Ausfriends I need some help with tax info, the ato website is confusing for a brainlet like myself
Do i only need to worry about paying any taxes after I have transferred crypto to fiat, or is is just trading itself a taxable event which I need to file & pay each year?
thanks frens any help is appreciated
>or is is just trading itself a taxable event which I need to file & pay each year?
Yes, same in every country
Buy button = No Tax
Sell Button = Tax
If you make profit on any trade (yeah, even crypto to crypto) you have to report it to the ATO. Hold more than 12 months and your capital gains tax is halved.
Everything is taxable in this shithole. You LOOK at a crypto website they’ll tax you, you THINK about crypto they’ll tax your thoughts. But as to your question. Everything is a taxable event pretty much. You buy bitcoin and swap it for eth a month later thats taxable. If you do one million trades in one minute you have one million taxable events to report.
Just don't pay taxes lamo, those cunts can wait until I am rich then I will just leave this shithole country.
You have to record crypto to crypto transactions as they are a 'taxable' event. They are only a taxable event in the sense that they need to be recorded. Not that you have to pay tax every time you make a trade. Only pay tax when you go back into shitty aussie dollars.
Protip: You can claim up to 10k losses each year and roll them over into the next year. If youve been doing this for 4 years youve got 40k of untaxable gains :^)
this. why would anyone want to spend aud anyway? theres nothing to buy here. cars cost twice as much as any other market. $1m fibro houses. only worthwhile thing is to buy a property in the middle of nowhere and build a shed to live in.
you get your first 18k tax free capital gains so that must be nice for the ausneets. I'm a burger neet so they tax right out of the gate
Did you make money when you converted?
Yep, the meta strat for a man in Australia is to become a high paid tradesmen and stack as much cash into crypto until you have enough to book it and live comfortably in a better country.
18k doesn't even cover a year of rent in a cuckbox.
not paying a single cent
I’m on neetbux and sold $64000 worth of btc
I called Centrelink to tell them but they seemed hopeless and clueless as to how to even record it, and I called them on several different occasions and every person I spoke to was clueless
Am I going to get robodebted down the line? Or does crypto sales not count as income, but as capital gain?
Only asking because you can have upto $492000 assets on neetbux and I’m within that limit
>can have upto $492000 assets on neetbux
Half a million kangaroo tokens? Seems a bit high for still claiming the cenno.
Yeah. $492k as non-home owner, $190k as home owner.
Holy hot cross bun! That seems so wack - So you are saying I can get on the dole while having half a mill in various assets? What's the logic behind that - max payout on the cenno is something like 18k a year for a single; that means if one sold the assets it would mean the equivalent of 27 years of jobseeker allowance. Que?
what country are you going to? im looking for ideas. i was thinking switzerland but they dont seem very tax friendly any more. japan is good because no vax but muh samurais wont let people immigrate (which is based but im white so why not)
This is the asset test limit for neetbux
cash counts as assets, doesn't it?
what a wack system.
Well, I've been off the neetbux for over a year now and feels good to steer one's own boat desu, however it is leaving funny monopoly money on the table.
Thanks for the intel, user.
Just move to japan and find a nice Japanese girl to marry and move to the countryside to repopulate Japan with pic related. Definitely want to make the most of Japan's culture before the jews destroy it.
thats a man
just a hot tip for the AUS bro's
buy flexepin giftcards without kyc and then run the money through ladbrokes on favourites for tax free withdraws. probably only really works for