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Cryptocurrency mega-thread

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ash_1050 said:
The ATO should have no effect on your crypto at all. If you hold it for less than 12 months it's treated as personal income and you need to pay CGT on it the same as regular income. If you hold for more than 12 months the same applies but you get a 50% discount.

As to when to buy it's like throwing darts at a dartboard, now is as good a time as any. Just don't tip in any more than you're willing to lose or any amount that will keep you up at night with worry. Also I'd strongly advise going into debt in order to fund your new crypto habit.
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I'd suggest ash_1050 actually means he'd strongly advise NOT going into debt. Probably want to edit that bad boy.
 

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superfraser said:
I'd suggest ash_1050 actually means he'd strongly advise NOT going into debt. Probably want to edit that bad boy.
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Sell the house, sell your kid, sell your kidneys. In 12 months time you can have 3 houses, 3 kids and 3 kidneys.

You are correct, I would advise not going into debt rather than going into debt.
 
ash_1050 said:
I don't know who you've been talking to but that's completely and utterly wrong and the ATO will come down on you like a ton of bricks for even having that thought.
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The information id received was only partial.

I just checked it properly. All tax implications are negated on the spending of bitcoin - but only when the cost is under $10,000.
 
KingNothing said:
The information id received was only partial.

I just checked it properly. All tax implications are negated on the spending of bitcoin - but only when the cost is under $10,000.
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That sounds much more correct. Purchases totalling less than $10,000 do not incur CGT when purchased with Bitcoin or other crypto currencies*

*in most cases. Your mileage may vary depending on your circumstances.
 

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Yellow Feathers said:
Would be a nice! What are you seeing? Or do you think we're just due for one after a mediocre week?
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FUD. China.. now Korea. Fake news. Etc etc . Then bang up she goes.

Reminder bitcoin crash happened in 2013. Over and over. Lolol. It’s was the end etc etc. Just sit back.. watch the show.

And bitcoin was what $50US. And to think it’s still early days.
 
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Also just a reminder, a correction (that is what this is, its not a crash) after the growth we have had is a good thing.
 

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