Post BF Upgrade Feedback - Click Here

Remove this Banner Ad

Cryptocurrency mega-thread

🥰 Love BigFooty? Join now for free.

Took small stakes in all those coins potentially hitting coinbase in the next 24 months. Already hold ripple etc. All those to hit coinbase have 10x'd when placed on there (other factors at play here too), the below hit the released Coinbase framework requirements. (Neo has a few issues)

Neo, Modena, EOS, Lisk, Cardano.
 
KingNothing said:
Lucky campaigners!

Have your anuses felt the wrath of Capital Gains Taxes yet?
Click to expand...
If you pay tax on crypto your not doing it right.

Buy goods using bitcoin, pay bills using bitcoin, buy holidays.

You can literally spend it on most things. Set up wallets for family members and withdraw it through them under the threshold.
 
NitroFan said:
FFS Coinspot verification is shitting me. Couldn't got into SAFEX last night when it was 1.6c US.
Click to expand...
Coinbase verification is such shit. I'v tried doing the drivers licence webcam photo and do everything they want yet each time it says I can't be verified. BTC exchange I have to wait up to 10 days for the letter code to arrive... apparently they sent it out 3 days ago so hopefully I get it on Monday.
 
10571z said:
If you pay tax on crypto your not doing it right.

Buy goods using bitcoin, pay bills using bitcoin, buy holidays.

You can literally spend it on most things. Set up wallets for family members and withdraw it through them under the threshold.
Click to expand...

The threshold is $10,000 in a financial year, for one person, correct? Meaning that if you accumulate more than 10k profit in the financial year by selling cryptocurrency, then you're liable to pay capital gains tax?

Yeah the tax thing is a tricky one. The government is already getting in the way and trying to spoil the party with oversight, regulation & taxation -- the very thing that people are trying to escape from (which is what's driving up bitcoins value, ironically). But I'm sure there's some clever people converting their btc into fiat and getting around the taxes somehow. Although if you can use btc to pay bills and buy goods etc, then it starts to make you question what's the use in converting it back into Fiat to begin with. Basically, the value of btc is tied somewhat to its utility - more places accepting btc as payment will drive its value up further. Because that gives btc value in itself, rather than merely being used as a means to an end (ie, being bought and sold to make profit in fiat currency). I think for the time being I'll just hodl Bitcoin, and perhaps exchange it for other cryptocurrencies if and when their acceptance as a recognised form of payment supersedes that of Bitcoin (electroneum, for example).
 

Log in to remove this Banner Ad

Pykie said:
Took small stakes in all those coins potentially hitting coinbase in the next 24 months. Already hold ripple etc. All those to hit coinbase have 10x'd when placed on there (other factors at play here too), the below hit the released Coinbase framework requirements. (Neo has a few issues)

Neo, Modena, EOS, Lisk, Cardano.
Click to expand...

Monero is another strong candidate to hit Coinbase.
 
Pykie said:
Took small stakes in all those coins potentially hitting coinbase in the next 24 months. Already hold ripple etc. All those to hit coinbase have 10x'd when placed on there (other factors at play here too), the below hit the released Coinbase framework requirements. (Neo has a few issues)

Neo, Modena, EOS, Lisk, Cardano.
Click to expand...
What problems does neo have?
 
woota said:
The threshold is $10,000 in a financial year, for one person, correct? Meaning that if you accumulate more than 10k profit in the financial year by selling cryptocurrency, then you're liable to pay capital gains tax?

Yeah the tax thing is a tricky one. The government is already getting in the way and trying to spoil the party with oversight, regulation & taxation -- the very thing that people are trying to escape from (which is what's driving up bitcoins value, ironically). But I'm sure there's some clever people converting their btc into fiat and getting around the taxes somehow. Although if you can use btc to pay bills and buy goods etc, then it starts to make you question what's the use in converting it back into Fiat to begin with. Basically, the value of btc is tied somewhat to its utility - more places accepting btc as payment will drive its value up further. Because that gives btc value in itself, rather than merely being used as a means to an end (ie, being bought and sold to make profit in fiat currency). I think for the time being I'll just hodl Bitcoin, and perhaps exchange it for other cryptocurrencies if and when their acceptance as a recognised form of payment supersedes that of Bitcoin (electroneum, for example).
Click to expand...

Good luck tracking buying major coins like Ethereum, moving it for a small loss after fees into a Chinese or American exchange then buy alt coins or other currencies then loading them into encrypted wallets. If it’s over regulated here in the next few years I’ll be withdrawing into foreign bank accounts with the lowest regs and tax rates.
 
Affidavit said:
What problems does neo have?
Click to expand...

Not problems as such, more so requirements for Coinbase.

It’s a Chinese coin, Coinbase is a American company, it’s centealized setup conflicts with some of Coinbase’s requirements for prospective coins, but it’s still one on the shortlist of those predicted to be next in.
 
The Taxation of it is doing my head in...

Im getting conflicting information from different professionals...

The two things i can't clarify are some say as soon as you've traded a coin for another coin there is capital gain tax on it and you are trader... Ok then... Sold some ETH for QSP quite happy to pay CGT on that etc etc...

But then the other information is if you flip a few coins around everynow and then (say 2 or 3 trades a week) then you are not a trader but an investor???

Totally 2 different taxation rules persay...

My situation is that yes i flip about a few ALTs here and there but the profit always goes back into my BTC, ETH or my other long term Holders QSP, Raiden, IOTA,

I have not withdrawn any back to AUD and won't be for over a year etc...

Am i right in thinking I'll pay CGT on coin to coin trades but not my held coins unless i cash them out...

Not gunna lie... I got to ride the BTC boom and my 2000 aud investment has shot past 11000 (in BTC only) and I've mad some good trades to increase my BTC amount but im worried about profits...

In short if i haven't traded any BTC for any other coins or cashed any out is it taxable or this only occurs when i sell it?

I'm worried that I'll have to sell actual BTC to pay Tax on it because it grew so fast...

There is so many variables like coin to coin values at any given moment...

Is anyone familiar with this or done a Tax return with Crypto involved...

It doesn't help when different Tax accountants give different advice... :(
 
the PILL said:
The Taxation of it is doing my head in...

Im getting conflicting information from different professionals...

The two things i can't clarify are some say as soon as you've traded a coin for another coin there is capital gain tax on it and you are trader... Ok then... Sold some ETH for QSP quite happy to pay CGT on that etc etc...

But then the other information is if you flip a few coins around everynow and then (say 2 or 3 trades a week) then you are not a trader but an investor???

Totally 2 different taxation rules persay...

My situation is that yes i flip about a few ALTs here and there but the profit always goes back into my BTC, ETH or my other long term Holders QSP, Raiden, IOTA,

I have not withdrawn any back to AUD and won't be for over a year etc...

Am i right in thinking I'll pay CGT on coin to coin trades but not my held coins unless i cash them out...

Not gunna lie... I got to ride the BTC boom and my 2000 aud investment has shot past 11000 (in BTC only) and I've mad some good trades to increase my BTC amount but im worried about profits...

In short if i haven't traded any BTC for any other coins or cashed any out is it taxable or this only occurs when i sell it?

I'm worried that I'll have to sell actual BTC to pay Tax on it because it grew so fast...

There is so many variables like coin to coin values at any given moment...

Is anyone familiar with this or done a Tax return with Crypto involved...

It doesn't help when different Tax accountants give different advice... :(
Click to expand...
https://www.ato.gov.au/General/Gen/...rrencies-in-Australia---specifically-bitcoin/

Disposing of bitcoin acquired for investment
If you have acquired bitcoin as an investment, but you are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or allowed any deductions for any losses made. If your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income. Capital gains tax may apply to personal transactions.

Note: There are no GST consequences where the bitcoin is not supplied or acquired in the course or furtherance of an enterprise you are carrying on.

I am no tax expert so I won't bother trying to interpret it's exact meaning. Hopefully someone else here can help.
 
Can someone help?
BTC Markets wont accept an account request from me as I am living overseas and dont have a current aussie address.
Does anyone recommend or know of an international alternate?
 

Remove this Banner Ad

NitroFan said:
FFS Coinspot verification is shitting me. Couldn't got into SAFEX last night when it was 1.6c US.
Click to expand...
Safex trading has been halted on Coinspot because it's been delisted on a few international exchanges... :(
 
ash_1050 said:
Bad call unless it's a long term hold. It's done all its short term growing already over the last two weeks, same as Ripple.
Click to expand...
Yep long term... not a bad call. I’ll come back to you on this..when I do you will understand why I did it.
 
Last edited:
the PILL said:
The Taxation of it is doing my head in...

Im getting conflicting information from different professionals...

The two things i can't clarify are some say as soon as you've traded a coin for another coin there is capital gain tax on it and you are trader... Ok then... Sold some ETH for QSP quite happy to pay CGT on that etc etc...

But then the other information is if you flip a few coins around everynow and then (say 2 or 3 trades a week) then you are not a trader but an investor???

Totally 2 different taxation rules persay...

My situation is that yes i flip about a few ALTs here and there but the profit always goes back into my BTC, ETH or my other long term Holders QSP, Raiden, IOTA,

I have not withdrawn any back to AUD and won't be for over a year etc...

Am i right in thinking I'll pay CGT on coin to coin trades but not my held coins unless i cash them out...

Not gunna lie... I got to ride the BTC boom and my 2000 aud investment has shot past 11000 (in BTC only) and I've mad some good trades to increase my BTC amount but im worried about profits...

In short if i haven't traded any BTC for any other coins or cashed any out is it taxable or this only occurs when i sell it?

I'm worried that I'll have to sell actual BTC to pay Tax on it because it grew so fast...

There is so many variables like coin to coin values at any given moment...

Is anyone familiar with this or done a Tax return with Crypto involved...

It doesn't help when different Tax accountants give different advice... :(
Click to expand...


Not a crypto investor, but following the thread. Invest in shares myself.

You don't realise gains in BTC or anything else until you sell, so if you are just holding, you won't pay tax.

To flip between coins, you are selling and repurchasing, so you would pay tax on the profit, and only on the profit.
 
superfraser said:
Not a crypto investor, but following the thread. Invest in shares myself.

You don't realise gains in BTC or anything else until you sell, so if you are just holding, you won't pay tax.

To flip between coins, you are selling and repurchasing, so you would pay tax on the profit, and only on the profit.
Click to expand...

Until you actually sell cryptocurrency in exchange for AUD and put it in a bank, how does the government know about it? The gov doesn't monitor your crypto trades.
 
Last edited:

🥰 Love BigFooty? Join now for free.

I have a small amount of Tron, care of an excellent tip from Affidavit

Definitely grabbing more today or first thing tomorrow!

Above poster also setup a Discord chat room where some posters are exchanging info, have a gander.
 

Remove this Banner Ad

Remove this Banner Ad

🥰 Love BigFooty? Join now for free.

Back
Top Bottom