Cashed out

>n accountant we dont have the same crap the burgers deal with. accountant will make sure ato stays away.
>easy in aus
deposit $9999

do you really need to deposit more in 24hrs?

Nah I can wait, is the 10k thing Legit or a meme? Surely if I had $9999 multiple times it would just flag

taxable as part of your individual income tax rate
ato.gov.au/Rates/Individual-income-tax-rates/

Over 30% of gainz

What is the point

You pay capital gains tax when you cash out. Only then. Here is what you do if you have a relative you trust, that isn't working.

#1 Move coins from exchange into a wallet you have made
#2 From that wallet, move it again into a wallet you have made for the family member
#3 Family member signs up for exchange, and deposits coins from 'their' wallet
#4 Family member cashes out
#5 family member declares the gains on their tax return
#6 family member pays little to no tax on it since it's their entire income for the year
#7 family member than gives you the cash as a gift (there is no tax on cash gifts in australia)

this is the best way to do it if you're able to.

Crypto-to-crypto and crypto-to-AUD are both capital gains events in Australia. But "capital gains tax" isn't a separate tax, your capital gains just add to your income, then you calculate your tax bracket after that. But even if you're a NEET with 0 other income and you earn under the lowest tax threshold in crypto gains, you're still obligated to report your capital gains to the tax man, even if you don't have to pay anything.

>not cashing out crypto gains by selling acid

You're doing it wrong

what about wallet to wallet?

I wagecuck for 126k so it's gonna be 37% for me. OR I don't cash out here and live in Belgium for a year drinking beer where I can then cash out for free. Crypto has no borders mate.

see

No because you're not disposing of your asset

so for us wage cucks that are already 100k + for the financial year we should transfer into our NEET brothers/cousins wallets and let them claim it on their tax return. then they can gift it back to us

Why would I trust anybody with or even tell anybody that I even have an amount of money that's worth dodging taxes for?

because i thought you had a family that loves you. sorry carry on

Sounds risky to me. If you have given your ID to any australian based exchanges and eventually when the tax agencies start using "blockchain tracking software" they'll probably get you. When the tax man comes down on you, he will come down on you hard. You're better off staying on the right side of the law and talk to an accountant.

sounds like a tax avoidance scheme m8ey. can't remember what section of the ITAA but there's a general anti-avoidance provision (google it) the commissioner will take you to the cleaners if he detects.

(he won't detect lol)

No, This is structuring, If you get caught you are even more fucked because they will fine you for deliberately trying to hide it.

At this point in time it might be a smart idea for you to start thinking of ways to launder if you're having to pull out 10k multiple times, and have a very large sum of money that you want to stay undetected. The truth is they do monitor you. By the third time in a 3-month span they will keep watch specifically on you, and the other handful of people they have listed.

but BTCMarkets is already charging me GST.

WHAT THE FUCK THEY NEED MORE MONEY FROM ME???

Fuck sake I just want to cash out so I can use it as a house deposit so I can stop fucken renting

Buy stuff on the dark net
Sell in bulk for cash
Keep cash

Or just take the tax hit

Thought if you held a year it caps at 20% tax, no?

50% tax discount on any CGT asset held longer than a year

Don't transfer it to your bank where the taxman can see it. Just buy something with it. There is some good deals out there.

There's a possibility that of you hold long enough CGT on crypto will become a barrier to adoption and it'll be forced to change. I'm talking 5 years.

Yeah. They will classifying cryptos as a commodity and charge 20% VA tax on every transaction.

cashed out 800 NZD on indepdent reserve

Not worried because only 800 bucks compared to the thousands ive dumped into crypto

in all honesty though the taxman is too busy ethnically cleansing our streets of chinese cash-only businesses (and is recovering mad amounts of dosh).

but, one day he will come.

If you really want to avoid taxman, I suggest two ways
light side: purchase goods with cryptos, there is no income tax on this. 100% legitimate.
dark side: use an offshore exchange and offshore all your gains into russian bank account. then use it to pay for computer games on steam, or some shit

This, swap to monero and hold drugs

If that happens then just move to a country that isn't stuck in the 50s and accepts crypto is the future.

Mate you in Sydney?

Bitrocket ATMs m80. You're welcome

I can buy another $2000 worth of crypto on Coinbase, do I buy ltc, eth or btc?

To add to this, the price for cash OUT is Bitpay exchange rate × 0.99 which is pretty unbeatable. When buying BTC they hit you with 10%

Monero or Bitcoin Cash will be the biggest movers in '18. BTC is the walking dead. LTC is not too bad but just had a big pump.

Literally what I did back in 2014. FUCK, SHOULD HAVE SAVED MY BTC INSTEAD OF SPENDING IT ON DRUGS.

If you're taking out anything less than like 15k don't even worry
OR man up, buy a fuck load of coke on the darknet, sell it here and quadruple gains tax free

I've heard that so long as your original investment was less than 10K you can cash it out without paying capital gains tax. Say for instance you had put in 15k and want to cash out half which is now worth 100k, that is only 7.5k of your original investment so it is ok.

Can anyone confirm this? I'd still ask an accountant to be sure tho.

protip, only if you're talking huge amounts like 6 figures

move to nz get citizenship, not hard as an aussie, cash out and declare it there, 0% tax, come back

can i do this as a britfag? nz is really tax free?

If you live in Syd just go to the city theres bitrocket ATMs.

Big fees but how are they gonna trace cash.

Fuck the ato i haven't paid a dollar in tax and i'm 28. Been earning 120k a year since 21

if you're gonna do this, swap to monero then back to bitcoin so they cant perform blockchain analysis on your shit

on capital gains yeah

solid

dunno how it works for uk though, cos with us you still have to pay tax in the us or you renounce your residency

Nah melbs

what exchanges you cunts on?

Op here ID changed

What’s going to happen if I deposit 30-60k in one hit and don’t say anything at tax tiime

Anyone in Canada ? How does it work here, how do I dodge the big man in the suit

bitrocket.co/

This only applies if you bought the original investment "as a hobby" or for something else, and it just HAPPENED to appreciate in value and now you want to sell it. If your original intention in buying it was for investment purposes to hold it and sell it, then the "under the $10k" rule doesn't apply. It seems like it is on some shaky ground though.

fucking hell m8

Well I bought it to pay for things online and it some how went up in value so I decided to exchange back to fiat. I don’t even know what a chain block is

>Well I bought it to pay for things online and it some how went up in value so I decided to exchange back to fiat.

Is the gains between when you bought it and when you sold it under 10k? You don't have to worry about gains in that case I am pretty sure.

If I deposit 20k, make profit and withdraw the original 20k but leave the rest, am I tax?

Did you gain anything ya gronk?

>VOLUNTARTY EXCHANGE BETWEEN MEN
Sounds hot.

Then the tax man would come knocking

Lol shame ausfaags you have to pay capital gains tax

Kiwi here. IRD dont even know what a crypto is yet. just pay 11% sales tax for anything over $300

If you want to cash out without paying capital gains tax you need to take up tax residence in another country without these tax laws. e.g. Singapore

You can then migrate back to Australia and move the money from the overseas bank account back to Australia as thats just moving capital.

Just make sure theres no income or taxable events while youre a tax resident of Australia and you're good to go

They are in melb too m80