how to cash out tax free in aus?

[ausfag No.21155088]

HOW MY AUSBROS

[Anonymous No.21155252]

Hello ato thanks for making this thread for the 1000th time in the last two years

But there's one little problem WE ARE NEVER SELLING

[Anonymous No.21155295]

>>21155088
i thought u are chain analysis expert, the fuck are u asking us? We are degenerate gambler here, we only lose money.

[Anonymous No.21155373]

>>21155088
I dunno but hurry up with my fucking tax return ato you lazy fucks

[Anonymous No.21155409]

Just pay tax bro, get it out of the way.

[Anonymous No.21155454]

>>21155088

The ATO will be hungry for money

[Anonymous No.21155457]

>>21155088
Move to Portugal anon, say a big FUCK YOU to (((Frydenberg)))

[ausfag No.21155492]

im not selling but when its 1000 EOY how do i pay for food (lobster)

[Anonymous No.21155929]

>>21155409
The ridiculous 45% cgt rate for anything over 180k incentivises dishonesty or the finding of loopholes. Fix this, glowniggers.

[Anonymous No.21155956]

>>21155088
just give scomo his fair share m8

[Anonymous No.21156096]

>>21155088
Pay your taxes... or it might come back to bite you in the ass and ruin your life way later.

[Anonymous No.21156142]

>>21156096
If they really start to check on you... they can go back a decade even or more...

[Anonymous No.21156186]

>>21156096
I've been thinking about this too. Singapore offers a flat rate of 300k for large crypto withdrawals but I can't imagine the ato Jews letting that slide

[Anonymous No.21156239]

Thing is, I fully intend to use my link in the public good. I'm sure that's a way to avoid 'tax'

[Anonymous No.21156278]

>>21156186
Well, it's good to pay taxes. And you will have nothing to worry about (potentially going to prison and losing everything).

[Anonymous No.21156440]

>>21155088
threadly reminder that if you deposit more than $9999 into your bank account in one go your bank is legally required to report you to the ATO

[Anonymous No.21156511]

>>21156278
Thank you, /biz/ assigned ato golem. Thing is, I reckon I can do far more good through funding my own non profit initiatives than I can by giving you an enormous chunk of cash to spend on office diversity training.

[Anonymous No.21156540]

>>21156096
>>21156142
more than a decade
australias oldest micronation The Hutt River Principality is being forced to pay 50 years worth of taxes after dodging the ATO for half a century

[Anonymous No.21156671]

the government spend in billions on austrac, and this is their experts. Fucking sitting here under locked down to post on mongolian basketweaving forum hoping to trap an idiot.

[Anonymous No.21156994]

just pay your taxes. 50% discount if your gain is more than a year old
https://www.money.com.au/capital-gains-tax-calculator

which means if you get like 36k out tax free per year

[Anonymous No.21157084]

you HAVE held your linkies for over a year to get the 50% CGT discount, r-right anon?

[Anonymous No.21157105]

>>21155088
One of my mates is an accountant at deloitte and he's a fuckin weapon. Hell be my first point of call when I make it. Getting advice from a good accountant will be worth paying for when the time comes.

[Anonymous No.21157171]

>>21155088
Convert to BTC and sell on local classified for cash

[Anonymous No.21157211]

Funnel it all through real estate investments

[Anonymous No.21157234]

>>21157105
doesnt matter how good your accountant is, what you owe is straight forward as fuck and you gotta pay

[Anonymous No.21157249]

>>21157105

Thats if he has any free time lol, fuck big 4

[Anonymous No.21157263]

>>21155088
Are you using coin spot? I have an idea I'm still putting together that may work

[Anonymous No.21157447]

>>21157171
The problem is you need to pay tax on trades in Australia

[Anonymous No.21157466]

>>21155929
Don't withdraw 180k all at once I guess.

[Anonymous No.21157655]

>>21155088
Maybe convert to the gold token on coinspot. Then exchange the tokens for physical gold. Then exchange the gold for cash.

[Anonymous No.21157748]

>>21155088
Maybe if yoy wanted Australians to prosper you would remove your shit house crypto tax laws you fucken useless cunts, I hope you all got corona at the BLM protests with the restt of Melbourbastan.

[Anonymous No.21157760]

You cant cash out idiot. The only way you can avoid tax is if you XMR wash your tokens early and then hold it all as usd tether for the rest of your life and use it to buy the things you need, or sell it in person for cash.

[Anonymous No.21157795]

>>21155929
its half of that if you hold over a year. PS every trade, even coin to coin is a taxable event. Hold for a year, get the CGT discount, pay your taxes. if your paying taxes your making money.

[Anonymous No.21157798]

Is it true that in NZ they can just make money on crypto and not pay any tax?

[Anonymous No.21157886]

Just book a travel with your crypto using travala (Ava). No way they know

[Anonymous No.21158015]

>>21157655

No, every time you convert it's a taxable event. I was looking at it myself just hours ago.

[Anonymous No.21158034]

>>21157795
>even coin to coin is a taxable event.
if i bought $10000 worth of ETH then used that ETH to buy $10000 worth of link, how much tax would i pay just from that coin to coin event?

[Anonymous No.21158049]

>>21157084
This applies in Aus?

[Anonymous No.21158109]

>>21158034
Zero - because you haven't made a capital gain or loss. However, if you bought $500 worth of eth, it appreciated to $10000, then you transfered it to LINK, you would pay CGT on the $9500 difference.

I strongly recommend you speak to an accountant if you are asking Q's like these to save you getting fawked.

[Anonymous No.21158201]

>>21157795
This is such good news. I'll happily pay that to rest easy. But I'm not selling any time soon.

[Anonymous No.21158208]

my friend's sister's girlfriend's brother told me if you look hard enough you can find people who mail you cash for your bitcoin

of course you're still obligated to pay all taxes applicable by law

[Anonymous No.21158260]

>>21156994
This. Hold for a year and 50% of your gains are tax free. The rest goes to your income and determines your tax bracket

[Anonymous No.21158834]

man fuck these jews, surely there is a way to just leave the country and cash out overseas and keep it overseas

[Anonymous No.21158925]

>>21155088
Just not worth it. It's better in the long run to just pay up. It's not difficult and I'm not sure why everyone panics. Just put your trading data through any of the available tools & include the generated CGT amount on your return. If you're that worried, give all that info to an accountant and they'll amend if necessary. Done.

[Anonymous No.21159285]

>>21158049
Yeah, holding for over a year means you only pay tax on half of the capital gains. Applies to all forms of capital gains.

[Anonymous No.21159404]

Suppose you get a loan using your crypto as collateral, and then pay it back in crypto?

Is that loan considered income? How do the terms of the loan affect its value for that purpose? Will the ATO be able to track you down and make you pay?

These are deep questions, bros.

[Anonymous No.21159450]

>>21155088
Bitrocket atm Sydney

[Anonymous No.21159517]

there's probably a way to minimise tax if you incorporate and do overseas trusts.
cook islands is like the Cayman islands for Aussies I think

if you can't afford tax you were never going to make it anyway

[Anonymous No.21159566]

>>21155088
if you're only in crypto to get more of your governments monopoly money then you're never going to make it

[Anonymous No.21159675]

>>21155088
ausbro here save yourself the headache and get ur tax done through these guys https://cryptotaxaus.com.au/ or any other reputable crypto tax agent that knows their shit. I paid these guys like 1k to do my crypto taxes, yes its expensive but saves me a fuck ton of time

[Anonymous No.21159832]

>>21159675
1k doesn't sound too bad, last time I did it I paid $3k... might try those guys next time.

[Anonymous No.21159833]

>>21159675
how much tax did u pay

[Anonymous No.21159909]

How do you prove that you've held a uniswap shitcoin for over 1 year?

[Anonymous No.21160000]

>>21159909
transaction history

[Anonymous No.21160057]

>>21159675
>>21159832
how many trades do you do a year?

[Anonymous No.21160446]

Using your after tax money to try 2x shitcoin then if you trade for another shitcoin it’s a taxable event,

Actually retarded,

[Anonymous No.21160488]

sup ausbros

is this legal?
>buy crypto in Aus
>portfolio goes 200x
>move to/get citizenship in different country with lower taxes
>sell there
>live like a king
>eventually (maybe) move back to Aus

6-7 digit taxes is too damn high

[Anonymous No.21160534]

>>21155088
Local.bitcoin.com

In-person trade for cash.
Be smart, don't get to robbed. Do many small transactions.

[Anonymous No.21160553]

FUCK TAX KEKS.

IMAGINE being in crypto, the cyberpunk medium for financial revolution against the jewish banking cabal, and

a)cashing out your crypto for worthless fiat monopoly money
and b)paying taxes on the very thing designed to subvert and replace this internationalist ponzi scheme we call fiat money.

If you must cash out a considerable amount of money theres only one way to do it.

Australian tax RESIDENTS are obligated to pay tax on ALL income earned domestically AND internationally. Therefore you have two options
1) obscure your crypto income by using offshore tax loopholes. this will still be difficult if not imposible to bring that money back INTO australia without paying tax.
2) stop being an australian tax resident. move to a jurisdication that does not tax on crypto. set up offshore shell companies/trusts/bank accounts that will allow you to facilitate this.

Panama, an offshore tax haven, is particularly unique because it has no crypto tax but most importantly it has NO tax treaty with Australia - meaning it is under no obligations to share your financial affairs with the government. Portugal and a few other territories are also the same in this regard.

https://flagtheory.com/

[Anonymous No.21160608]

>>21160446
If you’re using uniswap they’re never gonna know really

[Anonymous No.21160615]

>>21155088
Okay here's what you do op.
> Go to your local cinema
> Buy popcorn
> Eat about half
> If your frens ask why you left half a bag just say you're watching your weight
> Collect the discarded popcorn from the floor and replace into your bag
> At the end of the film take the popcorn back and claim there's a problem with it
> Get a full refund
> If you're black also claim racism to get a refund
Trust me this works every time

[Anonymous No.21160652]

>>21160553
I wonder how much that would cost to set up with lawyer fees etc.

[Anonymous No.21160661]

Most people forget about 50% discount for holding 1 year+. I worked out once that if you earned a MILLION dollars PROFIT from coins you held for at least a year, with no other income you'd pay something like 21% tax. If you have a $50k salary and made $100k from shitcoins, you'd pay 17% total.

[Anonymous No.21160789]

>>21160488
I don't see why it wouldn't be legal. Australia doesn't tax you unless you're a resident.

[Anonymous No.21160811]

>>21160789
he'll get done for tax evasion if he ever tries to come back though

[Anonymous No.21160822]

>>21157748
>want Australians to prosper
where do you think we are?

[Anonymous No.21160875]

>>21160811
If there aren't any wallet to wallet transfers when it moons, then there's no tax liability. If you just buy crypto, it moons, and you do nothing, then there's no tax to pay. So if you happen to be a resident of another country which doesn't have capital gains tax, you pay fuck all. I don't see why the ATO would have any standing to pursue you.

[Anonymous No.21160905]

>>21160661
Yep, that's a very important factor. Plus the graduated tax rate - no tax on the first 18,000 profit, then I think 15% for the next bracket and so on.

[ausfag No.21160912]

hi, gaiz, OP here, i used cointracker, paid 179 roodollarinos and loaded my API in. if i sell my shit VEN, id make a realised loss, so that works.as long as i still have my links

[Anonymous No.21160968]

>>21155088
really enjoying these daily threads you guys have been making recently, keep up the great work ASIO

[Anonymous No.21161021]

>>21160553
>2) stop being an australian tax resident.
>move to a jurisdication that does not tax on crypto.
>set up offshore shell companies/trusts/bank accounts that will allow you to facilitate this.

would you have to set all this up before your portfolio hits the moon?

AFAIK changing ownership (ex: 'giving' your crypto to an offshore company) counts as a taxable event

>>21160811
why?
if I'm no longer an Aus resident/citizen, how could I be evading taxes?

>>21160875
>wallet to wallet transfers
those aren't taxable, are they?
do you mean crypto-crypto trades?

[Anonymous No.21161061]

>>21157886
The most regulated market in the world, travel, doesn't know?

[Anonymous No.21161101]

>>21161021
you've made your gains while being an australian citizen. they will find a way to fuck you over, its the ato after all

>>21160968
ato*

[Anonymous No.21161104]

>>21160488
>>21160789
Changing residency counts as a capital gains tax event

[Anonymous No.21161277]

>>21159675
>>21159832
Also remember that accountant fees are also tax deductable

[Anonymous No.21161412]

>>21160789
>>21160811
>>21160875
>>21161101
>>21161104
fuck... thats shit
thanks for the info anons
I'll just pay the CGT discount rate then

[Anonymous No.21161426]

Why does the ATO go after people making a few thousand in trades in crypto, but doesn't care about millionaires paying zero tax from abusing negative gearing?

[Anonymous No.21161572]

>>21159566
I want a house that I own legally. The rest stays in link.

>inb4 boomer

[Anonymous No.21161600]

>>21159285
Thanks. I'm obviously a noob in the tax game.

[Anonymous No.21161937]

>>21161412
>CGT discount rate
I went looking for this earlier. Couldn't find it on ato. Is it real or a meme

[Anonymous No.21161953]

So say I put a couple of eth in some shitcoin and it moons to millions of kangaroo dollars in value.

I sell it all back into eth or maybe usdc to avoid the dump, do i just then hold that eth or usdc for a year before cashing out to avoid that 45% tax?

[Anonymous No.21161967]

>>21161937
it's real. 50% discount if you hold for 12 months

[Anonymous No.21161968]

>>21160912
lmao so this what u guys use in ur chain analysis?

[Anonymous No.21161970]

>>21161937
https://www.ato.gov.au/general/capital-gains-tax/working-out-your-capital-gain-or-loss/working-out-your-capital-gain/the-discount-method-of-calculating-your-capital-gain/#Discountpercentage
Two seconds with google

[Anonymous No.21162005]

>>21161953
trading from shitcoin to eth is cgt event. so you need to pay kangaroo dollars to ato

[Anonymous No.21162033]

>>21162005
Yes but surely not 45% of my bag?

[Anonymous No.21162043]

>>21162005
How does CGT work if you sell AUD to USD, and then sell USD back to AUD for a profit.

[Anonymous No.21162060]

>>21156278
Tell that to the fucking corps that pay 0 tax on millions in profit. Fucking ATO squeezes fucking pennies out of us but that shit slides. Fuck you you fucking t-man shill cunt. Go lick some toilet seats in VIC

[Anonymous No.21162268]

>>21162060
Check this out. Fucking thieves.
https://www.michaelwest.com.au/top-40-tax-dodgers-2019/

[Anonymous No.21162347]

>>21162033
If you're planning on holding don't trade frequently on some of your coins at all otherwise you'll be liable to pay tax on the closing basis of all your crypto assets.

So if you're degen trading on bitmex constantly and holding a separate bag you're going to be paying tax on that bag for whatever its closing price is at the end of the financial year. No capital gain.

[Anonymous No.21162392]

>>21155088
Move to the phillipines lmao

[Anonymous No.21162566]

>>21161937
its a john howard thing. i think it was implemented mostly for investors into the property market

[Anonymous No.21162586]

>>21162347
Aight so i did a lot of shitcoin trading to build up my bags and now ive had a few moon quite a lot.

Im fine with paying tax on those gains as it was nothing compared to what ive got now but unless i want to lose 45% i have to hold these large bags for 12 months?

[Anonymous No.21162627]

>>21156278
>good to pay taxes
Fuck you

[Anonymous No.21162722]

>>21162586
If you've traded a lot in the past years you're probably considered a trader and not an investor for those financial years specifically and therefore have to calculate your tax differently. There are different rules for how you pay tax when you're an investor or a trader. Talk to an accountant so you understand and can plan this shit out instead of getting fucked over when you find out you have to pay extra tax on your profitable shitcoins that you held thinking you were an investor and not a trader.

[Anonymous No.21162737]

>>21156278
Taxes are evil

[Anonymous No.21162759]

>>21156278
>good to pay taxes
I'm sure the Afghan boy who just saw his daddy get blown up with $50 million in tax dollars agrees.

[Anonymous No.21162793]

If the ATO want more money why dont they pump our bags by advertising they now accept crypto currency as payment (since its taxable). PAMP IT ATO!

[Anonymous No.21162827]

>>21161426
jews

[Anonymous No.21162855]

fuck jews it is a joke that citizens pay tax while enormous evil corporatoins pay none

[Anonymous No.21162866]

Step 1-buy Eth $100
Step 2-trade eth for shitcoins
Step 3-shitcoins moon to 1 million dollars
Step 4-trade shitcoins for 1 million dollars in eth
Step 5-sell eth at exchange, withdraw 1 million dollars

Is this roughly how it works? I would pay tax on 1 Million right but only taxes for 500,000 if I kept for 1 year?

[Anonymous No.21162888]

>>21155088
Hey AUSBRO

kiwi here

tough shit, pay up them taxes fuckface

[Anonymous No.21162896]

>>21162722
haha I have hundreds if not thousands of useless tiny trades... like where I have purchased o.o002 of a coin just so I could track it more easily. and then swapped that 0.0002 of a coin for another 0.0003 of another and then again and again.... I cant imagine being able to track this shit. They are all apparently taxable events now.. they involved tiny ammounts of money were never made as profit vehicles but as indicators. (anyone who knws coinspot knows that you can have your list of coins easily seen if you own some of it rather than if it is zero). The headache of working what I owe (and for 2018 they probably owe me) is insurmountable.

[Anonymous No.21162903]

there are literal more fucking dangerous criminals, and these niggers on here to steal lunch money from a bunch of kissless virgins.

[Anonymous No.21162972]

>>21162903
This, most of us have made sweet FA money in our lives except for these few years of crypto and will probably make no other money unless i become a pro video games player. Yet they are going to steal huge tax take from my few profitable years.

[Anonymous No.21163053]

>>21157263
Go on....

[Anonymous No.21163109]

>>21162896
Cointracking might help you but I had to spend a fair amount of time figuring all of that out and triple checking myself to make sure everything was square before I could just generate a report and hand it to an accountant to tally up. You'll also have to pay for cointracking with your amount of trades so you might just want to go direct to an accountant to do it all for you.

[Anonymous No.21163386]

just from reading this whole thread it seems like nobody has a clear idea on what to do, yall are very keen on putting money in but now that stinklink has gone up we have no idea wtf to do

[Anonymous No.21163429]

>>21161021
>do you mean crypto-crypto trades?
Yes, that's what I meant.
>>21161104
Shit, I forgot about that. You're right.

[Anonymous No.21163633]

>>21160822
Correct now fuck off ATO shill suck my cock I paid so much tax this year that my buddies who don't have jobs can live like lazy mother fuckers on cento fuck you.

[Anonymous No.21163641]

>>21157655
How does this reduce tax? (all ears).

[Anonymous No.21163801]

How does the ATO know we are trading crypto? Which exchange is reporting us to them? BTCMarkets?

I got a crypto auto section for the first time this year, I have never reported crypto before, been in this since 2014, though I've never cashed out

[Anonymous No.21163841]

My super 20k all in crypto... SO now I pay tax on my spuer profits. ATO are the scum of the earth. How could anyone work for them and feel good about themselves with wht they are doing to people. In the meantime we print more money so those with assets their value increases. While spook glow niggers rob normal battlers like us. KYS.

[Anonymous No.21164050]

What's the best way for an ausbro to cash out my crypto? Coinbase, binance, etc. Don't have a /AUD withdrawal feature yet

[Anonymous No.21164083]

>>21155295
haha

[Anonymous No.21164176]

https://www.binance.com/en/news/top/48161?utm_campaign=20200729Newsletter&utm_medium=en&utm_source=email
Anyone looked into this/tried it yet? Cashing out via Binance seems ideal because of volume obviously. I'm not planning on avoiding taxes so I don't care about linking bank accounts and shit. I'm weary of getting my account frozen if I cash out non-trivial amounts, though.

[Anonymous No.21164514]

Hello /aus/bros
I am working on a business solution to help aussie boys out with this exact problem legally
Can't say too much as I don't want competition or for ATO to realize what I'll be doing
Will let you all know when it's set up
Fuck niggers fuck jannies fuck kikes and fuck ato

[Anonymous No.21164577]

>>21164514
Looking forward to the solution.

[Anonymous No.21164900]

>>21164514
Thanks mate. Any type of help is great. Definitely dont let the ATO get the drop on any chance we have. If you can do this your a fkn hero. A modern Ned Kelly. Kek is on your side.

[Anonymous No.21164991]

What is promising is XMR having Atmoic swaps coming on soon. They have developed the tech. This means it wont be long until we cn have an XMR Dex where we can atomically swap our eth/btc for XMR and back lolz... How will the ATO deal with that one :D

[Anonymous No.21165110]

>>21164514
save us brother

[Anonymous No.21165203]

>>21158208
Physical trading. Gotta find a community of cryptos first.

[Anonymous No.21165258]

>>21155088
why in the fuck would you want to cash out into an inflating supply currency? Seriously. If you don't need to buy a house, keep your money in crypto. If you need the money to buy a lambo or whatever materialistic shit you need, buy a secondary citizenship in St Kitts or wherever and just chill there. If you don't want to renounce your Australian heritage (LOL) then just pay the taxes.

[Anonymous No.21165550]

>>21162888
Literally who

[Anonymous No.21165584]

>>21163801
No one is reporting us. They're just hoping we do something retarded

[Anonymous No.21165708]

>>21164050
I thought Binance just added it

[Anonymous No.21166509]

>>21159450
Literally this 2k a day

[Anonymous No.21167084]

>>21163801
I use an exchange, which apparently tracks this, to get ETH. I sent that ETH to a metamask wallet and has been trading with shitcoins on uniswap. Since I connected my wallet to that exchange, I'm worried that I'm going to get rekt. Is there really a way for them to destroy me?

[Anonymous No.21167131]

>>21159450
>>21166509
What are the rates like? Cashing out 2k every day would take months for a lot of people and at that point you might as well just pay tax since the ATM will be raping ou on fees

[Anonymous No.21167225]

I've gotten liquidated too much on Shitmex in 2018 to care about taxes. I'd need a miraculous comeback before the ATO even bothers sending out warning mails to me

[Anonymous No.21167271]

>>21164514
Godspeed brother

[Anonymous No.21167502]

>>21164514
Thx based asio, I promise I will not do anything stupid like gift all my crypto to a foreign company I hold the only share for before especially before it moons or even put it into my boomer dad's SMSF so I can access it whenever I like tax free in a few years.

I promise to share all my trade data with you since I know you have absolutely 0 method in tracking what I have or what I'm doing without me disclosing hashes to you.
I also promise to be a good goy and send you some plus my wallet address by buying from your silk road shop.

Thank you once again you pathetic glownigger.

[Anonymous No.21167719]

>>21155252
Based fuck ATO CANT TAX ME TILL I SELL

[Anonymous No.21167722]

>>21167502

[Anonymous No.21167770]

>>21155088
1. have some other source of capital gains to report. Anything trade some shit on the ASX.
2. Report your capital gains but "forget" to include your crypto capital gains
3. Wait
4. If you're lucky your return will process and you score the difference.
5. If the ATO robots hit you then claim you forgot and amend the return when they politely ask you. They won't audit you if you don't bullshit them at this point.

[Anonymous No.21167800]

>>21163801
>Which exchange is reporting us to them? BTCMarkets?
Probably all of them at this point.

[Anonymous No.21167953]

>>21167800
Its not that they report you when they feel like it, its that they are forced to keep your info and surrender it to any government asking for it. It means if they audit you they can have it.

[Anonymous No.21168137]

>>21164514
>>21167502
I'm moving to Estonia to buy fucktons of cheap realestate, starting a company there and then earning crpyto dividends with ZERO tax (never selling)

[Anonymous No.21168259]

>>21168137
I'm moving to Portugal before next tax year, ato can Suck my cock. Done nothing but import filthy chinks, Australia is fucked and I can't wait to take my 100k+ linkies the fuck with me

[Anonymous No.21168332]

>>21168259
poortugal would be great for tax evasion too, but i chose estonia because the country is so small, it means i can buy basically a countryside mansion with kilometers of land for 40k euro, in the middle of fuck off nowhere, with all utilities and super fast internet. why the fuck would i want to live in Southern China anymore when im missing out on that?

[Anonymous No.21168389]

I still haven't done my tax return from 2018-2019 because I made a fuckload of crypto trades and I can't be fucked working out how much I owe. Contacted a "crypto accountant" and he quoted me like a thousand bucks to do it for me. Tried using those sites that you can put trade data into as well but half of the exchanges I used give you data that isn't compatible. Hell my trade history on Livecoin doesn't even exist anymore and some other exchanges I deleted my accounts on so I don't have access. Still never got a letter about any of it from the ATO, so whatever. Fuck 'em.

[Anonymous No.21168431]

>>21168389

[Anonymous No.21168543]

>>21168431
I have never paid tax and I don't intend to

[Anonymous No.21168594]

>>21168543
If it didn't come right out of my wages I wouldn't either. Considering cashing out my initial now that I'm up 6x and I'm not sure whether I should bother reporting it desu.

[Anonymous No.21168686]

>>21155088
Hey faggot, email me your questions [e-mail]

Prove you're OP as well obv.
I know a couple of methods, you don't have to trust them, and feel free to run them by other randoms to know / feel confident with it before you go ahead.

[Anonymous No.21168736]

>>21168259
>>21168137
I'm debating between Switzerland, Czech Republic and Belarus.

Being able to conceal carry is also the main reason as well.

[Anonymous No.21168996]

>>21160905
That's only if you're a jobless NEET with no other income though

[Anonymous No.21169003]

>>21168594
you can never sell
>>21168736
someone else reccomended me belarus but i think ill be going estonia still, i have a good friend who lives there plus it's sort of a meme country with little to no jurisdiction

[Anonymous No.21169025]

>>21163801
no is reporting us, just self report ie sending API to say cointracking which is an ATO branch. They wont admit it but its fucking them.

[Anonymous No.21169068]

>>21168259
Portugal is my goal. I hope to see you sat across from me in a porto cafe, with a wife, maybe a couple of kids. You wouldnt say nothing to me, nor me to you. But we'd both know that you'd made it. That you were happy.

[Anonymous No.21169099]

>>21169003
>someone else reccomended me belarus
What was their reasoning?
DESU I already know Russian, also there are churches there that I could go to and pick up a QT, had a brother/pastor visit is a few years ago from there too.

I really have a preference for mountains though. As long as I have an internet connection, I'd like to live in the mountains and start a family.
Start a tech company after I make it with crypto.

[Anonymous No.21169120]

>>21161426
People who buy crypto aren't donating to the Libs :')

[Anonymous No.21169139]

>>21169099
he said it was a poor shithole that would not give a flying fuck about me cashing out lmao

[Anonymous No.21169341]

>>21162866
They'd see you went from 0.2 ETH to 20000 ETH bro, wouldn't work

[Anonymous No.21169517]

bros If I live in aus but I cash out into a NZ bank account, will the ATO still come for me or can I pay taxes to NZ instead?

[Anonymous No.21169572]

Take out a small loan using your assets as collateral. Since it's not a sale it's tax free

[Anonymous No.21169644]

Surely you could put in like 1000 dollars a month for disposable income and nobody would notice right?

[Anonymous No.21169883]

Hold onto your investment for over a year and then 50% of your gains are tax free

[Anonymous No.21170757]

Can a rekt cunt like me claim a capital loss?

[Anonymous No.21170808]

>>21168259
Nice anon. You will make it.

[Anonymous No.21170870]

>>21170757
but i thought everyone on this board owns chainlink?

[Anonymous No.21171257]

What happens if i hold a shitcoin for a year to get the 50% bonus but i then have to trade that shitcoin to eth to even be able to sell to fiat? Am i back at square fucking one?

[Anonymous No.21171356]

>>21162896
IIRC there is some extremely vague shit about crypto being used for other purposes not being taxed (like if you actually use it to buy shit but nobody does that) but I have never seen an explanation of it

[Anonymous No.21171384]

>>21171257
Would like answer on this. Honestly it I make 10 million, I’m totally fine with paying the tax on it. A couple mill is more than enough to live by.

But if you’re gonna get fucked when you trade x shitcoins back to btc or whatever to cash out. There’s literally no point

[Anonymous No.21171415]

>>21164991
Wait until you realise they can deem you as having an arbitray tax bill and then the onus is on you to prove that you don't :^)

[Anonymous No.21171426]

>>21171257
I haven't done it but from my understanding: If you buy shitcoin at $500 and then it pumped to $1000 and you held over the year, You pay tax on the $250 of the $500 capital gain. If ETH's price changed when you cashed out compared to when you turn said shitcoin to ETH, You would have to pay full tax on the gains on that. You can even declare capital loss if ETH's price plummets before you cash out. Tax depends on your income bracket.

[Anonymous No.21171432]

>>211712
no because the eth to fiat trade has a trivial gain or loss

[Anonymous No.21171461]

>>21155088
LocalBitcoin.com
LocalMonero.co

[Anonymous No.21171462]

>>21171415
wait until they start creating capital flights because of their shitting laws.

[Anonymous No.21171476]

>>21171426
If I want to it clearer, Let's say you turn the $1000 of shitcoin into ETH. If ETH price rose and that your stack now costs $1050 when you cashed out, You have to pay full tax on the $50 capital gaincsince you didn't hold ETH for over a year.

[Anonymous No.21171606]

EVERY. CRYPTO. TRADE. IS. TAXED

NOT. JUST. WHEN. YOU. CASH. OUT.

It's plain as day on the ATO website

[Anonymous No.21171620]

>>21171606
Yeah and it's fucking retarded.

[Anonymous No.21171623]

>>21171476
Awesome so it looks like theres no tax trap for having to convert my shitcoins to eth or usdc etc to sell for fiat.

[Anonymous No.21171667]

>>21171606
HIGHWAY ROBBERY

Can someone just fucking start a crypto party in the next election and watch btc boomed

[Anonymous No.21171815]

>>21168389
Im in this boat kinda. Never tracked anything since December 2018 but never cashed out. I’ve got a feeling this is my ‘make it’ year and I honestly don’t mind paying because I don’t plan on leaving Australia. More than happy to pay an accountant to clean up my mess, do you blokes think that’s possible? If I’m cashing out millions, I don’t give a fuck paying like 10k.

[Anonymous No.21171916]

>>21157760
What's XMR washing? And you can use USD tether as USD somehow?

[Anonymous No.21171960]

>>21157798
No. Crypto to Crypto is a taxable event. Also, cashing Crypto to fiat is a taxable event.

Basically, you've been misinformed.

[Anonymous No.21171997]

>>21171960
new zealand doesn't have a capital gains tax

[Anonymous No.21172214]

Another question.

Say I cash out like 100k and just give the bastards at the ato 45%. Will they come chasing the rest of my bags or not until I cash those out to? Like those coins could dump to shit before I ever get to cash out.

[Anonymous No.21172386]

>>21172214
Im pretty sure my accountant never gave them evidence of my trades even though I had them prepared, he just typed the amounts into the computer

[Anonymous No.21172390]

>>21157798
>>21171997
Yeah so compared to Aussies, kiwis are doubly fucked. Let's say you make $1,000,000 AUD or NZD in capital gains.

AU: if you held for over 1 year, 50% CGT discount on $1,000,000 = $500,000 added to your income taxes, and at an income tax of about 50% or less you will end up paying $200,000 to $250,000 in taxes.

NZ: Doesn't matter how long you held. You make a capital gain of $1,000,000. ALL of it gets added to your income tax, and you pay something like $400,000 to $500,000 in taxes.

I'm glad I escaped to Australia before starting to build my stack, Jacinda can eat a fat Maori cock before she takes my gains.

[Anonymous No.21172391]

>>21171606
Why don't you jump off a tall building?

[Anonymous No.21172420]

>>21172390
how do I move to australia and do this? Nzfag her e

[Anonymous No.21172437]

>>21172390
yeah I thought it sounded to good to be true, might not have a "capital gains tax" but your just paying it as income tax

[Anonymous No.21172471]

>>21172390
Imagine that there was no income tax prior to the 20th century or that the american revolution was ignited over a 10% tea levy.

[Anonymous No.21172536]

>>21171384
you make a mil from your shit coin. you pay CGT on that. you trade $1mil shit coin to $1mil eth to $1mil AUD = 0 capital gains

[Anonymous No.21172546]

>>21172386
Cheers for that info. I'm feeling more and more like if i do start cashing out this financial year I'm gonna be looking into getting my own accountant.

[Anonymous No.21172577]

>>21172420
Have you already purchased your crypto while in NZ? My tax accountant told me when you fly over, you are basically disposing of an asset when you leave NZ, and re-obtaining the asset when you enter AUS as a tax resident, for tax purposes. At that time, I think Inland Revenue basically considers it a disposal event, so essentially a taxable capital gain or loss event... not too sure though, honestly I left right at the start of my accumulation, so the amount of ETH I had when leaving NZ was pretty small.

Honestly your chances are pretty small. I've been trying to think of a way where I can cash out in another country like a tax haven country such as Singapore, but I've basically resigned myself to the 25% max tax on CGT after discount since pretty much every way I can think of involves actually making a taxable event even if you send this shit to a friend or family member (over $10000 rule or something), and I don't want the ATO chasing my ass for the rest of my life. I think Inland Revenue is just as anal as the ATO so it's not really worth the risk unless you can find an accountant approved loophole

[Anonymous No.21172612]

>>21172577
I mean "fly over" as in, moving for tax purposes and becoming an Australian resident for tax purposes. So getting a job here, and quitting your job in NZ so you make minimal income tax events back home.

[Anonymous No.21172701]

>>21172536
Yeh but people are saying there’s crypto to crypto tax. So changing shitcoin to eth is taxable.

Would be sweet as fuck if I only pay the cgt. I literally give zero fucks. Nothing to hide I’m just holding link. But wanna Exchange to btc to cash out cause I think there won’t be enough liquidity in link for all the neets gonna cash out millions at 1k.

[Anonymous No.21172813]

>>21172701
You pay when you sell your asset the first time, so when you sell to ETH you pay capital gains.
You do not pay tax when you use crypto to immediately purchase something else, such as buying AUD from ETH which you just swapped your shitcoin to.

[Anonymous No.21172875]

Pay your taxes and contribute to this great nation

[Anonymous No.21172906]

>>21172612
Yeah, I engange with and account this week with the recent LINK mooning..... I have trades going back to 2017 I have not declared, thankfully its not too much and the accountant said he can sort it out and my situation isn't unique

[Anonymous No.21173069]

>>21172813
crypto to crypto is a taxable event in Australia. its just that the gains/loss is negligible when you trade $1mil eth to $1mil aud to cash out

[Anonymous No.21173390]

anyone else get a email from the ato saying they have records of crypto transactions? fuuuUCCCK

[Anonymous No.21173632]

>>21172390
thanks anon, saving this

[Anonymous No.21173705]

>>21173390
Yeah, Anon.
But i did my tax. I wonder if I'll be audited.
I earn 100k+.. i pay so much tax already.. fucking Jews

[Anonymous No.21173763]

>>21173705
I really won't be surprised if we do get hit with an audit. ATO will be coming hard to sniff out every last shekel because of all these covid hand outs

[Anonymous No.21173873]

>>21173763
I'm going to call those crypto accountants this week and see how much in the shitter I am.
I hate the tax in this country. I know ppl who sit on their ass smoking weed and drinking tinnies doing JACK FUCKING SHIT.
Makes me so God damn mad.

[Anonymous No.21174509]

>>21172875
Hopless

[Anonymous No.21174843]

>>21172875
Abbos are fucked. The drink fucked them. We should have never introduced it to them.

[Anonymous No.21174913]

>>21168332
can i rent room in your mansion in the future?

[Anonymous No.21175287]

Can someone help me out here.
I have an EU passport, if I were to move to portugal would I be free to cash out tax-free?
Would there be any implications if I were to return to Australia for say a holiday?