Ausfags and tax

Is this a true story? Been thinking about this for awhile.

If you do it right claiming loss works in your favour. How does that make one a faggot?

Before this they said only bitcoin gains would be taxed (because its the only crypto they would compare to a currency). This EOFY is going to be a cluster fuck

Like the user said above me, unless you’ve already sold (full blown autists only), you don’t have to declare anything to the ATO until you cash out.
When you do cash out though pay your taxes, there is no way around it and the tax man will ALWAYS find you.

Plus you don’t want to be stressing your whole life knowing that you’re going to get rooted morning and night in a Silverwater shower

Other option is to hold long enough to a point in the future where crypto is common place and used for day to day items

OK so no tax till you cash out but you gotta keep records of all of your trades right?

How do you do this? I assume that I can just download a PDF or something from all the exchanges I use, correct?

What about the exchanges that have disappeared? Like Cryptsy and BTC-e? What if I lost coins on them or don't have records?

So I don't have to pay tax on crypto to crypto trades?

This will never be accepted as an option by detractors

just like r/buttcoin laughing at people laughing all the way to the bank

Im assuming they only tax the amount you cash out. The ATO is not competent enough or staffed enough to track and calculate tax on every trade. Some people make thousands of trades a year

Damn nigga they will want to know what the fuck you used that money for. And I guarantee when you cash out they will come looking for their 30%. Dont be stupid, the ATO can and will fuck you if you dont play the game their way

LMAO, you had to call up the ATO to ask them that?

what are capital gains
my sides
baby's first tax return

The ATO are fucking dumb cunts idiot.
They can't even police half the country over claiming their work expenses. You really think they know how to go after crypto traders lmao.

Calm down mr inner city accountant. The issue comes up every tax thread I needed a real answer.

Or move overseas and pay no tax ever

>Panama, Bahamas, BVI..

Kind have to agree here.

The one benefit of living in a country where everyone does a half-assed job.

Yeah we'll see who is a hard cunt when they are getting audited. Mum and dad wont be able to help you then cunt

Do you have to pay taxes if you're a NEET?

If you are over 18 then yes you gotta pay taxes so coons can continue to get government housing and money for goon.

If you faggots even think about paying tax go play the FX or share market. Bitcoin has the power to take down these greedy government's but you cunts want to keep spoon feeding them. Fuck you cunts are a bunch of weak cunts.

Whoms finna declare their $20 Vanguard dividends?

Plenty of ways to cash out without leaving any paper trail. Bad luck ATO.

Fight me cunt

I'm thinking about cashing out in Euro instead overseas.
Any better option?

Nothing, unlike amerifags, has been said so far from the Australian government on keeping records of day to day trades.

What is written as advice from the ATO is to keep records of your BITCOIN transactions (see attached pic), nothing has been said regarding alternate cryptocurrncy trades. So as of now we are still able to play dumb and plead incompetencey if for whatever Mr ATO were to ask for day to day trade records.
There is a huge grey area surrounding this at the moment because of how new this all is, at least in our country (god help the burgers).

No we don’t have to pay tax on crypto to crypto trades, just tax on whatever capital gains we attain from our initial investment (how much bitcoin did you buy initially and for how much?)

What and renounce my Australian citizenship, never be able to come back home and live in a shithole fairyland country - fuck that right off

Link - ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/

You think there are but there’s not my friend - trust me I’ve looked into every possible avenue

TO ALL AUSFAGS THAT DIDN'T KNOW ALREADY

cointracking.info/

Good tool for tracking shit so you dont have to. Just upload trade data from most exchanges.

Bullshit. You can easily cash out for cash via local btc, just use a fake ID/fake documents which you can obtain with ease on the dark web.
You can even sell crypto on the darkweb to vendors who will send you hard cash in the mail.

Of course there's plenty of other ways, these are just easy methods.

Dunno if i should report losses as if i do it might lead to a papertrail of my massive massive gains that i don't plan on reporting

>This guidance paper provides an overview of the tax treatment for transactions associated with crypto currencies, specifically bitcoin.

>This guidance also applies to other crypto or digital currencies that have the same characteristics as bitcoin.

The second statement is what gets me.
They keep refering to bitcoin but then say what they said applies to all crypto.
Be careful

of course it can, if you do not intend to cash out to fiat, which no one will, so pay your taxes every year

we're not talking about pocket money fag. We're talking on buying houses money.

1-3 million range.

I spent a year in remand in NSW, heaps of cunts doing 12-18months for tax evasion. Stunned mullet look on every face and crying on the first couple nights.
Just hope you arent one that will have to set the precedent with 2-4 years of your life.
2 years for the case to go through, 18 months prison and then 6 months probation and 10 years till you can get a good job again that doesnt have the stamp "i stole from gubbmint and got caught boo hoo"

vpn's, hentai comissions, things and stuff

You haven't looked hard enough. Just cashed out 120k O/s. Its coming back as legit money too

Tax evasion in crypto?

Unless you cashed out using local monero/eth/BTC via cash you will probably declare your fiat earnings at least. The fiat gateways (btcmarkets, intdependentreserve, coinjar) will report your earnings.

I'm calling bs, but on the off chance you are being legit, enjoy prison buddy.

Keep being a slave to the system my friend. Learn what CCs are about and what they stand for.

Over the years I've paid more than 1 million AUD in tax through PAYG. Fuck those cunts

>Thinking you are smarter than a group of weaponized autists that will become the Crypto Tax Avoidance Team

Nah you don't need to worry about that hey user, I mean you have already earned enough to pay over 1 million AUD in tax therefore you MUST be smarter than the ATO.

However I will agree with you on one point, fuck the ATO.

Your green text makes you look like a faggot, dude. You're pathetic.

Yep. It's realised gains. Don't be fucktards and fall for burger memes.

>>CCs

Yeah Doritos are sick

Hey mate I used to (used to!) work for the ATO.

Let me give you some solid advice: if you're unsure about anything regarding Australian Tax, give them a call and ask. It's pretty damn easy DESU. They'll let you know the score.

Note: not a tax professional, don't listen to me for advice on anything blah blah blah