WTF I did not cash out... I do not have any decentralized swap records... Have records with BTC markets. between 2017- 2020 I bought $46000 worth Cryptos... Presently I have close to $46500 with USDC... Not much of again when adjusted to the exchange rate of 2018/2019. Also between 2017 2019 lost $30000 I executed more than 2000+ trades(even more) + some ICO shit + crypto to crypto transactions. How the fuck I can calculate these shit. What should I do?
/Aus/ ATO Crypto
Asher Thompson
Thomas Williams
>2000+ trades
There's your problem.
Carson Brown
crypto to crypto a taxable event.
you got to give the government 50% of the profit you make on every trade
Charles Reyes
No idea user but get back to us when you figure it out. I would just see an accountant but honestly I have no fucking idea how you're even supposed to calculate it when half the exchanges from 2017 don't even exist any more.
Austin Green
2017-2019 I lost $30000 (I was holding 4500 FSN). It went from $8 to 25 cents also NANO, XCM, MAN, CS. All are shit. Only this year I managed to break even.
Leo Ramirez
Taxation is theft.
Anthony Young
if you didn't sell at -30k it's not deductible from whatever profit you made on the 2000 trades
there's nothing like 50% capital gains to make you realise we are just slaves.
the us revolution was fought over a 10% tea levy
Anthony Gutierrez
I imagine there has to be some leniency to crypto taxation given the nature of exchanges exit scaming etc, As long as you are showing you are willing and trying to be compliant I don't think it's in their interest to rape you too hard.
Justin Green
Get a decent crypto accountant man. I've use Munro's in Perth the past couple years. Expensive, but their fees are tax deductable the following year.
If you wanna try do it yourself, get Cointracking.info and use that to import your trades but it's a head fuck!
Camden Ross
How did you get this sent to you? On what platform
Jackson Roberts
Use an app like cointracker to track all your trades and It will compile it into a end of year report.
Jackson King
This is why you move your shit out of Australia ASAP. I buy through coinspot and then immediately transfer my ETH straight into my actual wallet. Fuck paying taxes until I actually withdraw my money
Gavin Carter
Where did you get this notification? I really need to submit my tax returns.... haven’t done one since 2016.
Gavin Wood
>50% capital gains on crypto to crypto.
I think the ATO would love to see a 30k loss on NIGGER coin in their records.
Blake Allen
My personal email, it is Linked to my mygov account
Landon Murphy
how many people made a boat load on bitcoin one year, "diversified" into alt coins the next year, had those alt coins go down or to zero, and not be able to pay the taxes they owed on the bitcoin gains? tax treatment makes crypto very unappealing. the long term odds of coming out ahead on crypto, post the 2017 bubble peak, is close to zero.
Kevin Young
Do you solely use coinspot?
And do all your trades on there?
Parker Perry
I lost about 100 btc after btce got hacked. Can I claim this as a loss? I can prove I sent it to a btce address.
Austin Ross
LOOK AT THIS SHIT TAX ON STAKING REWARDS, FUCK THIS HOLE OF A COUNTRY.
Jose Ward
what if all you've done is uniswap? ive been wondering about taxes baka
Landon Cooper
The long con
Yikes jewed at the end
Michael Walker
So I payed a car off with Bitcoin, do I pay tax on that?
Camden Bailey
I mainly used BTCMarkets. I bought ETH/BTC/LTC/XRP. Then bought shitcoins from idex/Kucoin/ binance/ Mercatox & Coinmetro. I may able to calculate total BTC/LTC & ETH amount via BTCMarkets & Coinbase records. Shitcoins & ICOs it is a different story
Austin Taylor
depends, did the bitcoins you paid with represent gains? if so, then yes.
Lucas Rogers
Id get yourself an accountant and play dumb, get your accountant to see what they have on you and go from there.
They may have only 10% of your known wealth, so don't let them see what you have without knowing what they have.
Owen Thompson
I'm annoyed at this rule as well. While staking rewards are technically income, we still have to pay the ATO in AUD. Which means either keeping a reserve of cash aside in a bank account to pay them, or selling of the coins that got rewarded because of staking. As I understand it, if you sell the coins that you got from staking, you are then charged capital gains tax, all in the name to try and convert it back to AUD to pay taxes. But then you have to pay even more taxes because of the CGT event. Bullshit desu
It would be much easier to pay the ATO's stupid crypto taxes in the crypto itself, then they can be the bagholders if it goes -70% under in 24 hours.
Hudson Rodriguez
In the same boat as you'll. Going to call a crypto accountant tomorrow to sus it out. I don't care how hard or easy it is I just don't wanna do it. How expensive could getting an accountant for this shit possibly cost?
Jason Gray
You know public blockchains are trackable right? Coinspot has your KYC then the gov can see what addresses you transfer too....
James Parker
That doesn't mean it's his address to which it's sent. His crypto disposal ends when it leaves the exchange.
Jack Thompson
He still purchased it in the clear through kyc exchange that requires heaps of info
Kayden Ross
>Implying the government/banks won't track everything you do.
Xavier Green
>that requires heaps of info
The exchange wallet does yes, not one not created on an KYC exchange.
They can prove it's his address how? If the onus is on him, how does one even prove that they don't own a given wallet address not created on a KYC exchange.
Nathan Morgan
Because they don't care. Funds where sent from his exchange wallet to another wallet, they will most likely assume that it's his.
Cameron Martinez
They can prove it's his address how? If the onus is on him, how does one even prove that they don't own a given wallet address not created on a KYC exchange.