/biz/ - Business & Finance

>transacted five million
lmao, thats fuckin nothing. buying and selling 2k worth a couple hundred times meets that criteria, im sure binance does that every second

>>19104917
>localbitcoins
Or something like that I guess. Dumb bitch had it coming.

tax authorities get the rope
fucking thiefs

>woman handling her savings on her own
>must be a syndicate
kek

>>19105129

>>19104917

Real talk once it leaves the exchange tied to you how can the ATO track it? If I send eth from btc markets (linked to me) and then send it to idex (clean wallet etc...) and buy and sell on there they wouldnt see shit until i go back to Fiat on btc markets?

>>19105224
>hey wouldnt see shit until i go back to Fiat on btc markets?
That's when you get fucked yes and they will fuck you.

>>19105253

Do you still get the >12 months hold CGT discount with crypto? Im assuming boomer goverment will fuck me

" charged with three counts of knowingly dealing with the proceeds of crime"

This is the reason why she was arrested.. check full article

Good article for ausfags

https://medium.com/everycapital/how-not-to-do-your-crypto-tax-in-australia-35509499e021

>>19105224
>>19105263

1. Take that shit off BTCmarkets immediately and mix it (coinjoin for BTC, something else for ETH)
2. If Tax authorities ever come at you: "I lost access to it". They cannot prove you own shit.

Fuck the cops.

>>19105501
And when they audit you and see there’s a ton of cash mysteriously deposited into your account how would you explain that?

>>19105488

>https://medium.com/everycapital/how-not-to-do-your-crypto-tax-in-australia-35509499e021

^
Shit advice. These dumb niggers don't know how to coinjoin.

>>19105517

You don't sell your BTC and withdraw to fiat bank accounts you stupid fuck.

If you need to use your stack to pay for daily expenses you're a dumb nigger and deserve to be poor anyway.

Use your stack to acquire more assets and diversify. Swap some to USDT and chuck it into a nice 12% p.a. interest account with YouHodler. Get a USDT loan with your BTC as collateral, switch for USD, and then move it to a foreign bank account. You can get foreign bank accs. from Transferwise and other places.

Treat yourself to holidays and toys from companies that will sell to you for BTC. Most places will take it if the ticket price is high enough. If not you're just a broke bitch buying nigger shit.

>>19105517
Why the fuck would you deposit in your account. Get it in cash, bullion or transferred to some offshore/Swiss account where they cant get your name or link it to you.

>>19105501
fuck off, you would start crying and confess in 5 minutes

>>19105733

No you stupid nigger. I work in this tech and know how it works unlike a subhuman leeches like yourself.

I can tell the cops to fuck their mother if they want to fuck all day because I know how to operate my shit and preserve my sovereignty.

I'm not as pathetic and dumb as you so don't assume I fuck up as much as yourself.

>>19105800
wow, what a rare and special breed of keyboard warrior you are, mom and dad must be so proud

>>19105819
>Please stop reminding me of how inferior I am!

>>19105800
based

What if it sits on binance?

>>19105624
>>19105669
How do you get around this requirement if you want to convert into fiat and deposit in a offshore account?

If you have an undisclosed offshore bank account, the Australian Tax Office (ATO) will know about it very soon.

From 1 July 2017, overseas financial institutions must identify their Australian tax resident customers and report their accounts through their local tax authorities to the ATO. The first report, covering the period 1 July 2017 to 31 December 2017, will need to be lodged with the ATO by 31 July 2018. After that, future reports covering the full calendar year will need to be lodged annually with the ATO by 31 July.

>>19106105
Youre on a list now fren

>>19106105

Don't be an Australian tax resident.

If you have money you know how to do this.

Taxation is for dumb and poor people only.

>>19106139
>tfw smart but poor

>>19106139
Let’s say for example I am an Australian tax resident, I can’t just give up my citizenship and be stateless.

>>19106164

I'm not going to spoonfeed you. If you can't google your way through this then you really don't deserve it.

If you're a wageslave and need to remain in Aus to work and cover daily expenses then you're too poor and shouldn't be considering cashing out anyway.

And no one said anything about giving up citizenship. Tax residency is a different thing.

You're probably just too poor or dumb. Just continue paying tax like a good slave.

>>19104917
>She allegedly ran a syndicate

Fucking boomer degenerates.

>be me, dualnationalchad
>live in God's own, Australia
>crypto all linked to my european bank accounts

>>19106139
>Taxation is for dumb and poor people only

>>19106215
>Im not gonna help you with this because i'm not dumb or poor like you
>nothing personal kid
>im just something like a genius

I would happily pay my tax, I just don't have a fucking clue how much I owe.

>>19106372
jail time for u boy

>>19106302
>t. Dumb and poor person

>>19105819
Bootlicker

>>19106278
Based

>>19106387
>im so smart im not like you
>you wouldnt even understand, my intellect is too much average people shy away from me

>>19104917
what exactly is illegal about that

>>19106406
>Getting offended when someone on a mongolian basket weaving forum tells you that you are incapable of doing something because of your circumstances

This got me nervous bros? How do I calculate tax? It seems like a pain.

>>19106540
( earnings - losses ) * capital gains tax rate

>>19106600
Yeah but I heard you also calculate it everytime you do an exchange?

>>19106540
Do you think the ATO will bother going after you?
Does anyone know anyone where the ATO even bothered to go after them? The woman in OP was a bigger issue because she probably was getting money from crime and buying bitcoin with it so they arrested her for that

>>19106600
Capital gains rate is only if you've held longer than 12 months though

>>19106627
I read the IRS calculate it every time you make an exchange, not sure about ATO though. So when you change from one crypto to another, you treat that as a sale and need to record that as a loss or a profit.

>>19105263
Yes you do. Go to an accountant with the CSV files of your transactions and they will sort it out

>>19106139
Based trolling anon
I'm sure these plebs only have a couple of thousand anyways. Not worth it. Your time i mean....
Bro.
Aw dude you're so cool man!

>>19105624
dont ever fucking do this
USDT loan pur-lease

>>19104917
>$60k
>3.8 BTC
>mobile phones
>syndicate
paul blart mall cops desperate to prove useful, more at 11

Yeah idk I've got au and eu citizenship so I have no idea what the best way to avoid paying these fucks a cent is

>>19107613
Have you tried not paying them and seeing what happens? I mean do they really bother tracking your bitcoin buys and sells?

>>19104917

HOW DARE YOU HAVE MONEY AND TRANSACT VOLUNTARILY?

>>19107655
Yes lmao in aus the exchanges are full autistic I fucking hate it. The faggots even called me up before letting me withdraw my coins on the first purchase even after I jumped through a million hoops to sign up. There's no way on earth I'm paying 50 percent tax (even if I do get a 1 yr discount) plus all the other taxes we pay. I'll sooner just blow it on lambos and hoookers and whisky overseas and kms before having to deal with any dumb ass tax bullshit

>>19104917
>>19107420

>>19105624
So what's stopping me from holding crypto for 12 months,
Move to NZ for 183 days to become a Tax resident,
Open ANZ account cash out, no crypto tax NZ
Move back to AUS
??????????
https://www.ird.govt.nz/international/individuals/tax-residency-status-for-individuals

>>19107829
NZ has no crypto tax?
It would have to be a shitload of money for it o be worth your while but it sounds legal to me

>>19107740
How much was the withdrawal?

Is it considered "holding" if I long continually and never settle for fiat/stablecoins on margin?

>>19107903
No you're right, cashing out is considered Income Tax in NZ, anything over $70,000 is 33%

>>19108014
yes. Its only tax when you cash out.

>>19106372
Meanwhile down at the tax office:
Is that boipussy I smell?

>>19108014
https://www.ato.gov.au/General/Capital-gains-tax/Selling-an-asset-and-other-CGT-events/Types-of-CGT-events/

>>19105501

Although I admire the enthusiasm, unfortunately this kind of argumentation does not hold in taxation matters. Burden of proof is on you, not the tax authorities (in most OECD countries). If they say you owe them five million AUD, you have to prove that you don't.

>>19105800
Nice larp faggot

>i work in this tech

Ahahaha haha oh god tell us another one