How to cash out

What was your choice? I've got 200,000 aud to move around

Do what he says OP. Only way to stock IRL your crypto.

>I'm on track to getting 400-500kAUD
>How do I cash out?

very very slowly and carefully not to draw attention, alarms and banking deposit red flags.

>Goldsilver.com > buy 400 oz gold bar for 50 btc.
anything over $4999 gets flagged here.

try satoshis livingroom. you can do over $50,000 exits transfers if you register. but inquire whats involved first.

Correct. OP should definately do this.
Also OP, sign up to Independant Reserve with my ref link and I'll send you back half of the commission they give me.
At the moment they charge 0.5% for buy/sell and $0 to transfer out fiat.
independentreserve.com?invite=FQNLGK
Let me know your btc address so I can send you the extra 0.125% back to you.

Hello there Mr. Taxenberg

What would actually happen if u just withdrew 500k all at once.

probably nothing banks and the like just have to report anything over 10k for tax reasons

Hello.
OP didn't say he wanted to avoid tax. I don't even know how you'd do that except OTC. IR is pretty legit though and Aussies are usually paying a premium for BTC/ETH on there so it's a good place to cash out.
Anyway if IR wants to give up 0.25% then why waste it by not taking advantage of it? It's OPs money so I don't want so much, just trying to help another Aussie crypto enthusiast out.

>What would actually happen if u just withdrew 500k all at once.

you may get flagged for audit.

and you'll be over the 180k threshold
so you're going to pay max tax.

also the taxes should be much cheaper if he holds onto the investment for 12 months.

op doesn't say how long he's been in crypto

What happens if I've been constantly trading around alt coins? If I just trade back into BTC and cash out 1 year after I bought the Bitcoin initially is that fine?

That should be fine. Trade your alts into btc or eth, send them in to IR and let it sit for 12 months. Cash out what you need to along the way to live on, just don't go over any tax brackets.

1k per transactions u can make as many transactions as u want.
I withdrew 3k yesterday in 5mins.

You have to pay taxes on every gain, even if it was crypto to crypto trading

I haven't seen anyone confirm whether this works, but this is my gameplan for when I (hopefully) make it.

>put funds you want to cash out through Monero to remove trade history
>find coin that has similar a similar amount of gains from where you started to what you're cashing out
>say you held that for over a year
>pay default taxes but they can't prove you traded a lot of alts around

I'm only at $5k with FUN so far, but in the next few months I should have enough to properly start aiming to make it. Will post results in a year, likely after the banks have already made it impossible to cash out

...

good luck selling that giant fucking bar for cash,
1oz coins on the other hand...

Fuck off with this bullshit already
Just pay capital gains on the total amount, unless you’ve been trading in an Australian exchange they can’t know how many trades you made and which trades. They will never take u to court because no evidence, they can try to audit you but they won’t if u just pay capital gains.
Now if you’ve been trading on coinspot like Normie idiots u better show all ur trades and get cucked or else they will find out and give u a big fat fine.
They will definitely audit you if you withdraw 500k. 100%.

fuck off windows shill

The ATO now wants to know your BTC wallet and when you first bought BTC. They're also hiring blockchain analysis experts to see if you're being legit or not.

youre too late. smart money cashed out into gold long before tax shit started

Just a scare tactic they don’t have the money to go after anybody, I wouldn’t risk it anyways
>move to monero
>bought monero then whatever coin in kucoin made my millions, back to monero and held for a year.

>BLOCKCHAIN ANALYSISTS

Also sorry no personal wallet only ever used the exchange wallet.

Why can't it just be this simple? I bought 5 BTC december 2016 for ~$6k AUD. I now have ~30 BTC worth ~$465k AUD. Shouldn't my capital gains just be $459k and I should quality for long term tax?

I don't pay taxes but OP intends to. Don't try to fuck with their system if you're a tax cuck

How'd you flip the 5 BTC to 30? gj

>cashing out
>paying a premium
Are you fucking stupid? YOU can charge a premium. At worst you can just sell your BTC at spot price.

I swear, crypto making Retards rich was a mistake

Nope. And if you didn't know that, I suggest you get a good accountant to help you realise how fucked you're going to get

community.ato.gov.au/t5/General-tax-questions/How-to-declare-Bitcoin/td-p/980

They will want to know how u came up with the rest of the bitcoins.
Honestly I have no intention of getting cucked out of my gains, I’ll live with cash.

Unless you get some Lebo accountant most of them want you to show all ur transactions which get u rekt instantly.

How long have u had these 30btc OP.
With so much money 50% discount is a big deal dude, consider holding for 1 year
(I wouldn’t hold btc for the next year desu lmao)

Banking 'flags' arent OPs problem

The ATO get reports from all Aussie banks of how much goes in/out of an account. They will know how much OP has made, even if its split among 200 small transactions

You have to pay tax on your gains OP, or you'll get JUSTd with an audit. Buying gold and selling in cash is prob the only way to avoid it

in property, you can use the property equity as collateral to get a loan.

That loan is considered investment debt and is tax deductible. You effectively pay no tax on your gains and is able to minimize your tax as well (Of course this all depends on your the property growth to be larger than the debt interest every year).

Since crypto is classified as property, it would be great to be able to do the same and use our crypto equity to use as collateral.

The only thing close is SALT lending but theyre not available in AUS