Any tips on how to avoid this taxman this coming bullrun? ATO position is that all crypto disposal, including gifting and exchanging crypto to crypto is a CGT taxable event. This means if you sell LINK at $100 to rebuy at $50, you lose an effective proportion of your profit margin. Also means trading is effectively useless from a risk/reward perspective for most people since the tax proportion for assets held under 12 months makes the odds worse than roulette.
All aus exchanges and many foreign exchanges provide data to the ATO and crypto is very tracable, so they will find out about all trades eventually even if years when crypto goes mainstream. Any recommendations for trading and disposal?
ATO is getting desperate, sending glow agents onto a Vietnamese comic book forum to sniff out where neckbeards are hiding their internet tokens.
Ryder Flores
checked and keked
Ryder Nguyen
I spoke to an agent about this already. Per trade is a taxable event but it is calculated by profit and loss at EOY.
So for example if you invested 10k, made 90k profit (totaling 100k) then went tried your luck again in the same year and went back down to 20k. You would only be declaring your initial + profit - fees.
Also if you happen to are at a net loss for the year, those losses can be tax writeoffs for the following year.
Stfu poorfags if you cant entertain the idea of trading enough crypto for the profit margins to be significantly affected by 40% and higher CGT or income tax if declaring as income.
The question at hand is about how to effectively trade and profit when the system is nothing but extortion.
Leo Ward
God that 45% tax on >187k is so fucking ridiculous, taxation is theft, kill the government.
Brody White
It gets halved after you hold for a year my dudes.
Angel Thompson
Why not get a crypto credit card and stop using worthless (((fiat)))? Land will get tokenised sooner rather than later, once you're assets are on chain, you have the choice between; bending over for the taxman, OR making the taxman bend over for you.
Wyatt Cooper
Not helpful for trading, even if just to the extent of taking profits every few months and rediversifying. Totally stupid investment strategy to expect people to hold and watch the price of their assets go back down after they have appreciated just because the taxman has them by the balls. Any thoughts to work around this?
Anthony Robinson
Ohh right didn't realise you were a trader. Yeah the rules are archaic, but it means the ato takes profits all the way up your gains, even if you end up losing them all. You can employ yourself or something the like as a trader, and pay yourself. Best to speak to an accountant and not users on a Nepali throat singing enthusiast forum.
Carter Morales
Wash your tokens through Monero and forget about your trade history. Alternatively claim you traded 69 nigger tokens for a huge capital loss, and demand tax concessions.
Daniel Scott
I'm a trader, but wanting to reclassify to an investor for this financial year. My accountant said that means selling all trading stock at cost price, then rebuying at that price as an investor. I'm not great with trading, and just end up losing money. I wanna stake my linkies and declare payouts as income.
Charles Brooks
Anyone here have dual citizenship (a euro passport). How hard is it to lose Aus tax residency by moving to Germany or somewhere?
Parker Walker
>oh so you sent all your money into a known privacy coin used by drug dealers and are telling us you lost the key? >off to prison then until you come clean
Lincoln Russell
Just use financial wrappers or make your own.
You sell your investments at cost to company A, and they charge you a hefty consulting fee for the purchase. Borrowed funds to pay for the assets.
Company A creates a proprietary investment wrap, containing your stonks. Can give you either options to purchase in future, or actual transfer of the assets all together to you. You pay market price total to company A for this just in case or have some credit terms or agreement.
You can now hold or sell those assets with no profits on paper while claiming expenses from Company A consulting and product fees.
Company A is owned by you of course. Or owned by a company/LLC within a discretionary trust which you hold.
Pay back the "loan" from the original below market value sale. It's just balancing fake numbers. But now you have expenses and potentially capital lossess to carry forward. Company A wraps up a mix of different Investments and sells it to you
Dylan Powell
Isn't the onus on them to provide proof you don't actually have access to the key?
Also obv use like 20 xmr wallets with random amounts to each. So in case for some reason you slip up, you only give up one or some bs.
This + local monero and copping some spread/convenience % fee is the way to go. Say you go 10% below market value, that's fuck all to pay for the anonymity and tax evasion
no it isn't. look at hacking cases where someone "forgets" a password to an encrypted drive. they literally just hold you in prison until you tell them. same thing will apply to crypto.
