Do us ausfags get taxed on staking rewards as it is treated and taxed same as interest? WHAT IS THE FUCKING POINT
Ausfag Feels
Austin White
Noah Martinez
nice try glowy
Jeremiah Brown
im serious fren
Hunter Ramirez
Assuming you're cashing out more discreetly than coinspot, the ATO is woefully unprepared for chasing/auditing crypto. Next 2-3 years at least are relatively safe to non-declare (again, as long as you aren't retarded and cashing out via Australian KYC exchanges).
Connor Adams
hard to cash out during covid with limited travel
Adrian Cook
guberment will never get a cent of my crypto profits
Angel Howard
Then don't cash out till you have enough to start your new life in Portugal (no clue if that's a crypto haven, but I'm assuming they exist).
Jayden Campbell
What staking rewards?
Dylan Ward
Yes any extra tokens from staking is counted as income tax and valued at the time of creation. It's so fucking dumb.
Lincoln Thomas
Yes.
You owe tax the moment you accrue them, not when you sell them
So let’s say you stake $50k of X and you manage to pull $25k of staking rewards in the current 2020-2021 financial year, even if you don’t sell those staking rewards you owe income tax on that $25k
My advice, sell out the taxable amount and keep it aside. The worst thing you can do is not put away the tax as if that $25k fizzles down to $5k in the 2021-2022 tax year, guess what, you still owe the tax on the original $25k
I got raped this was in 2018 after the crash. I actually got double raped as it goes towards my child support so I then had to pay higher child support rates on money I didn’t actually have