Made 50k in crypto in 2017. 19 years old. I cashed out and have no idea how to deal with the tax consequences...

Made 50k in crypto in 2017. 19 years old. I cashed out and have no idea how to deal with the tax consequences. Do u think the tax office will look at me? Am I fucked? I'm in Australia btw.

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ato.gov.au/Rates/Individual-income-tax-rates/
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don't know how ozzy works m8 but what you should do is go through all your trades and make sure you have the fiat values and dates for every single one, even coin to coin stuff because most civilized countries are treating that as taxable.

also wondering about this, but USfag instead

yea the laws are fucked. its impossible to comply. the IRS essentially owes me millions of dollars for scaring me out of mining in 2013......

if you put all that money into your bank account then the bank is obliged to contact the ATO. Get a fucking solicitor and just pay the tax you've fucked yourself

i hope to Christ you saved your trading records.

bro i was just wondering what would happen if i cash out that much money. seems youre fucked my brother, but tell ur parents they will help you

Relax
Have you spent it all?
Do you have a job.

That 50k is going to be treated as taxable income. If you don't have a job it will be as though you earned 50k at maccas. You'll still need to pay a bit of tax but it's nothing insane. You have until June 30 to figure it out.

Go see a good tax agent.

Nothing to worry about, as long as you pay the tax like a good goyim

ato.gov.au/Rates/Individual-income-tax-rates/

Don't need them all.
Just money in, money out. We don't get taxed on individual sales and profits, just the totals

was for
$3,572 plus 32.5c for each $1 over $37,000

Not too bad, to be honest.

You got nothing to worry about m8. Just get a decent accountant and they'll take care of it for you. Just don't spend all of that money before the government gets their cut.

>
>was for
> (OP)
>$3,572 plus 32.5c for each $1 over $37,000
$7797

Assuming that's all you'll make this financial year

www.bitcoin.tax
or contact a CPA

Every trade is taxed you absolutely need your trading records

IRS has a task force and many exchanges are fighting/accepted to hand over information. Just file it in your taxes and pay them. I'm just going to HODL because I just did it and it was fucking annoying and I've only been in this shit for a week. Anyway, you don't want to go to jail for this shit.

I'm 16. If I cashed out, would the IRS track me down? Can I even be tried for tax evasion as a minor? Will it be a slap on the wrist?

They need records because they want to know if you're laundering money.

They don't care how old you are. Your boi pussy is gonna get torn apart.

he's an emu rape baby, not an amerilard

pay your fucking taxes. the risk is astronomically higher than the reward, think about it. 50k vs 10 years in jail.

anyone mind giving me a duper quick rundown on this "cash out" meme with the taxes ... trying to understand but i dont

so what...if the IRS audits, all you have to do is pay the tax, plus whaatever late fee...i wouldnt worry about it

Depends if you traded heaps, then it will count as a business and will be considered a capital gain. If held for more than 12 months, you'll get a discount of 50%.

fuuuuuuuuuccccckkkkkkk

We only pay capital gains on money out in Aus, get an accountant pay it now and don't stress bro.

you goin to jail cheeky cunt

why the fuck are you even thinking of tax unless you have plans to own property

you're 19, withdraw your holdings with bitrocket atms scattered around Sydney and pay cash for an AMG or some shit

god dammit i cant take you faggots,
imma cash out cuz i have 50k, meantime pink wojak when your networth could have grown to half a million or up.
Now i know why there are so few rich people in the world, because people like you think so short term

Reported for underage b&

>they live in countries where banks report on the fucking client to the government
At least in mine you need to spend your money to get fucked by the tax authorities.

Do you see why decentralized crypto is going to be THE SHIT now? Decentralized exchanges can't come soon enough. Crypto due to its nature has a chance, even if it's 100% illegal, to completely blow cash away, and no one would give a fuck. People would welcome it.

Fuck ETH, fuck LINK, fuck Ripple and all your centralized scamcoins. I believe in BitShares.

You don't have to pay taxes on it lmao.

You can fake records. In regards to crypto it's so easy, it's laughable.

That's cool, but you don't think its risky? Not a lot of people do this shit.

why the fuck would it be risky, you fucken rednecks are such scared little puss

rules are made to be broken, you will not go to jail for 50k worth of unpaid taxes.

there's millionaires in aus who haven't paid a dollar in tax to this day. They're the big fish, that's what the ATO waits for.

you're stupid. i bet you think small time drug dealers don't get busted either, don't you? just because it doesn't make the news doesn't mean it's not happening, shitlord

>scared liddle puss rednecks
my god it's reddit in here today

How can you get taxed by transfferring long strings of numbers?

Don't listen to these faggots my nigger, sell your btc on localbitcoins for cash. Fuck the taxman and all these jew faggots here

You're actually a fucken moron. I'm an accountant graduate and understand the system fully, there's millions of people everyday evading tax at a much larger amount than a measly 50 fucken grand.

Have fun paying taxes all your life while big shots are making their millions without so much as receiving an email from the ATO. Get out in the real world rather than hiding behind a computer all your life, you'll understand that the majority of the country couldn't give two fucks about the ATO.

Veeky Forums isn't 18+ retard

Emanuel?

You're making a mistake cashing out. You're in the digital gold rush right now and could potentially be set for life within a year or two if the market persists, which it very well may do.

Don't be a dipshit because $50K is balling to you at 19 and you want a new car. $50K is fuck all.

It's hard to take you seriously when you spell "fucking" as "fucken". I would even accept "fuckin'"

In Australia, as long as you bought crypto for the sake of exchanging currency and goods and not for investments / financial gains then you DO NOT have to pay capital gains tax. If you plan to make gains from investing then you do have to pay tax. Just say you didn't plan to make money but it was a consequence of holding the crypto.

user, DO NOT FUCKING CASH OUT NOW. It's only worth it to cash out if you hit a million+ and even then it's dumb. You will be missing out on the biggest opportunity in your lifetime. Money usually is made through hard work, not clicking buttons randomly and making money regardless. THIS IS NOT NORMAL. Cryptocurrencies beat "the system" in literally every way possible.

because thats how us aussies talk ya cunt

They have money to cover it up. To pay for accountants and lawyers and to operate under legal tax loops. If everyone could evade their tax, then why aren't they?

lmao so what you just say "i wasn't planning on making any money" and they have to believe you?

Nowhere near as unbearable as when Scottish people type in their accent.

This is only if the capital gains is under $10k. If OP made more than $10k (which he has) then he can't claim this rule.