Really good post babe.
Lots of good info, you can bet your life that desperate governments are looking to close every current loophole in order to grab every penny they can. Stash your money now folks before it's too late.
Nice one Choo Choo 😉
You're right they don't make it easy but it's got to be done. Nearly all banks are broke when you do proper accounting, they're going to be screwed during the next big economic event.
Thanks for this, I feel like I'm 'future proofing' in a big by reading this as although I'm no where near making serious crypto gains that may well change in the future, and I am sure you're right - some kind of crypto tax is coming.
That $10K tax threshold figure holds true in the UK - To me, that says 'just figure out how to live on less than that per year and you basically don't have to worry about tax! Quite easy to do with a renaissance lifestyle.
Mega cool bio btw - travelling vegans will always get my upvote!
...and all-round general incompetence and shitness.
This could have come from my own keyboard! Bang on the money. My hope is that the days of taxation theft itself (or at least the widespread public acceptance of it) are numbered.
Awesome post and very relevant to all Aussies holding crypto. Now I know what you were doing in Panama! ;)
If you read the ATO literally "provided the cost of the bitcoin is $10,000 or less" you could argue that the cost of Bitcoin is currently about $4700 USD, so....no worries mate!
Very interesting read. I agree with your "advise" keeping the money away from bank accounts is the best way to avoid tax it seems at the moment.
For sure.
My sentiments:
:D
Ha! Yes. And thank you so much for the randowhale upvote. You rock! 👊😎
Really good post babe.
Lots of good info, you can bet your life that desperate governments are looking to close every current loophole in order to grab every penny they can. Stash your money now folks before it's too late.
Nice one Choo Choo 😉
Yep. Exactly. That's one of the reasons I left Australia and am working towards getting all my money out of banks. They don't make it easy though.
You're right they don't make it easy but it's got to be done. Nearly all banks are broke when you do proper accounting, they're going to be screwed during the next big economic event.
Thanks for this, I feel like I'm 'future proofing' in a big by reading this as although I'm no where near making serious crypto gains that may well change in the future, and I am sure you're right - some kind of crypto tax is coming.
That $10K tax threshold figure holds true in the UK - To me, that says 'just figure out how to live on less than that per year and you basically don't have to worry about tax! Quite easy to do with a renaissance lifestyle.
Mega cool bio btw - travelling vegans will always get my upvote!
Thank you @revisesociology! And good to know about the UK.
Nice - do you know if this is true in the US as well? I guess I should probably know that...
Hi @Geke, feel free to check my articles out for US information.
Great article @choogirl, it is always interesting to see another country perspective!
Thanks @cryptotax.
No idea sorry. I try to avoid knowing stuff about Australia's tax code, let alone anyone else's.
Thanks @cryptotax.
F U Tax! Go away!! I will ask my financial risk boss lady about this... See if she can confirm...
Brilliant post @choogirl. 100% UV & resteemed.
This could have come from my own keyboard! Bang on the money. My hope is that the days of taxation theft itself (or at least the widespread public acceptance of it) are numbered.
Haha. Thank you @nolnocluap.
👍 no problem! Keep up the great work.
Awesome post and very relevant to all Aussies holding crypto. Now I know what you were doing in Panama! ;)
If you read the ATO literally "provided the cost of the bitcoin is $10,000 or less" you could argue that the cost of Bitcoin is currently about $4700 USD, so....no worries mate!
Ha, yes I'd wondered about the literal value as well.
And yes, the tax benefits is one of the reasons I moved here.
I loff loff loff your goaties!!!!
I wants.
They are cute aren't they?
Damn that tax man, if only we there was a way to start a new country with no taxes and only voluntary crypto crowdsourcing lol
Just a dream, maybe Mars in the coming years haha
How good would that be? We could call it Discordia.