Cash out in Australia

Yeah it sucks.
I cashed out 20k last year declared capital gains on just the buy/sell price basis and couldn't didn't bother with crypto to crypto.

Its simply too difficult when considering icos and etherdelta exchanges where the records no longer exist.

Ato has bothered you?
Also how did you cash out? Asking for reference for when I do.

As far as I'm aware is you pay tax on the cost of the coin at the purchase date.
So if you buy high and sell low you may have to pay more in tax than you have.
I think if under 10k worth of trades you legally don't have to tell them. Anything over, and you get caught they'll get mad at you.
I think if you do make millions, it's worth hiring someone or at least keeping the records yourself if you're not daytrading.

come on, dont give people false information

this is wrong, crypto to crpto is taxable events, doesnt matter the amount. Below 10k means they are less likely to chase you, but that doesnt mean they wont. The only time it classifiy as legal is if you can proof that you using it for personal reason and as investment, this is almost impossible to proof.

meant to say for personal reason and not as an investment.

your bank only has to report you if you deposit more than $9999 in one go

check out btc.com.au and get a reloadable eftpos card, spend anywhere + cash out

also this, only amounts above $10k get flagged but they have also limited to cashouts to 5k before flagged

Well, fuck.

Used btcmarkets.
Auto hasn't bothered me, but I'm small fish. I was a small fish and only did about 30k income last year. This year I have about 50k. So I don't really think the ATO will waste resources on me. I showed good intent by declaring what I cashed out so I doubt they will pursue me.

So what's the best thing to do if cashing out 10k+ or even a mil+

Aussie here who pays his taxes. If you've held the coins for over 1 year you're entitled to a 50% capital gains discount. So you're only paying ~16.25% if your earning less than $90k/yr. The ATO are now data matching with exchanges so it's not worth lying in your tax return. They can send you to jail for fraud.

Correct, i am wrong.
This was an okay read
medium.com/everycapital/how-not-to-do-your-crypto-tax-in-australia-35509499e021

Talk to a professional, it's better than going to jail.

Care to explain more about tax return with crypto. Parents usually do it (although im gonna get them to teach me) as i make less then 17000 a year through wageslaving.

Seems when my coins get higher in value and i decide to cash out ill have to hire an accountant?

How much did you lose in taxes?

Personally I will. If I make it. I don't want to risk messing it up.
Won't need to though when btc becomes the world currency.

2kish

Well I'll be hodling for 2-5+ years. Hopefully by then the ato would have changed some of it's rules.

Unless you trade a ton it should be pretty easy. Use one of the free tools to calculate cgt for every trade, whack it on to your taxable income, minus any long term discounts, pay your tax. If your stack moons and you cash out, just make sure you keep a record of your transactions. Might be worth talking to an accountant at that stage.

why the fuck would you cash out when 0.001 BTC is worth more than 1AUD

that's like saying you wanna cash out your USD in Vietnamese Dongs. just use USD?

unless of course you don't thiink you'll ever be using BTC for anything except making more AUD, in which case you know nothing about what is happening here and are probably safer either not touching it or getting an accountants advice and not fucking Jow Forums

and no, you don't need to 'make it' to ask an accountant for advice. most will tell you what you need to know for free.

step 1 make twitter account
step 2 find accountants in your country
step 3 @ them till they answer you, it's free PR nobody would turn that down

I havnt kept any transactions for the last 1 years of crypto. What am i meant to do?

You can export your transaction history from your exchanges and plug it into cointracking.info
Calculates everything for you, gives you an organised record and a number to put on your capital gains/loss part of your tax return.
It's a real cunt of a situation but this is the way to go.

Any ausfags with link here

Fuck, cheers

>for personal reason
Hey Mr. ATO, I'm just cashing out the BTC profit I accidentally made when my darknet dealer had a sale, leaving me with excess coin.

If you make less than $18000 do you even need to declare your income?

Yeah, 140k.?

750
got what i could as a poorfag getting one to two shifts a week at work.
might an hero

coming to biz for tax advice is like going to a brothel for realtionship advice.

OP you need to pull your trade records, use those amounts and dates to work out what the AUD price was at that time (if you didn't already do record keeping)
CGT will rape you if you tried to short term trade small amounts.

If you want to risk it just do major trades like entry and exit, but if you get audited it will make it even more painful to rectify.

If you earn enough go to an accountant

i decided to declare all crypto gains on a trade by trade basis last year to avoid any hassle from the ato.

Using weighted cost average I was up for about $52k AUD. Decided to go with an accountant and they advised me I qualified as a trader and as a result, could use other calculation methods.

Through various parcelling of 'shares', i paid around $4k in tax.

Real test will come when I am audited though.

I've put $100 into crypto just to play around with it. Would I have to pay taxes now?

Crypto to crypto is taxed. Just pay some Jew to work out what you owe and write off the cost next year, all accountancy fees are fully written off the following tax year. Don't kid yourself if you're thinking they won't go after you because you aren't trading in the 6 digits, all Australian exchanges are reporting and they have agreements with foreign exchanges to share data. They're data matching everything. Just pay the Jew accountant or spend a day calculating every single trade in a spreadsheet.

Thanks boys. Will start getting records together soon. Sick atm so cbf right now.

If it was a single buy from fiat to a crypto and you are still holding then no, not yet.
If you then traded that crypto for another crypto or fiat then yes it is a taxable event

sorry, Craig, you have to go back to jail

I did the same thing any help??

Made the reply before you posted thanks user

Fuck. At least the tax should be in the double digits only, if I'm called out for it. I have records too which is good. I've got to research this a lot more, thanks user

Yeah capital gains tax is a pain in the ass, learn how the discount works for HODLing and try not to frequently trade small sums without factoring in the tax.

You could possibly avoid it by buying directly from fiat to XMR then it is impossible to follow the transaction from that point forward, if they ask you used it to buy something (which isn't a taxable event) and find an exchange that is less strict on KYC... problem only comes when you want to cash out back to fiat but the trades in between would be unknown to the tax man. not legal but it's a way to hide the trail i guess? idk if it would work in practice

I'm sure by the time you guys get made there will be off-shore services to help you hide your crypto gain like how the traditional rich have done.

I don't have an income at the moment but still keeping records on the transactions I did cause I'm scared of the tax man, thanks for the info anyway

The tax havens already have these services covered but you need serious money to bother, plenty of exchanges already incorperate in these places so it makes the process nice and private haha

Why is Australias coke so shit

we got fire meth though. unironically I've never even had good coke because meth is so much more fun, cheaper and safer.

Never done meth. Seen too many screwheads lose their mind and life to it. Not dying but going to jail.
Mdma is huge here but probably not much MD in our stuff

depends where you get it from really. AussieImportPills (not sure if he's still selling on the markets, been ages since I did MDMA) used to have very pure MDMA, but it's never cheap here @ around $100 a g. So tempting seeing oz's from the NL going for the same price and entertaining the idea of an easy 28x, but I never had the balls to order overseas.

And yeah true that with meth. It's safer than coke only physically, mentally the chances of getting hooked are hundreds of times higher and meth addicts are pretty much the most degenerate of all addicts (t. was a meth addict for years, never stole shit or sucked cock for meth but got into way too much debt because meth > priorities when you're hooked).
I do remember seeing coke on Dream market (RIP) energy control tested at 60%, which is still pitiful but better than most of the shit we get here and would come up alright after a few cleans.

I've put 2k into link when it was 70c a coin and a little into bitcoin and just left it there do I need to declare anything

Nope, unless you did crypto to crypto to get there. Otherwise fiat to crypto and hodling means no declaration until you sell the crypto back to fiat. And if you ever lose or get your crypto stolen then you don't pay tax.

Thanks mate

What is your ideal estimate for how LINK will go? I have about 100 in cold storage.

I have 1AUD
Buy (1AUD) worth of BTC
Buy (1AUD worth of BTC) worth of SHITCOINXYZ?
Hold

No value has been made here? Doesn't it require going back to BTC for it to be worth something?

20k

I've been burned swinging before. Will probably just buy more when it keeps dumping. I need to learn TA and back myself more. Anyone have any good courses/strats I could buy/watch?

What about leveraged trading like bitmex? Those are contracts rather than direct crypto transactions.