Ausfag here,
Australian capital gains tax laws in regards to crypto are giving me a fucking headache. What counts as a CGT event in this country? Is it just Bitcoin or all other alt coins as well? Does it count as a CGT event when I trade Litecoin for SALT?
Or am I only liable for CGT when after all is said and done, I trade it all back to AUD?
They can't tax you for trading one coin for another. you only get tax when you cash out back into your bank account
They define crypto (doesnt matter which coin) as CGT, provided that you withdraw less than 10k per year than chances are they probably will not imposed CGT.
Spread some vegemite on your tax forms and you should be good
i imagine its just when you cash out to aud. even if it was applicable to alt>alt, how would they ever know.
Don't forget, with Australian tax laws, all transaction and trading fees are tax deductible!
Ok so if I buy $1000 AUD worth of Ethereum then trade it through 30 different shitcoins and come out on the other end with $10,000 of Crypto - I am only subject to tax when converting that Crypto back to $AUD?
Why would you pay any taxes? Stay poor faggots
correct.
>Parasite dole bludger detected.
Remember I pay your "wages" kid
Note!
If you keep your assets at least a year, there would be a 50% capital gains discount.
wagecucks BTFO
I moved to Singapore last year and opened up a bank account with ANZ here. Zero taxes on all on crypto gains! Again, stay poor faggot.
Is it the same asset if I move it around through different coins though?
just dont pay your taxes you cuck
how exactly will they know about your crypto trades fucko
>be ausfag
>live a couple hours flight away from Singapore
>neglect to get a qt singaporean waifu
>neglect to get dual citizenship in singapore
>neglect to get singapore bank account
holy shit yes go ahead and pay the taxman you dumbfucks...the answer was right in front of your eyes if you could only see the strategy...
oh shit for real?
>Money goes into crypto exchange
>More comes out than went in
>?????????
That would be considered trading. Unless you hodl with one asset (e.g. bitcoin for a year), you would be eligible.
ausdollars -->> your ausbank --->> buy crypto -->> exchange --->> trade and make gains --->> convert to btc or ltc --->> sell btc or ltc back into ausdollars --->> no taxes
is that not possible, am i missing something. have you made such huge gains that this would raise red flags, or that it would be difficult to liquidate, or that it would be hard to get out of crypto.
i'm trying to figure out ways to do this too and so far i'm just converting to gold or usdollars. i don't see why it's so hard but probably shit like coinbase works differently in other cuntries.
also, i am assuming aus has less strict laws against money laundering compared to the usa where our gov't is very keen about drugs since we're right next to mexico. so if i started selling high volume btc on localbitcoins that will be flagged.
Worse in Ireland I bet. CGT is 33% with only a the first 1200 euro discounted. No acknowledgment of the existence of cryptos either.
If I move to Northern Ireland the first 10 grand is untaxed, and the rate thereafter is 28.
If I move to denmark, no taxes at all.
It's just fucking random here in the EU.
I'm also a US citizen, so IRS on my ass too.
REEEEEEEEEE
remind me why you guys want to cash out if the crypto market is just starting to heat up again. i mean, we just saw a bunch of new and old coins get added to binance for example. and bittrex has been adding more coins lately too.
what exactly is making you want to exit into cash and face the taxation. you face no taxation if you stay in the game and keep moving value around coins, keeping them in wallets, etc.
So basically you gotta buy a coin and hodl for 1+ year before cashing out for a 50% discount on your tax? And if you trade it you're not eligible (unless you hold that traded coin for a year?)
I would like to cash out about 15% of my gains just so I can say "I won"
Currently up about 9 times on my original investment. I'm allowed to withdraw 1200 euro per year untaxed, so I may as well do that I figure. The market still has its risks.
all the ex army do that because no woman would ever want them. they just take all your money anyway.
Yes. Crypto here are considered assets, and as such trading between them is akin to bartering. As user said, it is only when cashing out to fiat that you have to pay CGT, and only over a certain amount too. like 10k or some shit.
I was actually thinking about moving indo and researching tax there. Turns out Malcolm wants his cut even though you live overseas. What a joke
Malcom is a fucking Kike.
I went and asked my tax man and he had no clue.
I printed off the documents so we sat there for 40 minutes trying to make heads and tails of this shit.
Basically what we came up with was to go an apply for a court order for taxes, so you go to court and then they write up some document and this is what you pay, basically, I don't know the name of it but it goes something like that.
I know with CFDs they're classes as gambling so if you have a fulltime job they're tax free.
Yeah fuck that cunt, we're here without some parliament members because of this dual citizen shit and he's out being a fuckstick.
Haven't watched the webm I posted in a while. Now I'm mad. FUCK. What a filthy grub.
why didn't that kike lose his seat? He's a fucking israeli
(((Reasons)))
Fuck even the other Malcom knew better.
>Not just refraining from cashing and using a CoinJar card that's EFTPOS supported
C'mon m8
CoinJar have their own card?
Tell me if you need a proper crypto accountant
Coinjar is an Australian company that pays taxes...
Malcolm x was a great man.
You'd have to exchange crypto with someone for cash in person. If you move anything big though the banking system you'll get taxed or fucked.
I’ve never been hit once for tax just don’t declare. If they don’t investigate you within 3 years mate said they never will. They have s couple thousand people to make sure 15 million are paying taxes.
Fuck the law. Pretty sure any transaction under $10,000 is CGT free anyway which is coinjars limit. It’s worded so vague and badly they would have a fight pursuing anyone for it.
>munros.com.au
Convert shitcoins to coins you can buy shit with and it's tax free brah