Ausfag Feels

Do us ausfags get taxed on staking rewards as it is treated and taxed same as interest? WHAT IS THE FUCKING POINT

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nice try glowy

im serious fren

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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).

hard to cash out during covid with limited travel

guberment will never get a cent of my crypto profits

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).

What staking rewards?

Yes any extra tokens from staking is counted as income tax and valued at the time of creation. It's so fucking dumb.

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

Income tax? I can live with that

fuck australia cunt swear on my life the gov can go get fucked

It sucks so much, I wish i never used an Australian exchange.

That's utterly retarded. Why would anyone pay for something they haven't cashed out?

i blame scotty the cunt, he should go shit himself some more

What about rebasing?

It's taxed as income. I don't see the problem. Just cash it out and pay your taxes ya bloody scumbags

Fuck that. Don't hold anything with rebases.

I'm fine with paying income tax on what I cash out, but said that all staking rewards are taxable from the moment of creation. Which if true is entirely unreasonable and invites people to dodge the system. Which of course is quite easy if you really want to.

>all staking rewards are taxable from the moment of creation
It makes sense really. Same as dividends.

no it doesn't you fucking ato golem. crypto fluctuates wildly and should only be measured when cashed against a fiat "stablecoin". change my mind

Top fucking kek.
Also checked.

>the ATO is woefully unprepared for chasing crypto
this is false

crypto-crypto and airdrops are taxable events with a cost base of the previous crypto, and 0 respectively. If you buy link at $5 and it goes to $10, and you trade 1k link for 10k ample and ample goes to zero, you owe (10-5)x1000, so $5000 in income tax even though you have no money. If you make money on crypto again you can deduct the $5000 in losses from your gains. But they don't want you buying crypto so the taxes can be brutal.
Of course, CGT is added to income taxes, so if you're a NEET you can deduct a rather large amount before it starts hurting.

Rebasing is the same as an airdrop, aka considered an airdrop with 0 cost base. Negative rebasing hasn't been tested but you can at least write it off as a loss later. Rebasing tokens are a nightmare for tax and the onus is on (you) to calculate it properly.


If anyone has any tax questions ask away.

let me add. you mean to tell me that if an asset at the time of creation would be worth $25 in tax, then rose, making the tax due $50 that you'd settle for the 25 because that's what it was worth at the time of creation? ... don't think so

yeah i got a question, best way to dodge?

Well then make a plan and monitor it you fucking retard, it's not difficult. The easiest thing to do is just sell to aud when it's received if you're worried.

By your logic, you could acrue millions in staking rewards and never pay any taxes. How fucking stupid do you think ato are?

Simple, just keep it in a stable coin you trust, and just pull out what you need when you need it
Thats for small stuff, I'd have no idea how to cash out millions and buy a house with it and have it all legal lol

If I stake and unstake tokens, is that a tax event on the original tokens i stake?

But if ample goesto zero, can't you claim the loss of initial investment?

I can't pay for anything with crypto. So, until the ato accepts btc as a form of tax payment, unrealised gains in internet funny money are just that.

ATO is responsible for Dusk attacks on all lInkie wallets.

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what if i claim and stake those tokens then too? is that a taxable event if i stake and the price went up inbetween?

How will it be treated when depositing LINK into the yearn yLINK vault? You technically change your LINK for yLINK, but the value remains the same.