/biz/ - Business & Finance

>>27790713
Coinspot

>>27791123
This

>>27791123
Kek what a larp

>>27791160
>>27791123

Wow two retards!

Binance, instant & feeless AUD deposit

>>27790713
Coinspot, simply because while the fees are high, it's also the most regulated and therefore the least likely to Mt Gox you.

Just be aware that, due to Australian law, they cannot buy, sell, or trade XMR or a few other currencies.

The fact that they follow the law in this way is good because, again, exchanges have died before.

Only got into Crypto a few months ago lads, am I going to get raped in taxes?

>>27790713
Uniswap.

This it's so obvious if you've been around. I've been increasing my wallet this whole leg. Even with this growing only few platforms made profitable staking, liquidity pools and even NFT options. I use only Poolz now because of successful private round

>>27791491
If it's anything other than a small amount (under $1k), talk to your tax agent.

You will either have to treat it as simple income or pay capital gains tax on it. Which is better will depend on your situation and income.

>>27791491
dont pay them a cent

>>27791123
>>27791160
>>27791371
Cringe and basedpilled

Use independent reserve to buy btc or eth, then use any of the major exchanges (binance, coinbase pro etc) or uniswap to buy alts

Or if you're a lazy cunt then just use swyftx, they have better prices then coinspot

>>27791491
Only if you declare it. Most people don't understand that your odds of getting audited are crazy low. Even if they audit you and you just have to pay the back taxes and a nominal fine.

>>27791123
same

>>27792160
I bought thru Binance, won't they sell me out?

>>27790713
Binance, I wouldn't store much of anything there but they've been reliable.

>>27791491
Depends on what you've been doing. You're only supposed to pay taxes when you realise a gain by trading crypto for regular money or other crypto. Capital gains tax rates are the same as income tax levels with a 50% discount if you hold an asset for over 12 months.

>>27791123

Yep this

>>27790713
Coinspot

what do my fellow strayans hold?

>>27794060
BONDED
PNK
LINK

>>27793913
>>27791491

Yeah bro, the tax department are the most chill department! They don't even *care* if you don't pay taxes on massive crypto gains.

Don't actually listen to this guy, if they ignore it it's because your income is small enough you probably won't pay any income on it in the first place, but if you're transferring any kind of decent money ($10,000+) into your account they are going to fucking notice and if you dodge that shit the amount of time and effort it causes makes it not worth it.
Just pay your goddamn taxes.

>>27790713
>Coinspot
>Buy ETH
>Transfer ETH to metamask
>Buy alts on uniswap

>>27794060
99% Doge that I mined myself back in like 2015, 1% XRP that I've been holding since it was $1 because I wanted to throw a thousand bucks at something and it immediately plummeted to 30c.

Which is fine, I set a sell order at $3 and just forgot about it. If it takes 5 years to get to $3 I don't care.

Nobody trades Shitcoins/AUD though

Its all for USD or ETH

Why does nobody take AUD for shitcoins? Its why Ive stuck to accumulating BTC all these years, its the only way I can just go AUD > straight into it.

You get rekt in fees/charges/gas fees for fucking around with exchanging AUD/ETH.

How many years until we can use AUD for shitcoins?

>>27790713
Uniswap

>>27794180
I didn't say he should avoid taxes, you mong.

Another question I should ask, what about liquidity for getting AUD.

Ive wondered, in 5-10 years time, when shit like Bitcoin is 500k or 1M/coin, how is the liquidity going to be on Australian exchanges?

I guess by the time its that big, that liquidity wont be a problem, but what about daily withdrawal limits.

It would be annoying to have to wait 40 days to withdraw 2 million dollars, being capped at a 50k/day withdrawal limit.

>>27794180
well yeah obviously keep it under the austrac limits and dont withdraw it in the same increments every time. are you fuckers really that uneducated that that needs be said?

>>27795473
>You can totally not pay taxes on huge amounts of money, it's easy to get away with!

For a small amount of money, for a finite amount of time, you can avoid it but once you start dealing with anything past $10,000 a year you will start drawing eyes. Once you're past $100,000 or more in one year you're definitely going to get caught.

I know this because I was getting paid to ghostwrite novels and getting transactions that were ~8k AUD each every other month or so and that was enough to get an unsolicited friendly call from ATO reminding me to declare it.

>>27796046
That's weird. How were you getting paid? Also was it always around 8k? because when i said vary the amounts I don't mean by a couple of hundred on either side.

>>27796240
PayPal, and it was varying amounts but not varying by a lot. $1,000 USD for the opening three chapters, and if approved, $6,000 USD per 20 chapters after that, with whatever being left being charged at $300 a chapter.

Mostly fantasy, paranormal, sci-fi or romance, occasionally straight-up porn.

Most of the variation was due to currency exchange variations but if the book was like 50 chapters, that'd be a $1,000 USD transaction ($1,300 AUDish), then two $6,000 USD ones which would be about 8k AUD and some change after fees, then $2,100 which would be like $3,100 after fees and nonsense.

All in all it's about $20,000 AUD per book per year, for your average length 80,000 word novel. Used to do three to five or so a year, paid taxes per normal.

Like I said if you start getting some REAL money you do draw some notice, but for what it's worth maybe it was PayPal that reported it.

Once Binance launches the debit card, you can spend your capital gains directly. No need for the interfere or even notice.

>>27791123
>>27790713
If you guys are gonna use coinspot, do us both a favour and let me refer you

https://www.coinspot.com.au/join/REFDDKRX3

>>27796829
*ATO

>>27790713
Coinspot and Binance both work for me.

>>27796677
Yeah PayPal reported for sure. They're a know cooperator. You do run the same risk of an exchange reporting you which is why if you're serious about not paying taxes you need to withdraw all the crypto into your own wallet the day of purchase (this way it looks like you spent it), bounce it around and then use livingroomofsatoshi. Its either that or you pay your 48% which I think is fucking absurd.

binance should be the only answer here. far, far superior to anything else. I’ve also used independent reserve before, who were great but illiquid unless its the big name coins.

>>27797190
What, you don't want to pay 48% of your income to support endless waves of illiterate Sudanese with their knives of peace culturally enriching the city where you live? What's wrong with you bro?

Who DOESN'T want to give up half their income in exchange for the privilege, the *joy* of having ten thousand psychotic illiterate former child-soldiers turning their peaceful Western nations into warzones? Who wouldn't want that!

I hate it too make no mistake I just think that trying to duck the ATO with anything more than kiddy-money is a bad plan.

I use swyftx, which i think is amazing. But i never hear any other Aus online talk about it. Am i missing something, that's bad about it?

Fee's are pretty low and they seem to put alot of new coins on early.
Should i switch to another?

How do I legally minimise taxes lads?

Also ATO glowies are lurking this thread

yous cunts buying in now hey fuck oaf gonna make it ey son

>>27797190
>>27798485
>48%

where are you getting that number?

I thought it was 30% max, and then 15% if youve held the crypto for more than 12 months

>>27794060
wtf normally amouranth looks uggo on stream

Every cunt here needs to have FTM before its listed on jewbase, buy before the burgers can!

>>27799195
Capital gains is treated like taxable income, so it works off the same brackets which cap out at 45% of every dollar above $180k/year. It does get cut in half if you hold for more than 12 months though.

>>27794947
Use OTC services to cash out

On this, how can they tell how much i have if i keep off the exchange? They ask i say it was stolen. What can they do? Nothen i bet

>>27794060
BTC, LTC, LINK, OCEAN, UNI, PNK, eRSDL, DEXG, XRP, XLM, BAO

>>27790713
>>27798643
Iv been using swyftx, don't know why they never get talked about either but their office is in walking distance of me so i figure that if something does happen i can at least find the fuckers responsible.

>>27790713
Swyftx then Uniswap. Need to do kyc which is a pain but it works and they're usually fast.

>>27800770
Based. Fuck em for me if they fuck us up.

>>27798485
If buy high and sell low.

If i declare all my shit coin trades can i claim the losses back? Ive lost around 50k+ between rugpulls, icos and shit trades plus fees.

>>27798802
negative gearing

Binance 0 fees instant deposit and withdrawl using pay ID. Fuck using coinspot they are thieves.

Independent Reserve here

Where do you guys withdraw from? Used swyftx once and all went smoothly.

If any of you ausfags haven’t made a coinspot account yet, be a bro and use my referral coinspot.com.au/join/1AC5CX
The 1 Millionth account created gets 1 bitcoin (as does the person who referred)

>>27790713
Swyftx then transfer to metamask

>>27790713
we are begin to see aus/pol but for biz
kek pol is dieing and here we all are, nice to see you friends, is Ian with us this evening? what are we eating lads?

been making some coin boys?

>>27798643
>>27800928
pretty sure swyftx route through binance. why not just cut out the middle man.

Someone start a small discord for all the aus crypto anons in this thread. I don't want to join one with 200k members or something packed

>>27801016
Yes, kind of. Capital losses won't reduce tax on normal income, but they can be used to offset capital gains. They can also be carried forward indefinitely year after year to count against future gains, so make sure to declare them.

>>27802077
Just gotta bust a nut lmao

>>27790713
Ausfag here, use Binance, Kucoin and Uniswap

>>27790713
NZfag here. Use binance, it’s fucking great.

Any perthfags down for a meet up to talk numbers and figures after this cockdown from marky mark? Will give ya my telegram if ya are kek

>>27791491
Only if you cash out, which you should already know you can't do anyway

Newfag on coinspot for the sole reason that they approved me without having to do a selfie. Are they really the shittest? Is a 1% fee too high?

Dumb question. Do I pay taxes if I use the crypto.com card for everyday use?