Hi Zig Forums and specifically fellow ausfags. I’m trying to get my shit together and sort out my tax (from December 2017 till now). I never bothered with it because I didn’t make many gains until this DeFi run and now I’m in a position where it could be worth a decent amount (currently 250k usd).
A few questions.. How the fuck am i supposed to find my tx history now? I checked Bitmax as an example and I can’t even see trades that I know I made earlier this year. There’s just nothing back that far. That’s just one exchange, it’s fucking gonna be impossible to do it accurately. It’s got me fucked that the ATO can’t just be happy with us paying capital gains on the on A percentage of the total gain without demanding to see every transaction. It’s not realistic and it’s gonna scare people away that would actually pay tax.
Also when I eventually do pay, exactly how much tax will I pay? I’ve read it’s based on your income tax bracket, so if my wagie job earns me 90k, then my capital gains are $250,000 this year, exactly how much will I be paying?
Only answer this if you know.
Anyone else in the same boat? It’s fucked, the cunts make it so hard for people that actually will pay tax.
Just wondering what happens with my missing history from 2017-20?
imagine cashing out cunt. just fuckin keep it in a wallet til we can fuck off overseas again
Ayden Rogers
Hi ATO agent #24245, The system is set up to fuck you and what about all the shitcoin exchanges that fail and go bust and delete all records? Long story short you can't win...wait till rona is over and leave for Portugal or some country with relaxed laws fuck this hole.
>It’s got me fucked that the ATO can’t just be happy with us paying capital gains on the on A percentage of the total gain without demanding to see every transaction. It’s not realistic and it’s gonna scare people away that would actually pay tax. disposal of currency is taxable why would they make an exception on the basis of people not knowing what they're doing. There's no difference between selling for aud or selling for dogecoin. Just keep proper records from now on
Xavier Myers
This doesn’t help and you sound like a glowie
Nicholas Watson
fuckthe ato never paying tax, too complicated im not recording transaction history. I will denounce my citizenship and move to Malta if it comes down to it.
Cameron Barnes
This is what I would do if I didn’t have a family in Australia. Fucking off isnt really an option unfortunately.
Hudson Wilson
how could that capital gains tax calculator not help you
Connor Gutierrez
I’m talking about what to do about my missing history. And it sounded like a lecture, no shit I’ll keep track of my trades from now on, because as soon as I declare any of this shit they’ll ride me forever. I gotta do it though, if I can pay my mortgage off legitimately I’m gonna cop the tax bill. I’d rather pay tax than be owned by the banking kikes
Blake Sanders
What I need ITT is an accountant that’s not a faggot trying to lecture me
Asher Foster
yeah you're gonna have to pay for one arrogant cunt
Grayson Brooks
If you have held the asset for over a year you can halve that and add it to your income from your job (minus however much you paid for your corns). You will pay tax on it in that bracket. I don't know what bitmax is but if it's overseas they won't report it to the ATO. They will only know about Australian exhanges/money going into your bank account.
fuck you're an ungrateful cunt. people in here are trying their best to help you (for free). i know the answers to your question, but get fucked.
Zachary Martinez
well go pay for one faggot
Isaiah Adams
Take a loan backed by your crypto holdings and pay single digits instead of Australian idiocy tax rates
David Hill
a) download a crypto tax calculator and import your etherscan histroy. You're going to have to pay a subscription fee of about $200 and it sucks. b) unironically call the ATO and ask for help. If you ever get audited, just the fact you've tried to contact them and discuss what problems you're having will give you the benefit of the doubt.
Jordan Collins
It's legitimately impossible, accountants here won't even touch crypto cases because it's so obscenely complicated. Basically you can either move it through another country if you are a tax resident somewhere else or can become a tax resident somewhere else or you can get a crypto debit card and have free groceries for life.
I've hit the same trouble since I hit 600k AUD in crypto.
Jeremiah Green
You can't just 'become' a tax resident somewhere else, even if you're a citizen of other countries. Residency and tax residency are two totally different things. Losing tax residency is a CGT event, so even if you tried moving to Portgual or something like these idiots said is not even going to absolve you of your tax liabilities.
Oliver Taylor
I use cointracker.io which has API integrations with a lot of exchanges.
Maybe it could find the transactions for you.
Hunter Green
Ah rip didn't know that. Guess best bet is to just ask ATO for help and cross your fingers.
Benjamin Carter
The kicker is my capital gains just on uniswap are around 250k already without adding unrealised gains. So I’m up for over 100k tax bill right now, and if the market crashes I’m fucked. Honestly, I won’t even bother just yet in case that happens. See how hard it is to make it in this fucking gay country. I’ll have to wait till next financial year and see if this bull market plays out.
Jonathan Nguyen
Oi mate you don't speak about Straya like that
Landon Baker
>being held down by people who's only thing in common with you is that you came out of the same cunt ngmi
Easton Ramirez
just put your crypto in to a gambling site like Earnbet, do a few rolls and withdraw. boom, gambling winnings are tax free.
Lincoln Phillips
Why not? It's literally mutt levels of tax cuckdom Thank fuck I'm a dual national. Never used an aussie exchange and never will
Matthew Rogers
I'm sure its not as hard as people make it out to be, never done it but I bet if you just work it out to the best of your ability and pay a decent cut in good faith they will be fine.
Probably better to overpay in this regard.
Jaxson Kelly
I’m not talking about siblings you fucking mouth breather
Lincoln Scott
You would think this would be ok, but this is clown world we’re living in.
Matthew Barnes
then leave you fucking pussy.
Jackson Cook
Fuck aussies are pricks
Jose Perry
Does this work for exchanges? Should work on dex though right?
Surely drop an email to the exchanges you’ve used and see if they have history of your trades or other advice? If they don’t then I imagine you’re at an advantage there. Problem is that you went in with say 10 eth and came out with 250. Or perhaps less if there was a good amount of inflation in the price.
