Daily reminder to ausfags that EVERY crypto trade is taxable. That means buying BTC with AUD as well as buying BAT with BTC. Not just cashing out to fiat like most of you think. You have to include your hundreds of shitcoin trades in your capital gains tax.
Most of you have committed tax fraud and you WILL be caught eventuality. Australia has data sharing agreements with other countries where exchanges are hosted and they will gladly hand over your trades. Have a lovely day.
Daily reminder that as long as you can prove how much fiat you put in, and how much fist you withdraw, you only have to pay taxes on that difference (if it's a gain of course)
ATO doesn't require every trade and they won't ask for it if you fail to provide
>he doesn't know about monero kys commie
>implying im cashing out any time soon
the AUD is going to shit, and will continue to go to shit as our economy slowly gets JUST'd
>durr hurr if I pretend I didn't read the extremely clear cryptocurrency rules on the ATO website surely that will save me from prison and giant penalties
And this. Keep putting money into crypto, watch the aussie dollar tumble as property market crashes. Sit back and enjoy.
Cashing out is irrelevant for taxes. You get taxed for capital gains on all trades
I've already paid my capital gains, no trade history was submitted. Just fiat in and fiat out. Tax return received. Nothing said about missing trade history...
Objectively false. Fuck off shit poster.
>durr hurr if I pretend my trades aren't recorded on a permanent ledger then surely the government will never discover them
They can't and if they could they wouldn't bother. Too much of a waste of resources.
You're right, but you're also a soiboi pussy faggot that thinks the ATO has the resources to check everybody's thousands of shit coin transactions.
>Thinking you can cash out
The real genius
You retarded bro.
Because we day traders, we don’t actually fall under capital gains. It’s like normal income tax on profits or loss.
>cash out initial investment
>if profits less than 1MM head to Philippines
>live for 6 months of initial investment money
>cash out overseas and pay only 10% tax on cashout
>if total profits over 1MM go to Saint Kitts and Nevis
>pay 100k for citizenship and cash out as much as you want tax free
There. Now the ATO legally doesn't get a cent.
time to detail this thread
All you need to do is stop being a resident for tax purposes. It means cancel all your insurance / banking / stuff, live outside Australia for more than 6 months of the year (fucking gladly) and that’s about it.
I've felt cucked since July for paying my tax. I spent months adding every single trade and movement from Etherdelta and each ether wallet plus bittrex and polo before I used Binance. I saved my exchange data before I closed those accounts. How the fuck are people meant to enter trades if they no longer have exchange data?
Anyway I have a completely up to date record on cointracking. I figured if I make big money in the future this will be much easier than trying to lie. 8k in fucking debt to the ATO. Thank christ I didn't sell in December because the gains would of wiped me out if I sold into another shitcoin. Payment plan just finished for me. Just glad it's over. Good luck to anyone who escapes this cuckery.
Do I actually have to cancel my bank account? I thought I just had to quit my job. What else do I have to do?
I guess I will just had to fucking withdraw all my cash then. Also ave insurance through my super, do I need to cancel that, and cancel my super?
Also had to pay my tax since BTC Markets hands over data to ASIO if you've cashed out more than 10k over the year. So if you plan to avoid taxes work around that and fudge the figures for the other non Australian exchanges for huge losses if your account is un-verified.I cashed out some BTC to buy a new car and didn't think of the consequences.
this is the worst ATO shill ive seen
All you need to do is be out of the country for more than 183 days in a single financial year.
ausfag here. Where do I get myself a power suit?
all fiat is going to shit but aud will do the best
Accountant here
Nope, when you cease to be a resident its a CGT event on your assets. If you want to leave the country for good, sure. If you want to come back to Australia at some point, you better hope they don't know about your crypto.
This one might actually work in court if you fit the below criteria. My personal bet is 99% of you day traders don't use an ABN, keep sophisticated records, have any qualifications, or trade with 100's of thousands of dollars.
the following factors that have been taken into account in court cases:
*the nature of the activities, particularly whether they have the purpose of profit making
*the repetition, volume and regularity of the activities, and the similarity to other businesses in your industry
*organisation in a business-like way, including keeping accounts and records of trading stock, business premises, licences or qualifications, a *registered business name and an Australian business number
*the amount of capital invested.
the government can fuck off and so can OP
taxation is theft and OP is a fag. so was it written and so shall it be
sage
What else can you tell us regarding to minimising taxes when cashing out?
>If you want to come back to Australia at some point
>if
AHAHAHAHAHAHHAHAHAHAAHAA
I will have a good life if I never have to come back to this shithole ever again.
Fuck this nation, fuck those stupid CGT event laws are ceasing being a resident. If that is so, then I will just take the Saint Kitts and Nevis route, get citizenship there and toss my aussie citizenship in the trash can where it belongs. Fuck this shit country, fuck the government of this nation, fuck taxation so they can build more bus t ways and raised raillines instead of widening the roads to ease congestion. Fuck the leadership of this shithole. I'd be glad to never see it again.,
Hold for greater than 1 year to be eligible for a CGT 50% discount. There are other illegal methods that i won't advise on.
>11611768
If i make enough i'm out of here too, i kind of want the ability to visit family members though.
fly them out to see you. My family would love the free holiday
sydney sider? only canberrans hate rail as much
>Implying that the ATO is going to be able to trace shit
They're so fucking incompetent that they want you to file all of your crypto related info yourself. Hell, you can just use decentralised exchanges like EtherDelta and the government won't be able to do shit about it.
Yes I live in Sydney. Fuck this continent. Fuck this country. Fuck this state. Fuck this city. Fuck my entire neighborhood. Fuck this post code. Fuck the people of this shithole nation. Fuck the leadership. Fuck the prime minister. Fuck the government. Fuck the Queen. Fuck the NSW Police. Fuck the ADF. Fuck ASIO. Fuck the AFP Fuck New Zealand. Fuck Melbourne. Fuck Victoria. Fuck Constitutional Monarchy. Fuck the Westminster system. Fuck Bogans. FUck beer drinking faggots. Fuck wine drinking pansies. Fuck aussie expats who approach me on holidays. Fuck the aussie accent. Fuck the gay cuckstamp on our flag. Fuck taxes. Fuck John Howard for banning guns. Fuck this country for hating freedom. Fuck our joke tier infrastructure. Fuck public transport. Fuck busses. Fuck trains. Fuck traffic. Fuck Queenslanders. Fuck the city, Fuck stuck up country dickheads.
Oh and I forgot, fuck tradies, fuck miners, and fuck Gina Rineheart too.
calm down bro. living in sydney is shit but if you can spend some time in rural towns your outlook will be changed.
*taps mic*
and FUCK NIGGERS
Pasta worthy
You forgot the crocodile food, aborigines.
I love you user. Try living in fucking Arncliffe. I hate what this shit country is turning into
At least we're about to go through a depression. I'm hoping for some societal reform when people are no longer getting theirs and happy just to drink and watch sport while the pollies rob us blind. Sorry lads, i'm a pot smoking greenie so my ideal outcome from this might be different to yours. At this point i'd be happy with anything different though.
By "cashed out" do you mean selling anything on BTC markets for more than 10k AUD (or equivalent, e.g. selling 10k worth of ETH for BTC), OR do you mean actually sending more than 10k AUD back to your bank account?
Sending 10k back to your bank account im pretty sure is what I read.
You should operate on the assumption that every trade done on an Australian exchange is tracked by the ATO. Our exchanges co-operate fully with the ATO.
>Daily reminder to ausfags that EVERY crypto trade is taxable.
How can you guys justify keeping track of that shite + paying the kikes...set up off shore
Prison for not paying taxes in Australia.
You Fren are clearly not Australian.
Top KEK - So what happens if you lose on every trade?
Capital loss carried forward for future financial years, you use it to offset future capital gains. If you never make a capital gain, nada.
Actually this is an interesting point. I work for the tax office and no Australian has ever made a profit with Crypto. We believe it is a WW phenomenon.
don't try to submit a tax return with crypto gains yourself, go to a good quality accountant in a nice part of town, will reduce your chances of being investigated dramatically
lopl
Nice! Confirmation from the tax man that we don't have to bother declaring this shit in our tax returns! Thanks user and God bless Straya.
Didn't declare a thing, six figures of link, Aus can go fuck itself. I'll be setting up a company in the Caymans, they fucked this country and I'm not paying to fix it.
"they" for clarification
.....and jannies
what comic is this
This is correct. OP is a shitposting drunk retard
OP is correct about law but incorrect about practice. The law in most countries, including AUS, states that you need to report every trade and tax every trade, but in practice, they absolutely don't give a single shit for now about crypto to crypto trades and you won't go to jail for cashing out so long as you pay taxes when you go crypto-->fiat.
>made 80k in december
>cashed out, paid no taxes, sent money back to home country and returned on my dual passport
stay cucked single passport fags
I don't understand this. Where's your home country. I live in AUS and have AUS/UK passports but I'm pretty sure if I'd gone to the UK to cash out and then come back to AUS I'd still have to pay the ATO taxes. We're taxed on our world income and I'm pretty sure the AUS and UK tax authorities share data with each other. Sounds a bit risky user.