Crypto Tax in Australia

Yo what's the go with cashing out crypto gains in Australia? How does capital gains tax work?

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munros.com.au/blog/business/taxation-of-bitcoin-in-australia/
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In nsw is disposal of assets like buying a collectors card and selling it for more money afterwards, you only have to pay taxes if your profit is over 10k, you literally could cash out 10k every year until u get all ur money out tax free.

Also wondering, any WA fags here taken out money?

Fark yeah. What about more than 10k?

But in Australia capital gains tax is a federal issue, a special part of income tax.

Nah cunt but thinking about it.

This is from the ATO site: "If you have acquired bitcoin as an investment, but are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or be allowed any deductions for any losses made (however, capital gains tax could apply – although see the comments above about personal transactions). However, if your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income." I'm pretty sure if you are trading alt coins it is regarded as a 'profit making' scheme therefore your profits are taxed somehow.

That's a surprisingly generous stance they've taken. I'm pretty sure that a profit-making undertaking would only apply if you were constantly trading back and forth into AUD. You could certainly argue that case anyway.

If it works like share trading you have to pay tax on all gains in value, but you only pay 50% CGT if you hold for longer than 1 year.

Pretty sure you have to pay tax on all altcoin trades as well because we don't have the like for like exchange rules that the US does.

DESU it's best just to print out all your transactions and send them to an accountant if you have enough. Try to claim as much tax back as possible through internet costs, "home office" costs, phone data costs and whatever you used for researching/trading coins. Also look at picking up a mining rig because im pretty sure it can be made tax deductible if it has run at a loss for the year (ie, buy it just before the end of financial year).

Stop trying so hard

CGT is taxed at your income tax rate, but there are deductions for the amount of money you spend acquiring and "maintaining" the asset. I don't know if that means my PC is a cost of maintaining the asset that I can write off, but I also don't know any accountants that specialise in crypto.

Fuark. The amount of transactions I have made on multiple exchanges...

If they are at a loss you can claim then against your earnings

This dude sums it up pretty well.

munros.com.au/blog/business/taxation-of-bitcoin-in-australia/

nah you will just need to add any amount you cash out to AUD to your income for the year, its not CGT. If they classify it as CGT they also have to allow you to claim losses as a deduction

That's "if" your accountant says you have been carrying on a profit making exercise trading shitcoins, sounds like if you only buy BTC and Hodl you are tax free, and whether or not shitcoin trading matters or not who knows really

They havent been super clear on this no haha.

I thought all that matters was your net money going into crypto and net money coming out. Trading shitcoins aren't taxed individually, just the net money you make when you cash out from bitcoin/eth/ltc to aud.

I've only been depositing and withdrawing 3-4 digit amounts with Coinbase/Coinjar, no idea how taxes work here. If we're taxed we're notified prior right? And what are the prerequisites before we can be taxed?

Living room of Satoshi

this
pay bills in crypto and buy crypto immediately after

I've taken out money in TAS wasn't a huge amount didn't worry about tax on 2k