ATO Capital Gains Assessment

I just got an email from the gov. suggesting I might have capital gains tax to declare from swinging my linkies. I held for over twelve months so I should get a 50% discount. Is it easy to self declare my trading or should I use an accountant? Before this I've only really paid income tax.
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Bump help anons any advice?

>get a 50% discount
You have no clue what you are doing and already messed up so bad that the government flagged you and sent you a letter. Yeah get an accountant and a tax lawyer when they drag you to tax court.

That's true I mostly just brought and held but swung once and it set off their alarms because it was more than 20k at the time I guess. The exchange wanted more information from me at that point too. Don't think I fucked up but am on radar because of being over the threshold

Hello fren. I got the same email and I’m in the exact same position. I think that if you’re reasonable you’ll be ok, the ATO are going to be auditing that many people this year that they won’t bother with “near enough” cases. If you are reasonable in your return and have some sort of record you should be ok.

Now, if I get audited, i am going to use cointracker software and use a “first in, first out” rule for capital gains reasons, which means I’m considered to have sold the first tokens I bought.

Bro if they sent you the letter then they know. I’d recommend getting a tax agent desu, is right - it’s not a 50% discount per se, it’s a 50% discount on the marginal tax rate at which your gains are taxed.

Glad to hear I'm not alone. Yeah you'd think their budget would be stretched to max.
A few other things happened to me last year like I got some money from a death but I'm sure they already know about that anyways. I'm surprised everything is reported automatically. Do you need an oracle for that? I don't have a problem with paying but I don't want to fuck up the reporting an be overcharged because I didn't report something properly

> it’s a 50% discount on the marginal tax rate at which your gains are taxed
Can you elaborate wise user

I can’t imagine the ATO get anything from Binance, I think it’s only Coinbase and coinspot (and other Australian operators) that share data with them.

I made my large sale OTC with coinspot primarily because I wanted it to go to the ATO, is I’m not trying to hide this one.

Yes. Capital gains income is taxed at your marginal tax rate.

For simplicity sake, let’s say you earn $100k and sold link for $100 profit. Your marginal tax rate is 37% so you owe the government 37% x $100 = $37. If you apply the 50% discount it’s $18.50. This is obviously very simplistic and it depends on the tax bracket(s) your sale traverses.

So the form should just auto populate like the group statement and other stuff does now? I don't really have anything to hide as I bought linkies again and learned my lesson: never swing a link

Capital gains doesn’t autopopulate as far as I know.

Wow that makes a lot of sense. What if corona chan took my job and I've been living off super so I don't have to deal with the dole and junkies

Your capital gain is treated as income. So take the total, add it to anything else you’ve earned, and figure out with tax bracket applies to you, then work out your tax burden.

Many thanks user that's reassuring. I feel I shouldn't have to repay that much. Fingers crossed they don't jew me in

Yeah I got a notice aswell but the account was for personal use so I don't have to declare.

Don't you have to provide proof for usage?

What exchange/s did you use to buy your crypto and have you sold any for AUD?

Don't thoss kikes have anything better to do than investigating how much tax I owe?

Guys I've been in Crypto for 5 years. I'm up to $250,000... I've made 100 trades and I'm all in Link now. I have paid ZERO taxes. I'm kind of scared / don't know how the fuck I'm going to cash out million in a few years...

Fuck complicated US taxes.

t. A fucking Accountant...

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cant u just trade for monero, use a different exchange and cash out there to avoid the transaction history

Sure I could, but I'm about to have a LOT of money I think and I'm going to have to live life knowing at any moment they could drop the hammer on me and send me to Prison for 10 years for tax evasion...

I don't know what the fuck to do.

It was on coinspot man link/aud from memory. Must've hit a threshold because they wanted more kyc information after that.

i mean, cant you just declare the profits as a capital gains when you cash out, pay your taxes on that, then youre all good? what other taxes would be hanging over your head

Wtf dude you're supposed to know more than me being an accountant

That might be my plan, but I actually owe back taxes from when I sold my few Bitcoin near the top ($17k/each) and went all in Link. I bought those Bitcoin when they were around $1k. That was $48k Capital Gains back in 2017 that I never paid. On top of that, I've made several shitcoin trades back and forth before being 100% Link.

So who knows what the fuck the IRS is going to want from me whenever I decide to start cashing some out. I've already told my parents I might be headed to prison soon.

Yeah man, this is just a new area. Nobody I know in Accounting would have a clue how this shit works. I'm sure I could find some specialized Crypto Accountant/Lawyer that would just tell me to fess up to the IRS and pay all my back taxes and penalties and throw a 20% fee on top of that. Fuck that. I'm going to wing it.

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You have to pay taxes on the income generated at the time of the trade, what is called a taxable event, not just when you withdraw. Your exchange may or may not be able to provide you a list of all of your trades and if they were for a profit or loss, how much, etc.

Crazy man yeah I mostly held back in the early days then traded everything to link at the start of the year for a huge loss. I'm up overall thanks to link but haven't declared before because of the huge loss and the fact that it wasn't really that much. I might just find myself a Jewish accountant
Coinspot does which is good and it's in n excel file with all the fees and gst and other shit I'd reckon accountants love.

I got in contact with one of the crypto tax accountants in Aus a while ago. They've been doing my tax since.
I'll only look at creative ways to reduce liability if it will affect a very large amount of money.
Best to download all your transaction history OP and get in contact with an aus tax accountant who knows crypto (google will help you).

In my opinion most of the time it's best to pay your toll like a good goy and carry on your merry way.

What exchange did you swing on?

Do you think the irs would give a shit about a few hundred dollars I made from swinging shitcoins on uniswap? I'm wondering if I need to provide that history to my accountant when I do my taxes next year.

Bros help, if I took out some Bitcoin at roughly the amount I put it in at give or take like 100 dollars I don't have to pay fuck all do I. It's only on the gains I have made correct?