Blockfolio rating + Aus tax advice

What's a taxable event here mate? I sell shitcoinA for ETH then ETH for fiat - is that 2 taxable events or one?

Im a dual nz citizen, if i cash out there will aus try to rape me with tax too?

Is it true you need to hold an asset for 12 months to reduce tax on it, or can you still get it if you've been trading. Also I have 1.1mil in crypto atm, if I want to use it to buy property at some point any tips to reduce tax?

user pls

I want to sell my BTC for some of these coins, what should i do?

Sorry all was buying dinner, will read now

seriously wondering wtf to do myself. if there is anymore gains to be had in this. Started November 21 with 12k. I'm a believer now but wondering how to minimise tax

Yes, but take note that going from coin to coin also triggers a taxable event since you have essentially realised the gain/loss.

Not sure about in Melb though if I didn't know anybody I'd personally go to a larger mid tier firm since they're bound to have someone who is interested in crypto and will be willing to take you up as a client (in general, larger mid tier firms would look to expand their knowledge in this area anyway and have the capacity to do so on a larger scale)

Two, though keep in mind this doesn't really affect you if you were to do it instantaneously, since you'll only be taxed on the gains you make AUD wise (so in the situation where there is a movement from shitcoin to eth then eth to fiat, and the ETH/AUD rate stays the same, you essentially only pay tax for the gain you made on the shitcoin)

what was for dinner lad

Great thanks user. Would you recommend an accountant in Sydney or do you think I could manage it myself with mytax if I mostly just hold? I've made at most 15 trades and any BTC or ETH trades were passthroughs to buy other coins.

You don't need to pay taxes on crypto in Aus.

>00 and my gains are only $50 since start a couple days ago (still not bad but slower than potential). Is it a good or bad idea to dump some coins and focus on 1 or 2? I have LINK, REQ, BAT, FUN, XLM and TRX

Are you using coinspot? I realised how fucked my gains were getting due to the shitty buy/sell rates and fees charged on coinspot.

Anyone know how much you need to have before they cut your centrelink? Student with Youth Allowance dumping all his money into alts here.

transfer it to binance, you can trade them there

dont have to pay tax unless you choose to declare it. the ATO has no way of tracking crypto

New trader from first of Jan here. Is the goldrush over or are there more mooning currencies to be had?

Movements of money greater than 10g in or out of your account are monitored by austrac, google that if you've never heard of it. and no doubt this info is forwarded to the tax office if they arn't automatically linked. so undeclared crypto earnings is traceable.

ATO says if you use BTC as a currency for transactions

I'm using binance

Will i make it

Nah senpai you won't get double taxed. Just make sure you declare your taxes to the country that your bank is registered with (so if you deposited FIAT under your bank account in Aus, declare your gains in Aus)

If you've held the asset for over 12 months you are entitled to the 50% discount on your gains.

Nothing special really comes to mind with your second question soz user

If you're planning some long term hodls then make sure you hold for over 12 months so you can get a 50% discount on gains you make with that particular asset.

If you're a student currently then it's better to declare now rather than later and take advantage of your lower tax bracket imo. I presume you've been trading throughout the year so those trades should technically be realised aka the gains of the trade at that point in time are taxable.

It's going to be very hard for the ATO to track gains made on an international exchange, it'll moreso raise heads once you convert to FIAT.

Nothing special, just got some KFC

Sounds good to me. brb buying gold to melt into a giant pepe statue.

Anyone??

10k by February?

gold rush isnt over. even big Mcap cryptos will probably at least 3x this year, excluding the possibility of the fuddening. 70% market crypto nuke

I live in Aus, but am American.. do you know if the 50 percent discount applies to foreign residents? I am a resident for tax purposes as I do work :) tia

Will zcl reach 1000?

Yes it does.

Also are you cunts all declaring your gains? Why? Especially if you go from those ID Verification exchanges to non-ID such as Binance. Small shit won't matter ?

Also if your coin moons fucking leg it to somewhere with low taxes for 180 days, FIAT it and come back.

I believe it's not until you have crystallized gains that you must pay tax on them and your initial investment is tax free. After which you are tax as though those funds were normal income and would be contributed to your taxable income. Then paying the relevant rate of tax, depending on your bracket.

After which, if you had held that asset for a 12 month period or longer, you were eligible for a 50% discount. But, my tips bros. Is this, take advantage of transacting with bitcoin i.e. paying directly with bitcoin. In other words, BUY SHIT WITH YOUR CRYPTO. It is untaxed and capital gains or losses are disregarded and you only need to keep small record of it.

Australia is the slowest country with cryptocurrencies. Take advantage of retarded governments folks, and always do your own research. Know your enemy.

Forgot to add in my balance, it's been a red day today.

Quick rundown on how to use binance???

I read in the news a lot of Aus banks are closing accounts which receive deposits from AU exchanges such as coinspot/btc markets.

Heard anything or had any experiences? Know a bank that support crypto money?

What are some good australian retailers that accept bitcoin?
I use livingroomofsatoshi to pay bills already. Where else can i spend my crypto?

I use ING and have no trouble. I have seen that they are pro crypto for the most part

Good to hear, I might just try to deposit into my NAB account that isn't tied to my home loan first and if they close it doesn't matter as I'm pretty sure they have to cut you a check?

How are trading bitcoin futures taxed like on bitmex?
Also if I’m doing arbitrage with bots do I qualify as a stock trader? I’m trading between 10k-100k cryptos a day with a profit margin of around 5%.
What perks do I get for being a stock trader? Who should I talk to about setting up the business being a stock trader?

Sign up using my referral and I'll help you as much as I can.
www binance com / ? ref = 18175882

remove spaces

If you want to add me on discord also add ausbtc#0190, I'm following a few pump and dump groups I'll share the info

I’ve used NAB for over a year with crypto, done multiple withdrawals and deposits to btcmarkets, never anything over 6k though. I’ve never had any problems.

>$7k
>worrying about taxes already
relax OP its not like you own DBC

Do you know anything about buying property directly with crypto? I've seen articles of it being done here, but it didn't go into detail.

What kind of tax would I be looking at if I were to swap my crypto directly with a homeowner for their property?

If ATO catches wind of your transactions then it'll be hard to claim the $10k exemption (have to prove that the investment was made for personal use and enjoyment, so transactions like that wouldn't hold if they were picked up on)

The ATO is fairly ambiguous when it comes to the wording of this

If you're a resident then yes

The issue with this is is the above. If the ATO ends up picking up on the transactions then it'll be fairly hard to argue that the purchase of crypto was for personal use & enjoyment.

I've mentioned this before but I doubt the ATO will have the capacity to track transactions once your holdings go into an international exchange such as binance/bittrex/etc. If you've bought in with a high amount of FIAT then it will raise alarm bells, but yeah if you're only in with a small amount I doubt the ATO will bother honestly

If crypto-crypto is 2 Capital gains events, then crypto-house is definitely still 2 capital gains events

Say you buy 1 Eth for 1k AUD and after a while it's worth 2k AUD but you use that Eth to pay for bills on Living Room Of Satoshi then you don't need to pay any capital gains tax as you're using the crypto to pay for good and services?

Additionally is this also true if you buy stuff on a credit card and then use LROS to pay off your credit card balance (less than 10k) with the profits from your crypto?

Why are you so diversified? If you plan to hold for a year or 4 then sure, but if not there isn’t any point.

You’re just creating more work for yourself having to follow multiple différent coins. I have 3 times what you do and am only in 5 different coins, 80% is in only two of them

This is going to depend on what else you have been doing, if you just bought under 10k of bit coins and held then it should be easy enough,if you've been turbo trading alts it may not apply to you

see

Thanks user. For me it's because other than PAY I really like all the other coins. Don't think I'll be holding any other than eth for a year but perhaps a few months? Was planning to set and forget

Yeah... Given the wording on the site it would hardly be unreasonable to try

Yo guys is there any other way besides coinbase to cash out

Any recommendations for financial advisors who specialise in crypto in Brisbane by any chance?

Sorry, unless you have clearly been day trading, in which case you could be challenged

Do they really expect people who have been bouncing between coins for a 12 months, across 4 international exchanges, doing 100s or 1000s of transactions to record and show them, AND WORK OUT WHAT THE FIAT VALUE WAS AT THE TIME.
LMAO.
If I just say I invested 10k (accurate) and withdraw 100k and tax me accordingly do they really think they're gunna audit try and audit that shit?
Dumb cuck government would be paying one employee a years wage to try and track down and audit each person?

not yet, really. there are a number of exchange tokens in the works that are trying to fix this (check out XLM).

Of course they expect this considering it is the law. Of course you don't HAVE to work out the FIAT value for them, they'll be happy enough to work it out for you.

RPX

Actually legitimately curious. Will have no qualms moving to live for a couple years and just claiming tax free somewhere seeing they wont have any chance of tracking shit down

It was my person enjoyment to make stacks of money and buy nice tings :^)

Yeah they do, and if you don't they'll just take what they want and throw your ass in prison

Where are you going to move? Only places I know of that don't have capital gains on cryptos are belarus and singapore. And singapore is hard as fuck to get into.

Yeah that's how I've interpreted their stupidly vague guidelines, thanks for your help!

How much will this be by 2019?

Been a number of threads across here that give options, don't have one on hand here, but there are plenty of options that have flat/low gains tax. Will happily pay a flat 15% and not care to go through hell

Yeah I have 1000s of transactions across multiple exchanges and have no idea what to do, it seems like half of people who are self claiming tax experts think crypto to crypto is taxable and half think its only when you convert to cash.

I dont see how crypto to crypto is taxable since there is no gain or loss as a result of any order on an exchange transaction, since at the exact time of the trade the ratio price is what ever price your order was for

Hey sorry forgot to reply. Haven't looked into it in particular but just remember that crypto is considered an asset rather than a currency so it will still be a CGT event.

youtube.com/watch?v=tEMxdTz7jE4
This guy seems to say that the ATO says it doesn't have to be taxed, at the moment because it's a grey area.

What you do is get to work on organizing them all now, there is software to help you.

Tax on cashing out to FIAT has always been a meme, to be fair to the burgers it hadn't been clarified until recently, for ausfags it has been for years.

It is taxable because it is treated as a barter arrangement

You don't use the exact time, you take a BTC price for the day

This is all on the ATO website

This is what I want to know. What's the point of taxing each individual event anyway? What's wrong with just taxing the ultimate cash out?
I've been playing around with a small amount while I wait for my Independent Reserve account to get verified and already made a bunch of trades without recording the details, since Kucoin doesn't tell you the dollar value of your trades.

I'm actually intending to do this if this turns out to be a good source of income for me. Problem is I I don't know where to go that won't require you have a job or something to live there long enough to no longer be an Australian tax resident.

Im in Perth and have made quite a lot through crypto, I havent cashed out yet, I realised NZ has no capital gains tax. Australia has a law saying you are liable for capital gains regardless of where you are living. Since I am a dual citizen could I move back to NZ renounce my Australian citizenship and cash out there? or is something preventing this loophole.

I'm pretty confident you're gonna make it user. Have fun with the taxes tho

You're not liable for capital gains if your a resident for tax purposes of another country.

Tell me

Singapore would be good but yeah I can't see how you'd get in there long enough without either finding a full time job there (making it hard to trade) or marrying someone
Or if you're already rich and can do the investors visa thing

The ultimate cash out is what's taxed, you don't even provide the individual events but you need to keep them on hand. Not many exchanges will show you a dollar value, but you won't necessarily want to use that one anyway even if they did.

Just made 3k in 14 mins lol.

>The ultimate cash out is what's taxed

Sorry this was wrong, the ultimate gain is what's taxed, cashing out to fiat is pretty much irrelevant

You can be considered a australian tax resident while living overseas
Also I'm pretty sure your capital gains are considered realised when you leave Aus, meaning only the gains you make while living overseas will be tax free

you don't have to renounce citizenship, just become a "non resident for tax purposes" for the year you cash out.

Which means you can't make any money that year from income, and you need to get rid of your australian bank accounts, phone bills, basically anything tying you here.

a hassle, but if you make a mil, it's worth doing for 330k

Can I just not do a tax return until after december when my 12 month holding time is up for my main hold? Then worry about all the cash in and cash outs then?

Gday fellow aus fag , wheres ya fucking dbc? Ypu will not make it without this. And you have fuck all money so dont stress about the ato

>You can be considered a australian tax resident while living overseas
Yes you can, but not if you are a resident for tax purposes of another country which australia has an agreement with. Singapore is definitely one of those countries.
>capital gains are considered realised when you leave Aus
Yeah dunno about that one. Seems like it would probably hold true.

Nobody has answered you yet, but crypto gains still count as income for tax purposes, and if you gain over the limit per week on Centrelink or for the year I'm sure you will end up owing money to Centrelink. This is just based on my knowledge from people who have worked more than they have declared (accidentally or otherwise) and then had to back pay the excess Centrelink. So I'm sure it's going to be similar but I have no idea how it would work out or how u could minimise it.

I have been using bitcoin for 5 years, its a absolute mess for me and bitcoin.tax aint going to save me... what type of accountant should I seek out and will pretty much any firm beable to sort this shit out?

Why do you have so many coins if you're that poor? Just go all in on 2, max 3 or you're not gonna make it

do it. the one one in red here is btc, thought it was funny at first cuz i thought you planned it that way

>Yes you can, but not if you are a resident for tax purposes of another country which australia has an agreement with. Singapore is definitely one of those countries.
I was under the impression you'd get taxed on the proportion you didn't get taxed on in the other country (e.g. you get taxed 20% in sg but another 29% in aus cos you're in the 49% bracket) or is that only if you're not considered a tax resident of the other country?

forums.whirlpool.net.au/archive/2567760
see this page. Here's an exerpt from it. This is so vague you could literally just say you held BTC for the whole time if your picks didn't outperform BTCs rise.

Keeping good records is the key. It'll make it much easier for your Accountant and save you in accounting fees. Your Accountant won't need to know the blockchain records (transaction ID or wallet info), they'll need the following info:

Date of trade
Crypto acquired
Quantity acquired
USD/AUD value of Crypto acquired
Crypto sold
Quantity sold

Following on from the above example, and saying the 20 Ether was traded on 30/6/17 for 25 Dash when the USD value of the 20 Ether was $6,000, the trade info your Accountant needs is:

Date of trade: 1/1/17
Crypto acquired: BTC
Quantity acquired: 1
USD/AUD value of Crypto acquired: $1,000 AUD
Crypto sold: AUD
Quantity sold: 1,000

Date of trade: 30/3/17
Crypto acquired: ETH
Quantity acquired: 20
USD/AUD value of Crypto acquired: $3,000 AUD
Crypto sold: BTC
Quantity sold: 1

Tells us you made a profit of $2,000 on disposal of 1 BTC.

Date of trade: 30/6/17
Crypto acquired: DASH
Quantity acquired: 25
USD/AUD value of Crypto acquired: $6,000 USD
Crypto sold: ETH
Quantity sold: 20

If the AUD/USD rate on 30/6/17 was 0.75, then the $6,000 USD was equivalent to $8,000 AUD. So, this tells us you made a profit of $5,000 (8k – 3k) on disposal of 20 ETH.

Thanks for the help user.

You're not a resident for tax purposes for Australia if you are a resident for tax purposes of another country. You don't get taxed in Australia if you are obeying the taxation system of another country.

If i took a capital loss on a property can i offset this loss against a capital gain in crypto?

Can I declare the capital gains in my wifes name to lower tax? All input, exchange and withdrawal will be done through my account, so I'm guessing no, but as a married couple, our money is technically our money.