So how many ausfags calculated your capital gains tax? How much do you have to pay...

I'm not giving those cunts 1c of my crypto gains. I pay enough. If they want it they can catch me (if they can)

Most of these cunts can play dumb and just say they didn't think crypo was taxable. I know of people who just cashed out and blew all their money. There isn't going to be any investigation into this shit until the laws and regulations are proper. At least I submitted my correct capital gains.
Our system is a joke, as if you would go to jail. Slap on the wrist and a fine at most for any poor / middle class australian.

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Based fellow Brislinky
I think we have the most marines at least per capita out of any city, every thread about locations and there are always 5+ brisbane guys holding link.

fuck giving the ato anything. cunts.

Yeah, nah - Alot of the exchanges I used last year don't even exist anymore for the small moonshot alts and I don't have records... too bad

In the end if they come for me I'll just tell them to put me on a payment plan, I make legit $480/w working part time 20h/w... not alot of wiggle room for them to take shit and if they take enough that I can't survive I'll go down to centrelink and get it right the fuck back.

Why should I pay tax on this shit anyway, where's it go? I literally see no government developments anywhere, bunch of fucking leeches.

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I was a good boy and declared my crypto to crypto short term trades, lucky i sold shit at a loss before end of financial year, didn't have to give them shit in the end and got a nice return

Fuck yeah cunt.

>Tfw your a painter and have to fix every other trades shit work and go home late

I can't take this shit much longer bros. I'm surrounded by fucking troglodytes. Just want main net to come so I can retire

i had a capital loss

The ATO has admitted it has a huge backlog and that regulations won't be in place until 2019. Until then they expect people to self-report.

Lol it's the opposite for me. Just got my entire poloniex history KYC'd.

But seriously fuck tax it's the biggest bunch of bullshit ever. A land tax is about all I could accept.

fellas if my buy total is 4k and sell total is 5k what does that mean tax wise roughly? im down overall. Have i made a capital gain? I don't think I have.

learned an expensive lesson, so be it

Wouldn't; even bother. Have you cashed out?

How can you be down if you bought 4k and sold 5k?

I bought low, sold high, bought back in and sold lower than my initial investment, then bought back in I guess? I'm now down 2k overall since i first put money in.

Sounds like you probably have a net capital loss.

Also sounds like you don't know what you're doing though so I'd speak to and lodge with an accountant.

will i get dicked if i dont declare a net capital loss?

Well at least you won't owe them money and it's not a large amount. I really got no idea.

At least take your trading data off exchanges so you have evidence that you didnt make a gain.

>You do know that EVERY crypto-AUD and EVERY crypto-crypto trade is taxed right, and not just when you cash out to fiat?

False, its not possible to do this so it cannot be enforced.

yeah mate i summated all my individual buy and sells from my CSV file and had a greater numerical value of sells than buys, which aligns with my net position at present.

thanks for this site. is it any good? doesn't have coinspot unfortunately!

actually it does have coinspot. my bad!

>Every crypto to crypto trade is a taxable event.

False, its not possible to enforce so its not going to be enforced.

Yeah this guys don't get it.

It's literally going to be capital gains on your cash out.

Capital gains goes on the absolute value. So if you make say $2000 loss that's taxed as if it were $2000 profit and you owe the ATO $500 or what have you. Hope this helps!

ATO can have fun going through all of my etherdelta shitcoin trades

haha fkn lold cheers mate. I'll bring this up at the accountants.

Im a brizfag also. Any of you cunts keen on starting a tropical crypto utopia in Vanuatu. Its a sweet little tax haven. Easy to start a company, get bank account etc. We buy a resort and advertise it as crypto friendly. Bang cruise ship sloots etc

op is so wrong

i put in 10k pulled out 40k, and owe 7k, which i have paid half of. I paid my CGT at my marginal tax rate only on what i cashed out and my cpa was all good with that and he knows his shit. Every bank and exchange in this country will give you up at first chance. If they think i owe more i can enter those discussions with good faith on my side and will not get any sort of punishment. If i didnt cash out I would definitely not be paying shit

Brislinkie reporting in. I have 13k link. How much do you bros have? Vanuatu is a go-a for me.

far north queensland link captain checking in. feels good to live in the best australian^tm state

Based in brisanon soon

They literally don't have to. How this works is they give you an amount you owe and it's up to you to argue / prove otherwise. At the end of the day you're never going to hear anything unless you actually spend the money on something people give a fuck about

your my link twin, Brisbane and 13k link as well

also who /lastminutetaxreturn/ here? had a bad bout of depression this year and absolutely fucked my book keeping, winging it in the most safe way possible right now boys, if they come for more they can take it from my cold dead hands

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that sounds very similar to the idea behind the original Delphi.

i'd be game.

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Ausfag accountant here. Your CPA is wrong, currently the law is very clear on crypto to crypto being a taxable event. Its just too hard for them to trace, and you are a small fish so unlikely to be a problem.

I'll leave Australia if that happens. You can bet it wouldn't have the 50% CGT discount for >1 year hold.

fucking based