignorance until confronted my friend, leaving this rock for a new job once quarantines over anyway
>>32652436that makes no sense
>>32652436no fucking idea llo
If it was just a tax on the gain from what you put in and then take out only, it would be cool. I'd just take out 50k or so and pay the tax on it and keep investing the rest, but with this law im scared that if I cash out anything at all I will have to pay tax on things that I havent cashed out, which means I have to cash out half my crypto to pay tax...
>>32652583Ofc it doesn't. Say I have 100 worth of BTC, exchange it for 100 dollars of LTC, for some reason its taxable. There is no way to make a profit for the trade its one asset = to another every trade right? Even if tethering. It's old boomers who seriously have no clue how this shit works. Fuck em
>>32652678not defending it but the logic is consistent. you'd never be able to directly trade a stock or asset for another, you'd always go through cash. they just see it like that. you are "going through" cash every time.
>>32652678As the other anon said, the logic checks out. You're not taxed on the total amount transacted, but on the gain realized. For example if you buy $100 worth of btc, btc pumps and you exchange it for $200 worth of ltc, then you have realized a gain of $100. If you put in $100 and just exchange that around without making gains, there's no tax
>>32652436>Using 2 ETH to buy 2 billion Grumpy Finance
Would then a crypto debit card be viable to circumvent this tax considering nothing is technically withdrawn into fiat?
>>32652436Nobodys gonna fucking read through 1000 billion pajeet exchanges.Just tell them to tax you the full 20% capital gains ta- oh right, you fucking australian subhumans pay 50% tax to support the local bogans and abos
>>32652741>w-we want your profits goy you cant just go around our systemi get it, but fuck them its still retarded. this will only cause people to avoid paying them at all due to already breaking the law anyway, may as well go 1 step further. they want to keep people honest? just ask for tax when they cash out back into their actual currency.
>>32652865No, disposing of crypto for assets also incurs CGT.
>>32652865You are though. It just goes through the card, because you sure as shit are paying in fiat. Not that they'd find out though>>32652436I mean it sucks but makes sense that they tax crypto to crypto. They do in krautland too (unless you held for over a year, then no tax)
>>32652865when you trade btc for eth you aren't involving fiat but it's still a capital gains event which is taxable there is no way around it, some anons will tell you that there is, they say how will they know etc etc, but it's all trickery, they know, and they'll make sure you are up to date with your taxes, there are automated tracing tools that exist for this purpose, don't do a big dumb and try to punk the ATO
>>32652436They need to call it "refusing to be a slave" tax
ScoMo can suck my below average cock
>>32652971what if you got "hacked" by your frie- I mean pajeet who lives in a country with friendly crypto laws?
Dunno but it's fucked bro just going to ignore it I fucking hate this backwards shit NEETs getting paid more than me on the dole due to covid but I have to work and pay 50% tax on my coinz get fucked I'm doing a Paul Hogan check me
>tfw make so many drunken trades and shit on uniswap, binance, etc>can't keep track of them myselfHow the fuck do I even see my history?
>>32652627I'm in a similar situation. have 0.5 BTC in a ledger that I bought and stored and didn't touch, another half that I've pulled out and traded with over and over. pretty sure I don't have to pay tax on the untouched half, but in order to pay the tax that will be due on the rest (which is now worth significantly more than 0.5 BTC), I'll have to sell some of it. not fucking happy Jan
Chainlink is not a crypto "currency"
>>32653171>I'll have to sell some of it.you get taxed on the stuff you sell for the tax right? so it's like an endless negative feedback loop until you're in hundreds of thousands of dollars in debt paying tax for paying tax. I fucking love this country.
>>32652436>paying taxeswoah gz you will surely get a better bed in the extermination camp retard
ausfags are incentivized to hodl, bullish
>>32653244no its supposedly true though there is a list of taxpayers that will get support in the event of a war and a list of people that avoided or never paid enough tax through the years, they'll be left to their own devices should catastrophic warfare come about.. or so /they/ say
>>32652627This tax is to keep you poor. I would change country.
This is why I avoid Pancake and Uniswap, when You eventually cash out into fiat the ATO will come looking for receipts.
>>32653286yeah, a make it stack is double
>>32653337that's total nonsense. in the event of a war the government/big corporate will rally around the super rich and protect them in lavish bunkers while the rest of us suffer and die.
Fuck this shit hole, I'm out.
Let's pump monero, my hdd got fucked...
>>32653525they still need some goys alive
Just wait for the nation-states around the world to shit the bed and "cash out" in a tax-friendly jurisdiction?
>>32653552hows it feel knowing you can't leave the cuntry?
Who am I even supposed to keep track of this shit?
>>32653605Thankfully I hold dual citizenship, I will call my embassy tomorrow.
>>32652436Just buy and hold bitcoin, never sell, never trade.When you're a multimillionaire you can take fiat loans to buy what you want using your coins as collateral.
>>32653640What if I want to cash out 50-100k so I can live for a while without working until then? As soon as I cash anything out they will be on me wanting more tax for my crypto to crypto trades... I dont want to live like a pauper and be a crypto millionaire just to avoid paying tax.
>>32652436fly over the ditch and exchange it there
>>32652865possibly soon, visa says they will allow you to put up your crypto as collateral in exchange for spending power (in the form of a line of credit). these arrangements may not qualify either as a disposal of crypto for another crypto, or disposal of crypto for fiat.you would want to see a tax attorney for clarification on this (tax accountants don't have any kind of privacy obligation and can be compelled to rat you out by authorities, so dont cheap out and make sure you see the attorney)
>>32652542If you do it on an Australian exchange they keep records.
>>32652436I only use Chinese exchanges for this reason.
>>32653700You'd have to be a tax resident there when you made the gains
just wait for them to change the law. No way they have staff who are willing to waste time going through the millions of shitcoin transactions.
Why are Anglo societies so totalitarian?
>>32653832So lets say I move to Portugal, become a tax resident and cash out, i no longer have to pay capital gains tax?
>>32653786they don't give a fuck?
>>32653700NZ has the same law, crypto to crypto is taxable.Only difference is you only pay it as income tax, not as CGT, so if you have no income you could potentially pay low/no tax.
>>32653837ASIO and AUSTRAC have software tracking all your transactions, unless you hide your address by mixing your ETH or BTC.
>>32652436>globally traded asset doesn't even pass hands through local fiat currency>gibI will bash ScoMo and his corporate paramilitary dead
>>32652436>take how much you cash out>minus how much you put in>tell them it was all ETHeasy done.they don't want your life story, just some of your blood.
>>32653878the only way to not pay tax in Australia is to not be a resident of Australia>The rule of thumb is that an Australian who is a resident of Australia will pay tax ontheir world-wide income, wherever the income is earned and regardless of whether that income is brought into Australia.They literally make moving country a capital gains event.
it's fucked but not much we can do boys, I assume it's the same as with the IRS, but can't fuck around with the ATO because they can basically end your life and rape you. If it's a bank or whatever, you can basically do what you want and dick around with paying debt etc, but I will not mess with the ATO and be up front with my crypto. The flip side is that it's more incentive to hodl to at least get the CGT discount if/when we end up selling.
>>32654127This is want I want to do but they have my ETH address and it has many transactions on it, if they truly have records of it and compare them to what I self report then I will get audited and assfucked.
>>32654148>They literally make moving country a capital gains event.can't I just take my hardware wallet overseas?
How about you never do a tax return again, quit your job and just withdraw under 10k at a time. Just disappear
>go on bitcoin tumbler site or trade it for monero>trade it back to btc on another exchange account so there is no connection>say you found it on an old wallet>they think you hodl the monero on your other accounttell me why this wouldn't work
>get your crypto off Aussie exchanges>Buy some shitty nfts and leave them in a wallet for a year>Buy your own ntfs every time you want to cash out and pay the 15%cgt
>>32654198They don't give a fuck about you, you are a small fish, and are actually paying tax.If they come for you just plead ignorance. They will only really ask for what you didn't pay in tax, which won't be much because how much more can it really be if you're honest about the final withdrawal and initial investment?
Or better yet, what crypto? Oh that scam shit, i got it all stolen
>>32654247What happens when you want to buy an asset worth more than 10k?
>>32654241I guess if you bought through a non KYC exchange
>>32653703 More than that. That have build a data base of exchanges. So spending credit on pretty much any exchange is flagged now. You buy btc in a non kyc exchange they might not know what you bought but the know for a fact you bought crypto
>>32654296Do you work for the ATO faggot?
>>32654308Take it out over months at a time, fuck i dont know, not up to that part yet.I did hear you can a self managed super fund and deposit into that and then buy property with it, tax free or less tax
>>32654337What if you invest your initial capital years earlier while on cenno and it's a miniscule amount? I highly doubt these dumb glowniggers will come looking.
>>32654164If we buy crypto throughout the year, how does that work when you sell?
>>32654357yep, stop spending all your dole money on southern style chicken tenders and onlyfans tips cunt.
>>32652436This shit makes no sense. It's capital GAINS tax, means it taxes the profit made from an asset that increased in value. In other words if you bought 1btc for 30k Euros and then sold for 50k, then you have profit of 20k which will be taxed. But if you have 1 btc and you bought 50k USDT with it, nothing increased in value, what are you paying your tax for? Like what?
>>32654427I'll have you known I only masturbate to free amateur porn
>>32652930>just ask for tax when they cash out back into their actual currency.This. I have higher value in crypto than fiat savings. How could I pay on trades when no profits have been realised?
i haven't made any profit from my crypto yet and its all stored locally on a wallet - do i need to declare shit or only when i actually make money from it?
>>32653942Fucking kek. Some of my trades are downright embarassing.
Everyone using coinspot? If so is it actually based in aus?
>>32654478>doesn't deny the dole>doesn't deny the tendies>only clarification is of masturbation materialA man of culture I see.
Feels good living in a country with no capital gains tax
>cashing out in chinkstraliaYea I'm really gonna help pay taxes for unis to train more chinks to take overFuck you
>>32652436We do not give a fck as long as we have some Pmon and Xrp we are safe.
Even more reason to hold then
>>32652436Nothing. Most Australians are spineless bootlicking cuckolds.
I have been paying taxes since 2018. It's fucking shit.
>>32654497It's best to, imo. I;ve made gains and will have to pay tax here in NZ, on money I haven't actually made yet. It's taxed as income here, no way out. At least we don't pay CGT on rentals and shares here.
>>32654532They'll add a crypto tax, my shithole country has no capital gains tax, but a crypto tax
>>32654596hold pmon those elrond dragons are going to make you rich if you get some of them then you can get for a new life we do not care about taxes. Fuck the govs.
>>32653127Australia has an advanced crypto tracking system
>>32653127Koinly, CoinTracker etc
>>32654712so move out of australia buy pmon, monero and link and invest in nfts in a few years you may thanks me.
>>32652436why would you have to do anything? all crypto is anonymous unless you kyc yourself
>>32654644How did you find this out bro? I'm in NZ. I just buy stuff with binance and trade a little, I just want to get a house deposit, this tax is bullshit
>>32653870Because they all kneel to their Jewish masters.
>>32654821so all-in on monero , I would invest in nfts too like those hashmaks and polkamon and sell after years of holding . taxes can't get me.
>>32654148Simple, pay your tax for the current finance year and fuck off elsewhere. Also make sure you are technically no longer a 'resident' so you don't have to pay tax for 2 countries.
Honestly I'm just gonna get fucked raw by the ATO till I can get a dual citizenship in a place in the EU that has favourable crypto laws
lol at all you dumb cunts saying the logic checks out. listen you fucks, this rule makes sense for property or stocks, but not for crypto. you dumb glowie fucks aren’t getting a single cent from me you scam artist cunts. money is made from nothing you fucks want to tax my shit? over my dead body you little fucks i’ll take all you cunts on you will not get a single cent
Asia is the best place to be for crypto right now. Hold mrch ,xmr and retired in thailand retard
>>32655037The real question is what country will you move to?Which country has the best tax laws regarding>staking>mining>trading crpyto>using crypto to buy goods
>>32653640Crypto loans are taxable event in aus, its truly fucked.
>>32655412Fiat loans are not
>>32652436No problem for me - I've only made losses on all my trades.
We uh.. KILL the Scomo.You think Canberra's rape parties fund themselves?
Solution post-covid: Move to Portugal for a year. Just buy a house (for the amount that you'd pay in tax here) and then in 1 year you can claim tax domicile there and get taxed at 0% for all crypto transactions + withdrawalsAm I missing something? Why don't we all do this
>>32655482>Am I missing something?the rumor is the government wants to retroactively change capital gains crypto taxes to rake in the money now that cryptos went parabolic
>>32655398I would stay in asia for staking that why I am going to stake mrch forever .
Is there any party in this country who actually doesn't want to rape our wallets to death? Just one?
>>32655482Because there is an exit tax where you are taxed on your gains on the day you stop becoming an Australian tax resident
To all the glowniggers ITT: Why not just change the law to money in/money out? You'll induce far more people to play by the rules. If you don't, we'll just find crafty ways to jew you out of it, while remaining within the letter of the law. Answer me you golem!
>>32655482Sounds good, maybe renting a PO Box as an office would be possible too
>>32655602>>32655580fucking hell we're truly dogged
>>32655148Holding mrch is smart, but xmr sucks
>>32655622That's how I'm doing it unless they specifically order it otherwise
Just pay your taxes for fucks sake. Get an accountant to calculate your trades for you. If you don't want to pay tax, don't trade.
>>32655622The goal is to keep plebs away from crypto altogether.How long before tradies start taking payment in XMR under the table?
>>32655733What is this glow nigger shit? Our crypto is overseas and nothing to do with the local government
>>32655767Just build your own country goy
>>32655767Where do you live faggot?
>>32655696mrch is the future of ecommerce
>>32655753Smoco always talking shit about muh foreign investment while our own citizens are disincentivised from any sort of initiative.
>>32655803how’s that even a counter argument you fuck?
>>32655733>Just pay the Government to flood your country with foreigners>Just pay the Government to fuck you in the ass at every possible step of your life>Just pay the Government to force even more draconian laws on youHow about you GO FUCK YOUR OWN FACE WITH AN AIDS INFESTED COCK YOU FUCKING NIGGERFAGGOT!
>>32652436Henlo, dumb goy cattle.
Got this in the mail last week anons, what do ? I only ever lost money in 2018, so I don’t know what their deal is.
>>32655836If you made money while living in Australia, you pay taxes to the Australian government. It doesn't matter if you trades shitcoins on CZs chinese casino funhouse, you are an Australian resident. Fuck you cunts are retarded.
Any recommended software services that calculate p&l on your trades per day on exchanges that can be recommended? If I use a few exchanges and move coins about I imagine I’m kind of fucked. Also interested on if they can see staking rewards on ledger for things like algo because from what I understand this is a taxable event as well.
>>32655907>I only ever lost money in 2018You still need to report losses. They can apparently be deducted from future reported gains.
>>32655907What exchanges have you used?
>>32655914Post your nose right fucking now you filthy kike.
>>32653597Only sensible anon here. Don't fucking pay these kikes is the only real answer. Do you want your money to support our replacement by third workers or subsidies for them buying houses in our land. Move somewhere and cash out there.
>>32652627>buy btc on exchange with KYC>send to non KYC exchange>trade>withdraw via p2p platforms spoonfed.jpeg
>>32655932Staking counts as income tax.
>>32655907They just want you to bend the knee.
>>32655960Binance & Bitmex both non KYC. I used to used Bit trade Australia to buy BTC back in the day, probably from there is my guess.
>>32655842Capped this last night.>>32655753This would be great. I could see xmr being used as money for a shadow economy worldwide.
>>32655932I used Brunette Brothers CryptoTaxCalculator last year. Input info from Coinspot and it figured it out.
>>32655914why aren't taxes paid on casinos then?
>>32655835That's because the whole economy is a ponzi scheme based on selling houses to chinese and indians.
>>32655970If you don't want to pay tax on crypto, the simple solution is to not trade crypto. Why don't you just wage the rest of your life and retire at 70 anon?
>>32655994That’s how I feel, they obviously don’t know how much I have and want me to declare it all to them...such threatening language in the letter lol.
>>32656072>Capped this last night.Good cap, cheers.
>>32654808https://www.ird.govt.nz/cryptoassetsJust been reading it, fug. im sure i checked this stuff a few months ago and it was just "you should"
>>32652436There isn't even capital gains tax though lmao. It's income tax. It counts as part of your income (the profit) and taxed as income
>>32656087Jew detected. Day of the oven is coming very fucking soon for you parasites.
>>32652436What does it matter your probably a poor cunt so your gains are just taxed at your income level. (Profit - losses) taxed at income bracket unless you held for over a year then you get a 50% discount on your profit
>>32652741It's not going through cash. It's like growing tomatoes and trading them with your neighbour for some apples they grew.
lmao just move to my country already faggots
>>32652436Sir, I was not trading cryptocurrencies, but rather merely adjusting my funds allocation inside a centralized exchange. No blockchain event(s) are linked to these adjustments. This is materially different from an on-chain exchange because transacting on a centralized exchange introduces account integrity risks etc.
>>32656078Whoah there. Cool it with the antisemitism.
>>32656196?? What about staking rewards?
>>32656171It's not my fault you're poor, goy
So any event is capital gains tax. So if I make a loss it's negative capital gains and the government has to pay me to settle their debt right?
>>32652436They can capital gain my dick up their ass
>>32656222That's taxed as income. Apparently
>>32652577>he thinks it’s ever going to be over
>>32656212Fuck the jews - especially Friedensheckel and Greg CHunt. I'm not planning on declaring any of my income, which at this stage isn't enough for them to be concerned about. They can suck my balls.
>>32656289In his country?
>>32652627It is only on gains you retard. What part of capital GAINS tax do you not understand? Losses on crypto are also deductible.
>>32656313This is an Australian thread. I assume he's talking about Australia.
>>32656337So the best thing to do is wait for any crypto you buy to drop a bit then transfer it to a private wallet at a loss.
>>32656368Clearly he is not..... tax rules were different in his image.
>>32652436Wasn't this always the case? I mean we already knew this
>>32656310My income is also not worth investigating. However it will be in future. I'll have no choice to bend because I want to buy land. After that, however i already have a solution on the boil for minimum infetterence.
The ATO has been notified of this post and all of your IP addresses have been flagged. Any tax avoiders will be prosecuted.
>>32656431I want to buy land too. I haven't decided if I'll stay in Straya because I'm not sure there is a future here for my kids as it is turning into a mega shithole.
>>32653053Yeah cunts I am literally in this situation. I must have been retarded in some way and 1000 dollarydoos worth of shitcoins that were in my metamask got stolen. The 1000 was pure profits from being lucky from a PnD. Am I gonna get taxed on this even though it's legit stolen?
>>32656472Hello ato jannie, FUCK MY DICK
>>32656472Tax avoidance is legal faggot.
>>32656423Yes, but for some reason people are too stupid to understand how to calculate gains properly, and incapable of hiring an accountant. The only reason I can think of is that they've only made a few thousand in profit and want to hold on to as much as possible.
What if you made no profit?
>>32656492Where are you thinking of moving to?
>>32656222If you are even thinking about that see >>32655866I thought aussies had balls.
>>32656525>>32656530Agents have been dispatched to your location. Have a lovely day.
>>32655148Wow pepe starting an only fans? I think I'll pay with P-mon
>>32656576Not sure. Everywhere seems to be turning into a hellhole at the same time. Somewhere with a weak government so I can just be left alone. Then there is the challenge of having to earn a living.
Its gainz tax, its pretty straight forward, day trading also is sperate from CGT iirc.In aus land your gainz are taxed via your income bracket, if you are povo you get taxed 19% of your gainz."Invest" $100AUD in ---> BTCBTC AUD value doubles you now have $200 of BTCYou sell your BTC which is a "disposal" and ever cent after that initial $100 is taxableSo you are taxed $19 and walk away with $79 profit
>>32656721Pretty much the retarded politicians are treating crypto as stocks/futures, as they have no real understanding on it other than; Money goes in, money goes out with profits
>>32656710>Everywhere seems to be turning into a hellhole at the same time.Yep.
>>32655804Mrch and pmon both, every other project will get rekt once the hype fades away.
>>32655973I seriously hope none of you try this shit. But just to save you the time>any transfer from a KYC exchange to a wallet will link that wallet to you in taxman's eyes>they will track the trades on that wallet>ask for their slice on any gainsDon't be a fucking retard, if you've linked a wallet to a KYC exchange just pay the fucking tax and next time don't be a retard and use KYC. As soon as you can figure out a way to get crypto without mr taxman knowing it's your wallet you're in the clear. I fucked up and used btcmarkets and now I'm just going to cash enough to pay my tax like a good goy.
>>32656611>I thought aussies had ballsMaybe 50 years ago. Anyone from Gen X onward had their balls removed at birth.
>>32656525>FUCK MY DICKSounds painful
>>32656379it does not matter either way, if you convert the coin only the appreciated value would be taxable, not the entire value
>>32656710Is it really so bad here? Tasmania and the countryside is pretty white. Plus we're an island. Don't underestimate that.
>>32656721What if no profit?
>>32656840Most had their brains removed too.
Just pay your fucking taxes you cheap cunts
>>32654644>>32656150How can you be taxed on income you haven't realized, the tax only applies when you liquidate
>>32656840Eunuch here. Can confirm
>>32656903The government needs the money right now. Also as soon as EV cars become mainstream and conversions with rebates and petrol usage goes down, you will be taxed per km you drive. As petrol is like 2/3rds tax they're not giving up that cash cow
>>32656984Someone with a 3 digit IQ here. Same reason they will never ban ciggies or alcohol due to the insane tax they rake in from it whilst preaching about how super bad it is. It'll only be by the end of this decade before they jack up the GST as well.
>>32656903I know seems like a complete disaster. I don't have to jump through these shit hopps with shares
>>32656883deduct losses from tax or other capital gainzThis shit is easily gamed as well, since you know, rich cunts lobby to leave loopholes in the tax code.
>>32652436dont be a retard just buy mrch and move to portugal or something. no taxes on trading crypto.
>>32656894Most of us are happy to pay a fair amount. Getting jewed two to three times before taking profits is what has everyone sperging out.
>>32656984How can New Zealand income tax apply at all if there hasn't been any income? Shit is pay as you EARN not pay as you speculate
>>32656844painful as if you lost the pmon train faggot
>>32656984Can't stand this gov they have their hand out for everything
>>32656984>>32657049>everyone stops driving, drinking alcohol or smoking>tomatoes, radishes, carrots and potatoes are now taxed at 3000%
>>32657053also if you hold any capital for a year or more you get a 33% discount on your disposal of the assetSo if you make less than 37kAud you get a cheaper tax than americans
>>32657059I am going to bring my bag full of polkamon there then.
>>32657059buy mrch? fk off lmao. in terms of nft projects, ern is king. who the fk is buying mrch
>>32656871It is slightly better here at the moment than other places I can legally move to right now, which is why I'm still here. It deeply concerns me how much freedom we've lost in the last 30 years and what the scum who rule us are trying to bring in with their hoax pandemic.
>>32657101Worst is half of that produce will probably be imported as well, if it isn't already.
>>32657093russia is a good country and crypto friendly i have my theta and pmon , i stay there
>>32657126*50% tax discount
>>32657126Just be on cenno. Your first $18-$19k is tax free. Don't cash anything out and if you do make it under the threshold. Or move it slowly out to a private wallet under the threshold
>>32656894Taxation is theft.
>>32652436Absolutely nothing. Why?
>>32657238big theft and fuck them all i will trade anywhere where there is no taxes huge gains with pmon, theta and ocean .
>>32652436buy pmon now while it's still cheap, move somewhere where they dont tax you like a mfer and make some fuck you money. easy.
>>32657093We still have to pay back the $1.5 billion for myki which is probably $2.5 billion by now. And Dan Andrews literally doubled every Victorians average debt in a days while back before Corona to spend big - also has like 3x more personal staff than the PM lol. Probably why he pushes so hard for Chinas belt and road so he can take in money
>>32657190I know. What concerns me even more is how many people of my generation <40 are so easily propagandised into submission. Free thought is almost extinct beyond schizos. If the Great Awakening is happening it's not happening very quickly.
>>32657300I hope you sold when it was over a trillion anon
>>32654426That's where it gets complicated but it's basically based on the acquisition date e.g. say you buy in parcels of $1000 BTC a month for 13 months and you sell it all after 13 months. Only the first parcel of $1000 will have the CGT discount applied, the others wont. So say that first $1k parcel grew to $3000, you'll get a CGT discount on the $2000 gain of that parcel. Say the other $12000 grew to $20000, you'll pay CGT with no discount on that $8000 gain because you sold within a year. I buy various cryptos each week and have been doing so for about a year now so i'm possibly fucked at tax time when i eventually sell, but I assume there are calculators that do this sort of thing, you basically need a spreadsheet with amount you bought, what crypto and the date and it'll probably be fine.
lol faggots i got one of those letters that says the ATO knows you have crypto and you should probably tell them all about your activity and pay taxes, lol get fuked cunt tell me how much you think I owe you and maybe then we can talk im a retard and don't know shit
>>32657126It's actually 50% discount for individuals who hold for 12 months. 33% is for super funds
honestly i wouldn't feel so bad about paying tax if it didn't go to absolute bullshit like giving chinese cunts 50k to buy houses in perth or some shit. once i crack 8 figs i'll hire a team to organise it for me. if it comes to more than 10 percent i'm just not going to return. ill buy the lambo in europe with btc straight.
>>32652436You eat the bugs.
>>32657300Fuck PMON and fuck YOU. get that normie shit out of here. Buy MRCH and don't ask questions.
>>32657404This, the ATO works almost entirely on voluntary submissions. They can't afford to audit every cunt. Just play dumb and see what they have.
Just so we're clear here - the government will print money and/or make huge debts which is effectively them withdrawing money from your bank account just with more steps as it devalues your savings. But you protect your money from shit like inflation and quantative easing by putting it in crypto and the government sticks their hand out for gibs - and even though you're taking risk for that they want like a third with no risk on their part - they won't pay for a third of capital loss
>>32657404This. Demons only ever have smoke and mirrors at their disposal. It's a trap to trick you into revealing yourself. I know full well they've no way of knowing what i have, but I'll reveal what I must, when I must. Email them back and ask for a description of the assets and amounts.
>>32657382There is no Great Awakening. People in the alt media have been saying that for over a decade. Meanwhile we are having a social credit system built around us. I've given up on normies. You get fuck all people to demonstrate against lockdowns but you can get thousands of dumb cunts to march for BLM, faggotry and fake rape stories. This country is fucked beyond repair. It is just a question of whether it stays comparatively less fucked than elsewhere.
>>32653942>australian exchangesorry my fund is safu
>>32654009>I pay for my Internet >government has nothing to do with anything related to crypto>they still want my money>can't seize it>I'm not paying The best part about crypto is how they must publicly confess to be just common thugs, as they took no part in the value creation whatsoever, which was already a flimsy argument to begin with.
>>32657179ethernity is the only nft project that will still be here during the bear market. the rest is doomed.
>>32657568That's the only benefit of Australia. We're at least a decade behind the rest of the world. So when they collapse we know we have under a decade left before we follow the exact same path.
>>32652627it's how it works where i live. say, you buy crypto for 500$ and now your shitcoins are worth 2000$ and you cash out you only have to pay taxes for that 1500$ i.e. profits. the tax is 20% which is still a lot but it's not confusing and at least i don't get ripped of completely. also, if you're in the negatives and cash out you don't have to pay tax at all. exchanging one crypto to another is also not taxed. i might live in a shithole but damn laws here are not bad at all. shame i can't own firearms without jumping through hoops.
>>32657513We're their subjects. Their currency is like Runsecape gold. They print it and they take it away as they please. Taxes aren't for the government to raise money, but for preventing you accumulating it.
>>32657493LOL, why so mad? Both pmon and mrch are nice
>>32655398Right now, the Netherlands
>>32657587I guarantee you Polkamon will survive it too. >>32652436Google is your friend. Just move, faggot.
>>32657656exchanging in aus is considered a disposal, you are taxed on any value added after the initial purchase of the coin when you convert it to another
>>32657074There is a pmon black market... lol
>>32655622It's my money and I'm not paying shit
>>32655733Israel doesn't exist, kill yourself
>>32657621I don't agree with that. TPTB have plans for us. Do you think it is a coincidence that there were 300 designs for new parliament house and they happened to pick the one with a pyramid on top of it with the two house chambers forming the eyes of the owl that was built 60 years earlier? We'll end up as seven or so new Chinese provinces.
>>32657725Nahh polkamon won't survive the bear market. But ERN has partnerships that will boost them during that time
>>32657725What makes you think polkamon will survive
>>32657656If I have to pay 20% on profit on a risky investment, the government should have to pay me for 20% of my losses incurred - or rather it's still the same thing - capital gains tax - profit*0.2 just the amount calculated from has a negative sign on it
>>32655914S L A V E
>>32652436Ignore it and nothing happens?You fucking think they're gonna track your uniswap shitcoin transactions?
>>32657814ahaha what do you mean? Only 1 Polkamon dragon is worth more than all of ethernitys nfts
>>32657777Checked and based, godspeed anon
>>32653597was so confused listening to this book til i realised it was written in 1997 lol
>>32657836We'll be able to use polkamons in gaming.. thats big.
NZ here. I thought I owed a lot of tax so employed a specialist crypto accountant.Turns out my losses have offset my gains so no tax to pay. Such a relief and will happily pay his bill immediately it arrives.Am in a good position to start this new tax year...actually has taught me discipline in my crypto activity.
>>32652822dont worry anon you can carry losses forward
>>32655914Hey bro, this is your less cucked neighbor to the west.No.>T.Kiwi
>>32657744>Buy $100 BTC>Now worth $200>Swap for some shitcoin>Taxed on $100>shitcoin goes 10x>Now worth $2000>Swap back to btcWell if it's been disposed of its already disposed right? So that second swap should have no tax. I know that's not the case and government will want tax again. But if it's been disposed of its been disposed of..
>>32657968How did you get all the way over there mate?
>>32657777Checked. Sure that's fine if you never want to own property. I'm dreaming of a redoubt somewhere in the mountains.
>>32658053They were probably sick of being near the eastern state faggots.
>>32657915Polkamon with the gaming use-cases and ern with the celebrity NFTs will both survive
>>32657975no you get taxed on the second $1800 when you swap it back to BTC. Because that's when you dispose of the shitcoin. You don't just get absolved of all gains to BTC because you disposed of it once in the past lol.
>>32653942so they have coinspot buy records.i made losses only sorry guys. could i get a tax break on my other investment gains?
>>32657568Part of the problem is that researching these things leads to uncomfortable conclusions. >B..but Hitler was evil! I've known it all my life!
>>32658101Don't buy that useless trash you degen.Get mrch, it actually has a use-case.
>>32658128also for the record, this is dumb, dont do it. international cooperation is already happening
>>32657975you get taxed on everything except the initial 100, and the previously taxed 100 on the shitcoin to btc conversion
>>32652436This is why I stopped day trading after 1 weeks, you're bleeding gains out the ass due to constant tax events. Now I juat buy and have to hold for a whole fkn year. Australia sucks, we are taxed so much to give a nice comfy life to useless aborigines, society-wrecking single mothers, and pay for useless arts degrees.
>>32658230dont include previously disposed (and taxed) in the next disposal
>>32658196In my experience most people wear their ignorance like a suit of armor as it prevents them from having to think critically about anything.
>>32657837that would work in the favor of the one who invests that's for sure but given how many retards there are who invest in shitcoins i wouldn't pay for losses if i was the government. if i were to change anything it would be the 0.2 to something smaller. retards should pay the retard tax imo. nobody's forcing you to invest after all.
>>32658314its almost like these fooking regs are to induce stable markets, lel
>>32658314Most of the money goes to old age pensions. Not that I pay tax but there may be a shitload of savings in the next year as all the old farts start dropping dead from the experimental vaccine.
>>32658398>Not that I pay taxWhat'a your secret bro? Or are you neet-mode...>>32658362Do you really think that's the purpose of these crypto taxes? To stabilize the market? No way man.
>>32658483DSP neet. I haven't been gainfully employed in almost a decade. Almost worth being in chronic pain lol.
>>32658483The govt literally just slap pasted the fucking same legislation that governs stock trading, so yeahAnd this is the aus govt we are talking about, so there is taht
Hold for a year and the maximum CGT you pay is 22.5%
>>32652436the only solution is to get rich enough to be able to open a Swiss numbered bank account. I read the tax Wiki leak. If none of our pollies paid any tax im sure as shit not gonna either
>>32657402Koinly. Sleep in peace.
>>32657300SHUT THE FUCK UP AND GO AWAY FROM THIS BOARD
>>32652436never sell and wait for ww3
>>32659182the ATO will find you, nigger
>>32656472Duck the crypto IRS. You fuckers ain't getting my money.
>>32659211Listen to this goy. Koinly makes it so easy that you'd have to be completely retarded to fuck it up and even then you'll probably still be accurate enough to get away with a few discrepancies.
Fellas I'm dumb about the ato. If they messaged me and said they I owe them tax because I havnt declared my crypto. Do they then charge me with tax evasion? Or can I then just fix it up and pay them then
>>32660045Just tell them you thought they were Indian scammers. You'd be right too.
>>32659965Can you upload cvs files to it or have to use api?
>>32652436You find a very fucking good accountant
>>32653053So long as you report it, tou can claim that as a loss to offset any other gains iirc
>>32656087YOU STILL PAY TAXES WAGING YOU FUCK
>>32660045tax amendments will save you, and you'll just receive a small fine. fuck the ATO though
>>32660174You can upload CSVs, yes. It's how I do it with Swyftx because APIs are tools only used by satanists.
>>32658362More like a stable population of serfs who will never be allowed to make it.
>>32660045The goys will message you something like "Anon, we have proof from tax years x and y you didn't declare your magic beans to us, please show records of your grumpy and hoge purchases by z or you will receive a fine"Kind regards the aboriginal and muslim funding agency
>>32659211cheers bro i knew there'd be something out there like this, ultimately it's a simple calc if you just have the right inputs.
>>32660045You will go to prison for the rest of your life.
>>32660225My point is, you can make enough to retire after a few years in crypto. Just pay your bloody taxes and don't be a dumbass or they will fuck you over.Or the alternative is not trading crypto at all, waging and retiring when you're a grandpa. I know which one I'm choosing.
It's literally LITERALLY IMPOSSIBLE to fucking keep track of this shit, especially when I had trades back in 2017 and no records of those trades. I'll pay my taxes when they fix up their retarded system so it isn't so insanely complicated that its basically impossible if you day trade.
>>32656182To them it is because these coins are valued against fiat.
>>32653920They don't cooperate with the ATO, some of them like Hotbit have no KYC also so it's not like they'd even know what your account is
>>32653942Your fault for using a Aus based exchange, literally use binance and you'd be fine, but no, you took the retard coinspot pill.Anyone that uses an overseas exchange, just pay the tax on your cashout, ato is happy, you only get mildly cucked
>>32652436You can see the pattern in the G-7 narrative. Tax everything into poorness which survived the lockdown over reaction
>>32655660I was thinking of just donating what I'd have to pay in tax and writing it off, I lose the money but at least I can choose how it's spent. I don't care asking those filthy likes in parliament don't get it
>>32661872I hope you're holding Monero because gifting crypto is a disposal. Unless you were planning on donating to an (((official charity))).
>>32655602So if I had to move to a different country for a job opportunity and happen to be holding BTC, i'd have to pay CGT on this even if there is no transactions or intention to sell? That's insane.
>>32660251It's counting moving coins to private wallets as disposal?
>>32653371This. It forces you to sell your gains to pay them and then you’re poor again.
>>32662326I mean cashing out then donating what I'd owe in tax to make a wish or something
>>32663370It definitely doesn't work like that.