Taxes cunt

>beautiful piece of land
It's 95% fucking nothing with a fuck off big rock in the middle that's literally the most famous tourist attraction. Have another huff you delusional abo.

this post deserves to be highlighted

the nbn is a national disgrace

>cunt
you aussies are HILARIOUS

They treat it as an asset, so similar to day trading stocks its income

DO I have to pay tax on coin/coin trades?

BTC -> ETH?
fuck our goobermint salty niggers who got bullied as kids

>Nails it.

And when they say they want to stomp on people, the way they do it is simply to do whatever America is doing.

Like this user suggested, I'm just going to rock up to my accountant and tell him how much fiat I made and taken out.

Yea it's a cunt of a thing. What I'm gonna do it just claim cgt on any withdrawal. Fuck that tracking each trade bs I don't have time for it unless I'm making big dick cash and the 50% cgt discount makes it look more attractive.

Typical Aussie government just wants to add more regulation and waste more fucking money by having dumbshit public servants twiddle their thumbs about a solution all while whining for smoko and a a fucken RDO.

Useless cunts the lot of em

Yeah

ATO has the concept of "good faith effort"
just calculate how much actual profit you've made, round it up just in case, and declare as capital gains
if any of that profit came from a coin you held for more than a year, you only need to pay half of the tax on those, so subtract that
they understand that they can't expect you to track down every tiny transaction that you made on some shitty scam exchange
put an hour of your time to try to calculate the number as accurately as you can and use that
that's an effort in good faith

if you somehow fucked up with the recent dip, and owe more than you can pay
(this wouldn't happen nearly as often as Veeky Forums likes to butch about)
but if it happens, just call them up and ask for an extension for your payment
I've paid some tax debts years after they were due
the fines were minimal (considering I was avoiding them and filed 2 of my returns 3 years late)
and they didn't charge interest on the money I owed (they can waive the interest if they sympathise with you)
my initial amount owed was was $25k, and I've been paying them $200 every fortnight for a while now
there were no repercussions, no audits, etc

the people at the ATO are human beings you can talk to on the phone and they have a fair bit of authority to make decisions on your case
don't worry so much, you're an ausfag after all

I would like to gently remind everyone in this thread that the ATO along with all other tax authorities are completely out of their depth and overwhelmed, and that while tax on converted funds + into a bank / on an exchange where you're verified is a no brainer, that there is no way that they know of stacks unless you yourself tell them

t. impartial non invested observer

Uhhh where do I read about this

He's right. The accountants in the know, want people to take the conservative approach and do this but if you go to your mom and pops accountant they will just treat crypto like stocks and ask you how much fiat you crystallised out. I'm not going to bother correcting them so I can pay a lot more taxes.

uhh gay marriage is allowed now sweetie we're ahead of the world now

Well fuck off then cunt, love it or leave it. Don't you know we're full?

Fuck off ATO shill, they're all a bunch of faggots. They're not getting a cent from me after the way they've bewn spending our tax dollars. NBN was the biggest public infrastructure project on the planet and they sold us out to line theirs and murdochs pockets. They ain't getting anything from me xept the the GST on a paddle pop.

Have any of you fags looked at the ato website?
They are only taxing bitcoin gainz at this point. Dont let those wankers at the ato bully you imto paying shit you dont owe. Get a decent accountant, which you can afford if you made enough gainz lmao.

>Love it or leave it

Okay I'm leaving to become a tax resident overseas.

>You can't leave, cunt

This. Fuck the ato ill fight those cunts to death

Ok thanks for the input good cunts, suck a fart shit cunts, but what I really wanna know is- if I have to cash out to pay my cgt will the ato double charge me on “income tax” to be clear, I have fuck all cash mate, but I got some cryptos I’m prolly gunna have ya use to pay the tax for my crypto gains, have any of youse cunts paid your fucken taxes and had experience with this shituation? Also why the fuck don’t you post more straya?!

Not paying NO tax.fuck the Australian government. Fuck all governments. I've cashed out about 120k offshore. Come at me cunts

The Gay Gangster Government is not getting a cent. My money would be taken from my pocket to go towards a literal fag loving government. Drove through Sydney recently and the fag flags everywhere was nauseating. This is a shitty system where a bunch of mindnumbingly incompetent fuckwits who dont know what country they're from reflexively flail retardedly at things they don't understand. The good news is the ATO isn't as hardball as the IRS. Ultimately I wouldn't trust the government much less the retarded lanyard wearing desk jockeys who staff their bloated departments to know where to begin taxing crypto

>enjoys babylon
>complains about babylon

Pick one goyim - Or go offgrid.

I would keep an eye on the news in the next month or two. I read somewhere there was going to be a "blockchain summit" around march this year - where i assume they will do what most of the other developed countries are doing in the world right now, trying to figure out a way so they can regulate crypto without it becoming a logistical nightmare. Those ATO rules are pretty outdated and refer to "Bitcoin" in their text, so I expect that they will sort out some new rules by about may so that they are in place by the next tax time..

I really, really don't enjoy babylon
>Pick one goyim - Or go offgrid.
Why do you think im playing with this dumb e-money

Getting there. Need crypto gains first to make it possible without having to til the earth with a fucking ox and plough 23 hrs a day just to eat. This is a prison break.

>implying ATO pays people to shill on Veeky Forums
it's not a fucking coin I want you to buy 100k of
you should be asking the ATO for a disability subsidy if you're that retarded

I feel it - When you sort of ''made'' it start the process already.

You can program drones / build or mod them to do the gardening / watering etc for you. Schedule everything and include variables for weather changes in the ML code.

Earthship homes seem stupid to the common goy but is essentially GOD-TIER housing for the offgrid 200+IQ

What country and what do I google to learn how to do this mate?

Kek, taking my shitposting seriously on a bhutanese prayer flag forum. You must be as much of a lamefag as you sound with your enthusiastic bootlicking.

>Drove through Sydney recently and the fag flags everywhere was nauseating
obviously didnt drive through the working class suburbs and see all the "its okay to say no" signs every where

>Earthship homes
This is how I know you are a patrician

>lets allow gay marriage, wow we are so progressive and forward thinking
>bitecoin? Lets legislate it to death lol
this makes me very angry

Bx Thai exchange

Any cashing out will be taxed. So cashing out to pay tax will be taxed. So do it after you get your tax return and shit so it rolls over to next EOFY

Anything to get votes user. Seriously considering coward punching that Trudball cunt

as far as I understand, and gains made through trading are counted as income.

so what you do is make gains trading but stop once you get to the tax free threshold for income and then just hold until the next year and you pay no tax.

leave our thread

Ill glass ya with me vb stubbie cunt

Actual accountant here. After reading first few responses decided to post. Those people are retarded.

It is subject to CGT. The only time it isn't is if you bought it to buy things with like clothes for example. It doesn't matter how much you spent on crypto it's subject to CGT. Every single trade is subject to CGT just like in America. Hold for 12 months to get 50% discount. Anyone who says otherwise is a moron or trolling.

Good news if you close to 60 years old you could use an smsf to buy it then sell it once your funds in pension phase. Enjoy paying 0% tax, or if you sell before 60 you get 15% tax and you can still get 50% discount after a year.

You could set up a family trust and 'distribute' income to kids, grandkids, parents, spouse etc tax free or lower tax bracket, just make sure it won't effect any pensions. Kids under 18 can get $416 each tax-free. Tax free for others can get close to 20k each if they got private health insurance.

Right so if I make a mil and land in the max cgt tax bracket, I’m paying almost 500k in tax, which I have to cash out to the tax, then a year later I have to pay 166k in income tax, fuck can someone answer this clearly, like spell it out for a dumb cunt?

OK let's say your crypto was purchased for $10k. It's worth $1m now. You sell. You have made a capital gain of $990k. That can be discounted if you had it more than a year by 50% so you either made a gain of $990k or $445k. This is added to your taxable income for the year. And you'll be in the top bracket paying 45c on the dollar in tax in that financial year.

Alternatively, same scenario but instead of cashing to fiat you cashed to another crypto to hold for a while. The outcome is exactly the same you still made a gain of $990k or $445k that you now owe tax on in that financial year. Then when you sell it later it's a new taxable event.

Not sure what you mean by the 166k. Can you explain if the above didn't answer your question

Yo, how would the ato know I day trade? Can't I just say I bought btc at x and sold at y, therefore I get taxed on $50'000? (I bought it a year ago) legit; ow the fuck do they know I trade on exchanges??

They don't, and you don't have to declare your trades but good luck bringing cash into your bank account from an exchange and not being audited. To avoid bank account you can use local bitcoin or something to meet people and sell for cash but you can't buy things with that cash like a house or car cos you'll be audited due to having low income but buying assets you can't afford. The money from local bitcoin sales can only be used for shopping, maybe holidays etc

Just pay the taxes, it isn't worth the risk unless you moving to a different country with no intention of coming back to Australia. There's plenty of legal ways to minimise tax and I listed some already. See an accountant or tax lawyer for more in depth explanation and possibly more options.

>45% tax
kek
this is why 0.03% of people paid taxes on bitcoin via the IRS
no idea how australian numbers are but its the same problem globally
probably why germany is starting to play ball

I'll buy some gold with bitcoin. I'll get my grandad to give it to me in his will before he carks it. Check mate ato faggets

>ATO asks staff to dob in fellow public servants ripping off the government/taxpayer

mobile.abc.net.au/news/2018-02-19/ato-urging-staff-to-dob-in-timewasters/9462604

>ironic much?

m.youtube.com/watch?v=RxJrV_pAS3Q

Germany has up to 68% income tax, wtf are you talking about

they arent taxing crypto when used as currency
coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/

>Germany won't tax bitcoin users for using the cryptocurrency as a means of payment, the Ministry of Finance has said.

>The guidance, published Tuesday, sets Germany apart from the U.S., where the Internal Revenue Service treats bitcoin as property for tax purposes - which means that if an American buys a cup of coffee with bitcoin, it's technically considered a sale of property and potentially subject to capital gains tax.

>Instead, Germany will regard bitcoin as the equivalent to legal tender for tax purposes when used as a means of payment, according to a new document.

Oh dear. This is about VAT and not about the income tax. Don't speak about a topic you basically have no clue about.

Still up to 68% income tax on your profits.

Could work I guess. Wills can be contested though so it bit risky. Just wait till those people are audited for bringing cash into their bank accounts and buying assets with undeclared gains.

Well I guess that is why most people arent even paying taxes on crypto then, huh user?

>bringing cash into their bank account
No shit thats taxable

btw a nice reminder to Veeky Forums that anyone spoonfeeding government stooges any loopholes is a certifiable RETARD

Brainlet here. So say I buy 1 BTC. If I sell it back into AUD I pay CGT. If that BTC was held and sold after 365 days, I get the 50% discount. What if, before 365 days, I trade that 1 BTC for 1 ETH or any other crypto? Does that reset the time for the 1 year discount? How are crypto-to-crypto trades subject to CGT?

Still taxed on your gains. You think they will allow you to turn $1000 into $100000 and you can avoid it by buying coffees with it? OK.

How would they know about their gains to begin with? I mean I could explain how easily that's apparently subverted, but then I would be spoon feeding you now wouldnt I?

Paying taxes on crypto gains is retarded anyway. The hustle, the research, the scams around every corner.
Luckily we got monero, huh?

There are some options to find out how. Clustering the entry and exit point etc, but right now...no way you will get caught.

Your country is a gay nigger.

You clearly have no audit or taxation experience. What are you gonna do when you wanna cash out? You have to go into cash eventually and then you'll be audited if you aren't declaring and if you can't prove your transactions you'll be hit with highest marginal rates anyway plus possible tax avoidance charges/fines. Burden of proof is on you not the taxman you mong.

You buy 100btc for $1 each on x date.
You trade 1 of x btc for 1 eth on y. Your 99btc still has x date of purchase. Your 1eth has y date of purchase. If you trade your 1eth of y to 1btc the btc gets date of Z.

Btc is worth $100. You buy 1btc
Btc is now worth $200. You sell 0.1btc for eth or fiat doesn't matter. That 0.1btc had cost base of 0.1x$100 so $10. You sold it for 0.1x$200 so $20 fiat or $20 of eth doesn't matter. Sale price of $20 less cost base of $10 equals $10 gain you owe tax on. If you got discount you reduce by 50% to $5.

>If you trade your 1eth of y to 1btc the 1btc gets date of Z.

Sorry forgot to put that extra 1 in. Clearer now.

I've already stated that bringing crypto into a bank account is taxable, yes
What seems to asspain you however is the suggestion that tax authorities have no way of knowing if you are holding otherwise, and considering the marketplace infrastructure being set up globally utilising it... doesnt take a rocket scientist to know where this is going

you're obviously financially invested since you work as a tax agent and creating a culture of submission would lead to more people seeking your services

what country are you actually citing these taxe laws for though?

Cheers mate I understand it now. What an absolute robbery.

Is that Marrakech?

Everyone was looking at my gf and she was fully covered, can't imagine the attention this slut got.

This is an Australian based thread so Australian tax law. I already said there is no way of them knowing except audit trail if or rather when you get audited. You must prove everything to them not just say oh I got x at y. They want the transaction records and the addresses. Enjoy your highest marginal tax rates if you can't prove it to them. Australian exchanges also have detailed verification before you can trade so if you only used Australian exchanges and they get ordered by court to release info you're hit there as well. Working in tax I kind of don't want people declaring crypto cos I can see it being a nightmare to work out cost base and sale price of crypto to crypto trades though I do see some software and apps already to help with this but I haven't looked into it yet and never had a crypto client however have had people asking about it.

PS although it is common knowledge but banks report transactions to tax department.

It is harsh that's why you need to legally minimise your tax as much as possible and keep proper records to save on accountant fees cos it will be expensive if they need to work it all out from scratch.