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10260423 No.10260423 [Reply] [Original]

end of the tax year and now I have to figure out this massive Crypto mess for my taxes

I regret it all

>> No.10260458
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10260458

>>10260423
You don’t have to pay taxes if you don’t sell

>> No.10260473

>>10260423
> tfw will have to fill out crypto taxes next year
> tfw will have to tell an accountant that I spent a few thousand on shitcoins


Fuck man I don't need all this bullshit just tell me how much I owe you

>> No.10260513

>tfw made 4000+ trades before quitting in January
>binance doesn't keep accurate records, so once I fed the data into tax software it thought I made 3x more than I did

Spent like 30 hours fixing that horseshit. God I fucking hate these memecoins

>> No.10260539

>>10260458
gotta do it for every trade between cryptos though for capital gains/loss tax

Since every trade had to be cash->eth->alt it's basically every trade

>> No.10260580

>>10260539
which is bs and shouldn't happen like this but whatever ATO... you so crazy.

>> No.10260688
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10260688

>>10260423
what happens if I just don't do anything until I cash out (probably like 5 years) and pay it all at the end, sorry I'm a big dumb cunt

>> No.10260754

>>10260688
You get tax penalties and it's considered fraud for purposely hiding it for so long

>> No.10260755

my accountant wanted me to teach how to buy shitcoins lol

>> No.10260843

>>10260755
I work at a small firm with probably <25 accountants and I don't think any of us have had any jobs that deal with crypto

>> No.10260854

>>10260754
wrong... it's not a taxable event until you return to fiat. alt to alt is taxable but not needed to be until returned to AUD. Nuggets NEWZ got it righto

>> No.10260856

>>10260423
No you dont proof im still typing. Were you trading thousands on coinbase or just binance or some other chink exchange.

>> No.10260864

>>10260856
Etherdelta, huobi, btcmarket, plus some anons sent me random coins they craeted. I have no idea how to even account for those
>mfw JEWS and JPMC were some of then
>hope the ATO don't need the coin names

>> No.10260872

> be australian government
>be fucking retarded, innefficient, bloated, socialist shitpile
>expect to be able to reliably and accurately track cypto

>> No.10260877

I havent declared shit but I also havent cashed out am I golden? I just buy shit coins for long term holds.

>> No.10260895

>>10260854
This is the impression that I had from what I had read, however do you know if I need to at least declare that I hold crypto? I'm guessing not as you don't generally do asset tests for tax returns but who the fuck knows with our backwards-ass government.

>> No.10260898

>>10260864
I mean if the exchanges dont report you lost the keys and didnt trade for shit. Just keep your mouth shut. Just wait until a coin becomes mainstream and just buy shit with it directly.

>> No.10260904

I use crypro to transfer money overseas (faster exchange and better rate)

Don’t fucking tell me that I’m gonna get taxed on that

>> No.10260917

>>10260904
You dont have to pay taxes on crypto unless you sell for fiat. Its like tipping dont let the jews make you feel pressured to give more money.

>> No.10260922

>>10260423

good, now FUCK OFF

>> No.10260938

Cointracking.info
Cost $100 but now I can get $250 off my taxes T-thanks bear

>> No.10260963

>havent done anything
>havent had any kikes hassle me yet

>> No.10261043

>>10260917
I buy in AUD and sell in KRW, the value is roughly the same but it’s about 10% more value due to the fact the banks often take a cut (google could say 1 aud = 850 krw but the bank will do 1 aud = 800 krw).

>> No.10261059

I got ahead of it with cointracking.info and sold off my alt bags at a loss before June 30.

>> No.10261062

>>10261043
>south korea
you have to go back

>> No.10261102

I just use Aussie exchanges as a fiat on ramp, they aren't getting shit, once I make it, Malta. They can keep my Hecs debt as well. Their not getting shit.

>> No.10261316

>>10261102

Enjoy jail, Lel

>> No.10261415

>>10261062
I am Aussie living in SK, I will do what I want cunt

>> No.10261446

>>10261415
sex crusade?

>> No.10261465

>>10260539
This is why you use decentralised exchanges for crypto-to-crypto trades.

>> No.10261485

>>10261465
DEXs have no liquidity

>> No.10261501

>paying taxes in a cucked country where you gov is actively trying to genocide whites

Fuck niggers!

>> No.10261557

>>10260423
> mess
Didn’t you buy BCH and become the new 1%? You don’t pay taxes anymore anon, you charge people taxes.

>> No.10261563

not letting the gubmint anywhere near my goins.

I’m planning to wait until it goes mainstream and just declare that I’m selling off BTC held since forever, or else launder through an LLC selling intangibles.

or fuck off entirely.

>> No.10261598

>>10261446
Scholarship, SK is probably one of the harder countries to pull woman if that is your thing. But definitely great times if you’re able to pull it off

>> No.10261621

Ah surprised you only started worrying about it now OP. I used CoinTracking to add all my trades and it took me two weeks of solid work to add in every trade and make sure it all added up. Had to add all my etherdelta trades and 3 different exchanges data. Had no choice as the main ETH wallet I was sending coins to was directly from BTC Markets and Binance, when they hand that data straight over to the ATO it would be clear if I was lying.
Would avoid it alll together if I never cashed out into my bank.

How much have you cashed out?

>> No.10261638

>>10260688
On a side note, what a fucking legend

>> No.10261718

>>10261621
I don't wanna pay $100 for CoinTracking. Getting into crypto was one of the worst financial decisions I've ever made

>How much have you cashed out?
nothing so far. I'm in a massive loss and wage cuckin it

>> No.10261977

Wait...I have to pay taxes on my trades? I thought you paid taxes if you cash out?

>> No.10262015

>>10260423
Why not just form a group from a bunch of crypto investors with gains to fund a private army to take over an African nation to rule over so you don't have to pay yourself taxes?

>> No.10262042

>>10260877
Well according to this anon >>10260854
you are fine until you cash out to AUD, so every cash out to aud you must pay capital gains on the aud...

also don't know why people worry about meticulously adding every trade up, just look at what you invested and what you have now and pay the CGT on it... for example if I started with 10k 1 year ago and now I have 100k i'd pay the CGT on the profit (90k?) so I'd be paying about 30k tax... am I missing something here?

>> No.10262120

Never reported any crypto gains unless I cash out. I use bittrex and bitstamp. No problem with my taxes

>> No.10262130

fuck the government for taking so much. they just spend it pozzing the nation to the chinks. I dont think they should get a fucking cent.

>> No.10262168
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10262168

Huehueheueue
These first world niggas are actually paying taxes on fucking crypto

>> No.10262219

>that guy who uses his centrelink to buy crypto

>> No.10262303

>>10261718
If your losses exceed your gains then don’t bother. Btw I added the cointracking to my expenses of managing tax affairs so can claim it as a deduction.

>>10261977
Unfortunately yes. I thought it was only when you cashed out in Australia. It ends up being the same amount of tax paid in the long run you just have to pay it sooner. Absolutely stupid as most people have to liquidate crypto to cover their tax which means paying more tax on what you have to sell to cover it.
Best bet is to hold coins for over a year so you only pay 50% CGT.

I made roughly 26k profit and my tax on that is 8k. Refuse to sell more crypto to pay for it so on a fucking payment plan.

>> No.10262313
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10262313

getting sick of the government jew, lads

>> No.10262363

>>10262313
It’s shit when they tell us we need to tighten our belts because of the (((budget))) but spend 50 billion on fucking irrelevant submarines and sell off public roads and infrastructure to foreigners. Income tax is a ridiculous percentage as is. I could accept 10 even 15% but 32.5 to 39 is fucked up.

>> No.10262396
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10262396

only have to pay tax if you made gains

>> No.10262405

>>10262313
me too... had to pay GST on a fucking $10 ebay purchase from China.

Feels like they always have their hand in my pocket.

>> No.10262408
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10262408

>>10260539
>self reporting your trades
>unironically snitching on yourself

>> No.10262425

>>10262396
can you reduce your tax on 'normal' income if you make a loss on crypto?

>> No.10262437
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10262437

>>10262425
Nope

>> No.10262472

>>10262363
CGT Rate should not be marginal tax rate. It should be a flat rate like 15% (US). So basically gov double-fucks us - you have got a high marginal tax rate on income and a part of that income while pushed to stocks / crypto to generate gains is taxed again at marginal rate. This is robbery in disguise. Like how this is got legislated and Aussies supported it. And then you have negative-gearing in real-estate. Gov literally saying - “fuck capital markets. let create and sustain a housing bubble”

Singapore has 15% tax rate and 0 CGT.

>> No.10262868
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10262868

Fellow Ausfag here, and trying to calculate crypto tax is killing my boner.

Plz help a degenerate Ausfag out:
1. It is my name on all the exchanges, but can my wife declare the income on her tax return instead. I'll be taxed at fucking 45% (i shit you not), but she would pay at a lower rate. Fucking kills me that Ausfags have to pay more tax on crypto gains than even the Scandinavian countries.
2. I've cashed out to AUD on BTCmarkets but have never moved any money to my bank account yet. This doesn't mean shit to the ATO does it? i.e. all trades are taxable and they'll get the records from BTCmarkets right?
3. Can the ATO realistically obtain all my trade data from every exchange I've used? BTCmarkets and Binance I'll certainly declare, but scammy shit like Gate.io and Bitgrail too?
4. If i make an honest attempt to calculate the tax but fuck it up (i.e. make it look like I've made an effort but pay too little) will the ATO be lenient? Let's not forget that these tossers only clarified the crypto-crypto tax thing a few months ago, after I'd made all the trades. Surely these thieving bastards can't be too harsh, for this year at least.
5. I genuinely can't get data from a few exchanges (e.g. Okex only keeps the last 3 months). Do gaps in the records cause problems? I made a small loss on Okex so I would actually like to declare those trades.

I am at least fortunate enough to have made gains, but this tax shit is fucking depressing.

>> No.10262896
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10262896

>>10260539
no you don't. you only have to claim capital gains when you cash out more than $18,500-ish a year in fiat. Cryptocurrencies are considered an asset and as such are only taxed when sold into fiat. You couldn't tax a trade between a cow for a goat. What would the ATO take? A leg? Some of the produce? Come on.

>> No.10262949

>>10262868
kek. declaring binance. how can they prove you own any of it

>> No.10262962
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10262962

>>10262868
>45%
WHAT. I thought it was 40%. Jesus fucking christ there must be some kind of loophole where you can make your own useless company and put crypto into it, taking out profits? What about citizenship in another country with better taxes?

>> No.10263196

>>10262962
top personal rate is 47%. Not sure how they got 40% but I'm sure there's a way

>> No.10263309

whatever you fucking do have an accountant lodge your return to at least give you a chance of not being audited

>> No.10263312

>>10262949
New Coalition called J5 formed by IRS and 5 nations, they're taking this very seriously now.
They can probably track your ip address, including your private bitcoin wallet address, once you pair it with a 3rd party site like BInance. After a year, they will probably fight for and ask BInance for trading records of all people over $20k volume like they did for Coinbase.
Then you have to pay 25% penalty and face jail time, GG.