Question for ausfags: Do you have to report all the crypto you hold to the ATO? Even if you didnt sell them?

Question for ausfags: Do you have to report all the crypto you hold to the ATO? Even if you didnt sell them?

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No

i dont think so, unless you've sold something in the last FY

>reporting to the ATO at all
how retarded are you? You really want to pay taxes in this shithole? To fund what, welfare for ahmed and his 7 children?

How do you report crypto you sold that you held for over a year?

Its pretty much treated like stock trading. You only need to report a capital gain event and can rollover capital losses to offset future gains.
Now, if you day-trade on an exchange, I don't know how you would declare that.

/thread

If you haven't sold anything, no. Hot tip I've heard from someone who works there that there are literally 2 (two) staff in the entire ATO doing CGT reviews for crypto.

in an unrelated note,

you cunts realise this year they didn't send out the letter saying they know you have crypto and you will be in big poo poo if you don't declare profits.

absolute shit cunts, out of spit im gonna be claiming so huge amounts of Capital losses and offsets

>Question for ausfags
Not a poofta but please, continue.
>Do you have to
I don't "have to" do jack shit you fucking bogan cunt I'll shank ya

Since moving crypto by their definition is a taxable event, can I move my bags that are under water to another wallet and claim the losses on it?

This is where it goes

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When you go to do your return it says they know you have crypto and to declare any gains/losses

fucking retard

Yes you can.

But just so you know you aren't outsmarting them, because AUD can only be obtained through Australian fiat offramps which are monitored. so when/ if you do convert that shit back you'll be paying the same tax on it. So you'll only be delaying your tax obligations.

shut up idiot and read what i said again lol.

People literally received emails last year about crypto obligations during the biggest bull run in history.
but in the bear market they don't advertise shit.

Question, does binance aware ato on your USDT or BUSD trades? Or only if you sell in AUD and withdraw to bank?

If so I would owe countless millions in scalping and swing trading but I own nothing in real life

Binance doesn't report shit to them unless they ask specifically and they will be happy to give it all up. But if you are scalping u are being taxed more as an income than capital gains as you are more of a trader instead of an investor.

I was scalping and swing trading on a portfolio that is 1-2X bigger than my currently portfolio is, so I would owe way more in taxes than I have. So basically dead, but I own nothing in real life

moving crypto isn't disposal.

Get rid of the elderly and the disabled, problem solved!

i get so many mixed responses in regards to how the ATO are attempting to "crack down" on crypto traders. its either that they dont really know what they are doing and have fuck all resources to track peoples trades, or they have invested billions of dollars into a department thats dedicated to tracking crypto. nothing in between

i believe theres now a binance australia pty ltd that is supposed to be compliant with the ATO