Tax Rape

Aussie here, I used cointracking.info. It took me weeks doing about 2-4 hours a day manually adding trades to make everything add up. I kept exchange date from bittrex, poloniex etc luckily and added it all in and filled in the missing trades manually + followed a trail of transactions using etherscan. It was a fucking headache but now that its up to date I just add trades as I go now to avoid having to do it in bulk again.
I'll give you some more details on how I got everything working if you're interested after I eat some dinner. It ain't so bad once you get your head around how to use the software properly.

muslim niggers who want your family dead get the money you give to your government

>buying the ICON ICO then trading it all for Chainlink only to have the entire market shit itself, technically I went from a high ICON price to a high CL price (taxable event) then had my CL shit the bed... will I have to pay taxes on this?
If you still have your linkies then you can't deduct unrealized losses. You'll owe taxes on the full amount of the ICON ICO to when you traded it for CL.

If you sold then any loss you realized would be counted against the first gain.

Look out there's a hero among us

>He wants to live a normal existence free from government harrassment

I lived off my crypto gains last year cashed out 55k

I got one but he isn't going to sought through disjointed trades, I didn't even make shit all off trading it was all investing and holding

Will have to do something arduous like this I guess

My main concern is will I have to pay tax on my crypto to crypto trades which the ATO recommends

Unfortunately yes, but my OCD forced me to do things so fucking accurate my crypto log of 3 years with over 40k trades adds up so precisely that it calculates current holdings value correct down to the cent and single satoshi. I had a 8k tax bill last year but this year I should get a nice refund. Using cointracking is tax deductible too.

I'm doing this legit now in case I get randomly audited in 5 years and have none of my shit organised and they bill me for shit I cant prove. I made the mistake of cashing out multiple lots of cash throughout the year so I have no choice but to because all major exchanges including BTC Markets rat you out to the ATO if you withdraw over 10k.

First time paying taxes. Do I have to report my crypto? What happen if I don't? I only make 12k a year. Part timer.

>I lived off my crypto gains last year

>I didn't even make shit all off trading

well which is it

You do have to pay tax on crypto to crypto trades, I called the ATO to confirm because initially I thought you could just pay tax on what you withdraw minus what you put in.
It's a fucking headache, if you don't have old exchange data, and wherever the fuck you bought crypto with AUD e.g. BTC Markets shows a trail to Bittrex for example, just make a few bullshit trades with historical values in the tool you're logging with to make it look believable until it adds up to whatever you're currently using for an exchange and for wallets. Don't forget to use the correct fee's.
I know people say the ATO don't have the manpower to look through all this shit I was told they have software that compares historical data and a bunch of other factors.
You can also just fill in all of what you possibly can to come to a reasonable outcome for what you gained/lost and this is also acceptable if you lost past years data. Again this is what I heard from someone at the ATO themselves so its your call if you believe it or not.

I would just get it out of the way if I was you, was a fucking weight off my shoulders once I finished it. They changed the guidelines of what the tax implications were early last year which means a lot of people are fucked to produce the correct data as most simply didn't have a clue what they needed to log.

It was from appreciated gains over months I wasn't day trading so theoretically I made only 5-10 profitable trades IE buying 100 Ethereum at $42 the reinvesting in 30 eth in 3 different icons then cashing them all in for CL in feb-march 2018

I will be doing this in the coming days, ironically if they want to audit me they are welcome because it's all on the blockchain kek

Essentially I went from 4k, to 30k, some trades at the top of the market when I had 700k, then all into CL currently at 1xx,xxx k... I'm guessing I owe about 50-70k tax, fucking kill me

Where are you Aussies cashing out your earnings? Have you had any problems with banks freezing accounts due to large amounts (I’ve seen forum posts on this)