>Tfw need $5,000,000 because Australian tax would knock that $5,000,000 down to $2,700,000.
>$2,700,000 is enough for me to live peacefully on the interest generated.
>Tfw will never get 5m because this fucking bubble will pop.
>Tfw only have $20,000
Any one else /not gonna make it/
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ato.gov.au
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how much do cigarettes cost in australia
fuck you cuck.
you make the most out of it. present matters, not future not past.
I just bought a pack of 40 for 43 dollars
Why are you paying to fuck your health up and increase cancer risk? How big of a cuck can one be?
Holy shit that's a lot of taxes
Can't you sell some BTC on localbitcoins to avoid part of it?
jesus i heard they were expensive. i also heard mdma and other goodies are overpriced as fuck
just don't cash out too much in one year, cash in a little bit every year and invest into stocks
Why the fuck would you stay here if you had 5 mil? That's your ticket out of this gigantic fucking serf senpai.
Because sans that extortionist level of taxation, I feel Australia is comfy in every other aspect
I'm crying right now upon realising the bubble will pop before I ever get 5m
nigger if you had that much money you'd just hire an accountant and register as a tax resident in Hong Kong or something and pay nothing
There's always hidden gems out there (not shit that gets shilled here)
Make sure you hodl tho
I'm planning to get around 5M in 6 months then cash out, that would buy me ~20 flats here in eastern europe and I can live in luxury passive income till the end of my life.
I will try my best avoid taxes as well, fuck the government.
Currently sitting on ~100K, if I can keep this growth up then it will be smooth sailing.
mdma is $10-$20 a pill depending how much you buy
coke is $300+ a gram for single digit percent purity garbage cut to shit with meth
I know that feel. If you don't make it big then you'll just get cucked by taxes since you can't move out. I'm feeling the FOMO as everything has already mooned and I just started last week, unless I luck into the next ETH and my 50c coins turn into $1k per coin.
>>$2,700,000 is enough for me to live peacefully on the interest generated.
Yessss goyim, keep your shekels with us. You'll be living peacefully with your 0.005% interest while we raise inflation to 5%.....
U fuckin fool... spend your money on real shit instead of those cancer sticks. you're too poor to die
Just vape man. Shit will fuck you up before you turn 40.
I've gone from $5k to $112k in a little less than a month. I think I'll manage my goal of $3M before EOY.
Wanna share how you did it?
>$2.6M
You dont need that much to retire. $1M is enough with a 4% withdrawel rate
what coins you in now?
Eastern Yuropoor here as well bro, monthly wage 400$. Been watching cryptos a lot but couldn't acquire money. Went from 1300$ to 3100$ thanks to REQ and ETH. Dunno where to dump 500$ next. Goal is 100k up to 1 million.
Have it for more than 12 months and you only pay half the tax.
Hey man, be more positive. Don't forget you can discount your CGT if you hold for more than 12 months. As far as I am aware, you don't need to hold a single coin for 12 months as the trading of coins is considered "barter" and capital gains is only considered realised when withdrawing to fiat. So assuming this, you would need to make 3.4mil to get a net amount of 2.7mil after tax.
If you somehow made to $5,000,000, assuming you hold for 12 months, they
I've reassessed everything and factored in worst case scenario for taxation, and bare minimum NEET king living.
$1,500,000 as a goal.
assuming taxed fully =
$1,500,000 - $54,232 (lump sum)
= $1,445,768
$1,445,768 would be taxed at 45cents for every $1 over $180,000
$1,445,768 - $180,000
= $1,265,768
$1,265,768 x 0.45 = $569,595
$1,265,768 + $180,000 = $1,445,768
$1,445,768 - $569,595 = $876,173
So in Australia 1.5m from crypto would get taxed down to 876k
>buy 300k apartment
>let 576k sit in bank and generate $13,248 in interest a year.
>Use that 13k a year to pay bills/groceries (spend 1k a month)
>be neet and shitpost
fml time to make 1.5m which I think is doable in the year.
Hope you make it user, but I'm thinking a crash is to be expected. I hope the fuck not of course..
Buy gold with bitcoin
Buy a house with gold
ez pz
damn, it's $6 over here
Its 28 bucks for a 20 pack of dunhill reds here in new zealand. Literally the most expensive ciggies in the world
>(spend 1k a month)
$1k a month is literally nothing.. you dont have room for nothing
Thank you user-kun. That was factoring worst case scenario in which im taxed 100%.
If I held alt/btc for longer than 12 months and prayed that the prices remained in a position which allowed me to cash out for 1.5m, I would only end up being taxed 250k meaning I would keep 1.25m.
But fuck trying to make 1.5m in the first place in a volatile market, THEN on top of that trying to hold out for another 12 months and praying the prices remain steady for you to cash 1.5m out. Just dont see that as being doable.
Maybe not all of us are interested in growing as old as possible, anything above 60 is fine really.
What country are you from?
>tfw only have 20 ark
Newsflash idiot, you don't deserve $5 million.
1k a month is more than enough for my groceries/limited bills. Anything else I would mooch off parents/get a casual job.
1.5m here I come
Try again, you got to take into account that 50% CGT Discount.
$1,500,000 / 2 = $750,000
Tax payable = $325,732
Net amount =
$1,500,000 - $325,732
= $1,174,268
Less apartment = $874,268
Interest generated = $874,268 * 0.022 = $19,233.87 p.a.
The market will recover right? I just started my first moon mission in BAT but getting kept down by a whale, only threw $80 because it's my first attempt at catching the moon ride before it begins, I have $900 idle in ICX same reason whales holding it down, I just can't seem to get a win I made $100 in the past week since starting due too newbie mistakes of buy high sell low and FOMO so I reigned that shit in but now I'm learning about whales keeping the rest of us poor, literal Jews
What should I do Find an ICO and just keep my fingers crossed for a whole year?
Sell. Bad coin to HODL..
CGT discount only applies if you HODL for 12months and don't trade shitcoins.
Its 20 ark. What have I got to lose?
sell. sell. sell.
>I got lucky holding some shitcoin like verge that 20x'd, so it's clear that these level of gains are here to stay
ausfag here
Australia is the most cucked country on Earth
- Smokes = More than $1 a cig
- Alcohol = taxed to fuck, especially pre mixed drinks
- No gun ownership
- If you find a shooting range that has pistols, have fun paying $300 for 3 mags of 9mm ammo for a glock
- No full automatic weapons at firing ranges, not even set to semi auto
- No BB guns
- No Airsoft guns
- Ex prime minister tried to ban small titty porn
- No V8, or V6 turbo engine vehicle until full license (21)
- Vidya games cost more than anywhere else on earth
- Worse internet speeds than Brazil
read
Think if I manage to make 1.5m before bubble pop I'm gonna sit around on my ass for another 12 months praying the bubble doesnt pop? nty
cashing out before bubble pop > waiting an extra 12 months in which the bubble could pop if it already hasn't just to avoid losing a bit more to tax
Yeah, Im with ya. Waiting on an ISP to come round and install fixed wireless myself. Independent, not NBN shit.
Fuckin liberals have royally fucked us with that.
Don't crypto gains fall under capital gains tax rather than income tax?
nah thats only if you hold for 12 months and dont do alts which qualifies for tax on 50% of profits instead of 100% like income tax. Fuck that in a volatile market.
ato.gov.au
"Transacting with bitcoin is akin to a barter arrangement, with similar tax consequences. Our view is that bitcoin is neither money nor a foreign currency, and the supply of bitcoin is not a financial supply for goods and services tax (GST) purposes. Bitcoin is, however, an asset for capital gains tax (CGT) purposes."
As trading shitcoins is a barter transaction, it is only considered taxable in the government's eyes when converting out of crypto. Just imagine the shit storm if people had to record the value of BTC to AUD at the time of each every trade you make.
>Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.
Is this a loophole as huge as I think it is?
>go to ABC Bullion
>Buy $9999 of Gold in BTC (they accept it as of tomorrow)
>Sell it back to them for a slight discount
>pay no tax
???
>have reasonably liquid fiat
>leave it in the bank for interest
m8 you're a moron. buy EFTs or something
The wording is always really vague. However, my understanding is that if you purchased BTC as an investment, most likely defined as recurrent purchase of BTC, then CGT applies regardless of value when realised CGT. However, if you purchase BCT as a one off, i.e. buying half a BTC at the start of the year, then selling it now then you can use the $10,000 exemption. If that makes sense.
Wait what, we get tax almost 50% of our crypto gains, I have not cashed out before so have no idea
The bubble won't pop any time soon, we have at least three years
i hate le ebin Veeky Forums memes but
>my dick is diamonds
>he pays taxes like the cuck he is
>he doesn't wait for crypto to take over so that he can buy stuff with his phat gains
you are an absolute faggot
He's probably from Serbia or Bosnia if the monthly pay is $400
Go somewhere else then dickhead
immigrant ausfag here
started with $100 in dec, made 3k. You gotta do more research into the coins. Just remember to make your money back first
You'll make it man, we all will.
> Just imagine the shit storm if people had to record the value of BTC to AUD at the time of each every trade you make.
You obviously haven't been paying attention to the recent spate of tax threads. What you just said is exactly the consensus at the moment and people are fucking lost about how to handle it.