Tax in Australia

Talked to an accountant for the first time today, he told me I have to pay CGT on all crypto-crypto trades, so basically if you bought something low then sold high to another crypto you owe tax on all the profit even though you haven't cashed out to fiat yet. So I will be forced to cash out a large amount of my portfolio to pay taxes on my profits. What do bros? I don't want to lose so much to tax.

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This is why I only deal with buying bitcoin or ethereum with fiat and selling it for fiat and not fucking around with crypto/crypto pairs

You don’t cash out and don’t pay any taxes on your crypto. They don’t know how much profit you made on crypto - crypto trades. Just keep them in the dark, don’t fill in anything regarding to your crypto. The chance of being audited is so incredibly low if you pay all your other taxes correctly and even if they catch you, you can still pay your taxes and say you didn’t know about crypto - crypto.

Hold Monero then

I am cashing out though, I have made enough off crypto to retire. I am going to have to cash out a large amount eventually, and then I will have to go back and report it. So far I have cashed out a little more than what I put in originally but that will continue. I have to report it. I am willing to pay tax on whatever I cash out to fiat, but decimating my portfolio to pay taxes on crypto-crypto trades... I just cant do it. It would take away my future and my families future.

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Just do your own taxes and declare your withdrawals

Fuck paying tax on paper gains

Enjoy your IRS letters.

Monero isn't going to go up, it's more of a currency than an investment.

You are doing it wrong... So many ways to avoid paying taxes on your realized crypto profit.
Make 2 wallets, buy random nft for example for 5k, wait 1 month, sell your nft to your other wallet for 500k. You pay zero taxes on that 495k “profit” because you simply got “lucky” once. You bought an artpiece and some crazy dude wanted to pay you 500k for that digital artpiece

Why would you not need to pay tax on a 495k gain?

I think they jew you no matter which way you go, you pay taxes on that 'gain' anyway and if you do it the otherway where you 'spend' 500k on a random nft (to another wallet) you are still disposing of crypto to purchase something which is a CGT event. So you still pay tax.

DeFi loan. 500k of tax this year for c2c trades, been doing it for years. Pay off the loan with some swing trades and don't have the contact liquidated. If you've traded via kyc accounts they will contact you like they did for me for 2020. ATO slapped a fine and interest only though.

tell me friend, did your "accountant" tell you how the ATO will calculate the tax on the pair swap?

The only KYC account I have used is on BTCmarkets where I've only ever bought and sold ETH. I bought over 100 eth originally over a few years and have sold about 20 so far.

Then just report those trades and find another accountant. Nothingburger

You reckon they aren't monitoring the actual address that sends ETH to the exchange? If they arent then I'm all good but I dont want to be audited.

because I have made an enormous amount of crypto-crypto trades and gains but its all so fucky, i cbf reporting 20 diff exchanges, 6 different blockchains and 20,000 + transactions

Glad I’m not a burger

Can't help you on that one user. Risk is for you to make. Chain analysis will only get more advanced and if they do coming knocking, you need a story. If you're going the legitimate route, then DeFi loan allows you to preserve capital. Just ensure you borrow sensibly to feed it during dips.

australia taxes it as income so your cashout is taxed in set amounts. idk if you have to pay the fee per threshold but if you do it is 81k aud in lump taxes plus the percentages per threshold (divide by 2 or 50% of each tax percentage if you held for more than one year)
koinly.io/guides/crypto-tax-australia/

According to the ATO, selling crypto for fiat currency, such as the Australian dollar, is a taxable event. Profit made from the sale of cryptocurrency attracts a 100% Capital Gains Tax in the first year, 50% in subsequent years.

There so many ways to cash out without paying tax, especially if you have dual citizenship, have a look around, when there’s a will there’s a way.

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user if you really have made it get out of Cuckstralia. This place is a sinking ship and people are shovelling more water into the boat. I’m dead srs dude. Either that or have a pad in the bush north QLD, TAS or bush WA or NT. Australia is a complete an utter shithole sadly. Ruined from top to bottom. The way they treat crypto is criminal

To be fair this is a global

yeah so whatever the percentage is for the bracket would be divided by 2 for the 50% "discount" on capital gains. the highest bracket is 45% above 180k aud 45%/2=22.5. so the highest tax bracket for ausfags who have held over a year is 22.5% not good not bad