Just a reminder that after your crypto to crypto trade taxes and cash out tax we will still be poor

aus is unironically one of the greatest country. Just pay ur taxes bois it's not that bad - just tedious.

Also i keep my coins on the exchanges because im a normie faggot

Aus is close to a tipping point. Boomers have fucked the future of this country for short term profits

Going to hold off cashing out until after this FYE then I have a full extra year to work it out and by then rules might change and crypto accountants will know how to jew the jew by then

Yeah bro

>Paying taxes is being a slave
>convict meme
Found the shitskin

How do you plan to explain the large amounts of money wired into your bank account? If you ever need to buy anything of substantial value you need to either 1) have a story behind your bank balance or 2) sell all in cash slowly.

if 2) happens and you want to buy properties in cash, it's gonna look real fukin sus handing the property owner a bag of hundreds of grands.

kek, bought a boat worth 20k in cash. Had two backpacks filled with cash at the bank.

Never again. I was checking my bag every 10 seconds while driving to the seller.

>worlds most expensive and slow internet connection
>full of natural resources but has some of the highest energy prices in developed world
>best agricultural practices in the world. All food prices insanely inflated
>government that doesnt even try to hide the fact they do fuck all and get massive corporate 'donations' to shit on the citisens

Fuck off you yuppie cunt

Crypto to Crypto is determined bartering and not taxable

Then withdrawing into your account is treated as CGT

HODL for a year for 50% discount

Seems like a good deal to me? Thanks Australia.

I withdrew 20k from the bank once. It fit in my pocket why did you need 2 backpacks full

Kek fuck em, they can come and find me in Asia and drag me back, what are they gonna do, write me a nasty letter?
When I make it I will leave this cucked country for good and never look back.

paid in gold coins

m8 it's an awful fucking deal
You saw how quick bitcoin tanked, your betting everything that the coin your in will last a year
So many other countries have it better then us in almost every way
My family line is military based on the autistic neet that broke the chain, I can't stand this fucking country
>in b4 typical fuck off aussie response

I intend too

Wait just double checked. Every trade is eligible for GST?

The CGT page says it gets added to your income tax.
My understanding is if you earn no income you start in the bottom bracket but your CGT pushes you into higher and higher ones. If you make more than 180K gains you get taxed 54K + 45c for each $1 over $180,000.

Gotta be loopholes somewhere, no way in hell they were prepared for rise of crypto. If big corporations can find them with years of tax rules being reviewed, so can we

No GST. ATO just expect you to record every single transaction and the value of both coins in the exchange.

Double double checked

"Generally, there will be no income tax or GST (Goods and Services Tax) implications for individuals if they are not in business or carrying on an enterprise and they pay for goods or services in bitcoin."

awesome.

Seems decent to me then, can't complain too much.

I just found out Bittrex only stores the last 10 days of trades in your history. I'm fucked.

the government cant even have its own representatives citizenships get approved let alone taxing crypto income. We are lucky the absolute gross incompetency of our government has distracted them from a lot of crypto things this year which is like least of their concerns for now. I

unless something has changed i am pretty sure you only pay CGT tax WHEN you cash out your gains not taxes on every single transaction between trades. So i am not sure where this is coming from

If you buy a car or house with crypto will the taxman know?

Based Bittrex hiding our trading history from the ATO you mean?

When you do cash out, set aside like 30% just to be safe. I dont want my user bros to get a tax bill thats out of this fucking world. Our incompetent government will spend your gainz on a silver spoon lifestyle for a family of Sudanese immigrants that wont pay tax fir the next 10 generations cunt

If you are trading regularly for the purposes of profit ATO consider this to be carrying on a business.
Buy and hodl OK
Buy and use as currency OK
Trade to make profit TAX

>implying the govt. won't simply implode out of sheer incompetence before they come for our crypto gainz.
she'll be right m8

Exactly, don't know why some idiots actually think it's good to pay their taxes, when it goes straight to some welfare leaching family of shitskins that wont work a day in their lives.

If we HODL long enough, won't we simply have the option of trying whatever alts we're in to the latest, most anonymous, best alt with which to buy things?

only if you go from BTC to AUD
stack BTC

tldr of aussie crypto tax for those who want a run down:

>Every trade is a capital gains event (crypto-to-crypto, or crypto-to-fiat)
>Capital gains is not a seperate tax. Your capital gains are added to the rest of your assesable income for your total income. You then calculate your tax from which bracket you're in.

Looking forward to the future, when all members of the Austfailian government get murdered by crypto autists protecting their gains from bullshit tax laws. who would of thought this would of been the tipping point of out much needed revolution

Yes cunt they will. Buying a home is a taxable event. The ATO will want to know why you didnt pay Stamp Duty on your new house

...

Yeah im hoping this happens to. Every govt agency here is shockingly understaffed. If the ATO can have $150mil stolen from them, they wont find out trading history lmao

What the fuck are you on about?

Stamp Duty is statutory, there's no option to not pay this shit so it's not even evadable. (Try get the fucking deed named over to you) without it)

decades ago maybe, but it's a shit hole now

People literally pay millions to study or move here. Sure there are problems rn and boomers need to btfo, but Aus is still pretty cool regardless.

I will fucking barenuckle box that Turnbull cunt myself no lie. Cunts worth $4billion, name and wealrh was mentioned many times in Panama papers. Would coward punch if i ever had the chance

If I've already cashed out my initial then I just tax all future cash outs right?

>People literally pay millions to study or move here
Like all those Sudanese people enriching our culture at the moment?

Well what was the point in asking if they will know you bought a house using crypto you dumb cunt? You pay tax they will know what you have done. literally kill yourself

no sudaneese where im from, bris is mainly full of rich chinese students and small business owners

I wonder how he got so much money?

Just wait a few years, you'll get your share of them

I wonder how he has so much money?

pretty appropriate dubs you got there

Go to acacia ridge man, i was the only person on my street that wasnt sudanese and on centrelink. dindus everywhere

We're already one of the highest taxing nations on earth yet the ATO and the government want to get their filthy hands on my crypto gains. I bear all the risk and pay all the costs but I cannot keep any gain entirely for myself. Paul Keating is a socialist cunt for introducing CGT.

Apparently it was some "very smart investing"
Apparently selling your soul to the jews is a smart investment

>implying paying 40% of your wealth is a good thing
>implying it wasn't funny
i'm more white than you are guaranteed bitchboy

Say I bought 30 eth last year, traded on binance into 60 eth, can i transfer back to aus exchange and still claim first 30 as 12+ months (50% cgt reduction?)

It wasnt that funny nigger

the irony of people in this thread complaining about not being able to keep all of their short-term profits for themselves is pretty good

?? aren't you getting taxes on the profit only? so instead of taxing the entire 60eth stack it should be 50% reduction of the 30eth stack no?

Good for them, I was born here and have had to slowly watch my comfy way of life be trampled on and degraded by every entitled cunt that floats over the border with their hand out, this country can get fucked.

>No escaping to another country because we made our gains here
Why can't we move to another country, marry a native and pretend the crypto was hers then cash out? I'd rather risk half my gains going to a roastie than our inept government

The gain is the value increase in the eth, the second 30 eth would be taxed on zero cost basis

the digits don't lie.

Race war now

I thought you guys mainly got chinks and poos, why would you take people from shitholes like Sudan? Although migration is obviously too high, I thought Australia had a fairly reasonable immigration policy overall.

I'm not saying Deus Vult.... But, DEUS VULT!

so close to 1488

SE Melbourne is basically Sudan and little India, hate this place.

buying crypto doesnt fuck over other people let alone an entire fucking generation you shit

Had a cosy migration deal with NZ, their immigration policies were more lax and it became the backdoor entry to aus. 6 years in NZ and you walk into aus

The fact that crypto is very high risk and the government has done nothing to facilitate adoption means the complaints here are valid.

The ATO has been slow to even address crypto and they certainly don't deserve a lion's share of a traders profits.

I didn't even notice that, it would of been a sure sign. That it was time

Agreed, not like property speculation where the gov build roads, school, etc and invites migrants to up the value. No generous tax concessions for crypto either

>invites migrants to up the value
I don't really see how they up the value

WAIT. Are you 100% sure that crypto to crypto is not taxed at all in Australia?

200k migrants per year, they buy houses

we don't want them. we're fucking full

We are just pissed off that we get taxed so much especially compared to other country's
We are putting everything on the line, most us spent more time involved per day on crypto then wagecucks spend slaving
The constant stress that the next Korea level FUD will be fact and tanks our profits beyond repair
Apart from all the larping I'm sure people that got in early last year have aged quicker because of this

Then the government puts out its chubby BBQ sauce and cum covered hands demanding we hand over a huge fucking chunk of it so they can pay welfare junkies,refugees, Gina fucking Rhinehart and the Chinese

Where are you guys buying your eth and btc? Hit my coinbase limit so I'm using btcmarkets at the moment, wondering if there are other sites.

It's actually really difficult to prove to the ATO that you're a day trader by profession. Strange I know.

That's messed up. I live in Germany and we're going to get fucked even harder since the third world is literally in walking distance from us, and the average person still fails to understand the implications.

You guys are at least protected by an ocean, so if you had a reasonable immigration policy you could really be in a good position.

I'm looking to get the fuck out, before things are really going downhill and Australia looked like a good option, plus I was under the impression that immigration was fairly strict so that seemed positive.

> Every trade is a capital gains event (crypto-to-crypto

This is simply not true

Gemini has been good to me.

nice subject m8

Good to hear, I can hold my main shitcoins for 12 months easy, got this, thanks user

Apparently living in the stinking shithole of a continent that is Africa is enough to warrant seeking asylum. And fir somereasin Australia loves giving tax dollars to dindus

Do they cuck you with transfer fees?

The fuck are you talking about. We have it so much better than most other actual first world nations.
Fuck off to panama or whatever... Un-Australian cunt trying to ditch the country just because of income tax.

>>Every trade is a capital gains event (crypto-to-crypto,
Incorrect.

theres nothing stopping you from trading coins for cash irl using localbitcoins or other sources (hint find high stakes poker players)

It has been tightened up a lot now, the majority politically support strong border protections. I do not envy all the land borders of Germany with whats happening in the world right now

Fuck, you really are a dumb nigger arent you cunt?

This fucking KEK Cuntry is overrun by dirty abo niggers and dirty cuck sand niggers stealing my crypto dollars to fund their nigger baby production and rob stores.

Leaving this shithole as soon as possible so I don't have to deal with NIGGERS and SOCIALIST TurnKEK anymore stealing my money.

where would you even go?

everywhere is being flooded by nogs.

except east asia i guess. but then you're surrounded by asians.

This is a useless shittoken shilled hard by a discord group. they get points for every post and comment they make here, if they don't post every day they get banned. That's why there are AUS posts here 24/7.

it's not because so many ppl like AUS; it's jsut because 50 retards have to shill for it. ...most of the comments being positive about AUS are all from the same group.

It's obviously nothing than a scam.