/biz/ - Business & Finance

>>6028676
textbook tax evasion. go for it you noonga

Pretty sure that's still illegal if that's what you're talking about.

>>6028676
kek

>>6028676
Is it your first day on biz? This question is asked every fucking day. No it doesn't work, and no Denmark doesn't have 0 tax on crypto

>>6028676
THIS ANON DEFEATED HIS COUNTRY'S COMPLEX TAX SYSTEM WITH ONE SIMPLE TRICK NO ONE EVER THOUGHT ABOUT, GOVERNMENT HATE HIM!!

Good to know. I'm looking for a country to settle down. I'm from Europe, currently in Australia for almost 2 years. I'm planning to leave to Asia in a year or two, but know you talk about Denmark...

>>6028676
>he thinks any EU country would let you cash out crypto money without giving anything back
oh boy you're up for a big surprise. my advice would be just pay your taxes nigger

>>6029033
Slovenia 0 crpyto taxes, gl anon

>>6029207
Thanks anon. Heard about any Asian tax free country?

im from denmark, and yes there is a hypothetical 0% tax on crypto IF you did not buy it with the intention on making money, but because you wanted to make a purchase with the crypto or because you where interested in the technology behind
it is very hard to deny that you did not wanted to make a profit with 100x gains and only a few of the early bitcoin millionaires have been exempt from having to pay tax
this is about to change and they will most likely change it soon also retrospectively

>>6028676
>>6029409
btw if you end up having to pay tax on your gains, it will most likely be around 50%

>>6028919
>>6028676
how fucking stupid are you OP
i think you should try it but. or even just try any tax evasion plan, i want you to get nailed for it.

i've already allerted the ATO they will trace your IP address shortly

You morons will not make it.

>>6028676
Australian accountant here. There is no 30% tax on crypto. Unlesd that is also your mtr. The tax rate is mtr on the gains.

To do as you are suggesting, you would need to renounce australian citizenship and move to denmark for more than six months. Then sell crypto. Then move back and transfer tobaus bank account

>>6029395
Norfolk Island

>>6028676
Denmark has a 57% tax on crypto gains.

You're an idiot.

>>6029669

Isn't it just capital gains tax? Crypto is just treated like any other stock / asset now right?

Hold it for a year and get a 50% discount on your CGT?

>>6029731
Yes, and the assessable cgt amount is then added to your income and taxed at your marginal tax rate.

Or you could consider it gambling and declare nothing.

>>6029669
>mtr
wtf is that?

>>6029836

Haha aye. Don't fancy the ATO after me though

>>6029838
Marginal tax rate. In Australia, individuals are subject to a progressive income tax.

30% is the rate for registered companies (that have ltd at the end of the name)

>>6029874
They dont have the resources or tech to go after anyone small. And by design, cant see your crypto gains, only cash in and out of bank account

>>6029669
Can't I just move to NZ and cash out there?

>>6029894
oh yeah im Australian just didn't know the acronym.

also been wondering lately about crypto trading in australia. i heard it was already like in america how each trade counts as taxable income or something. what does this mean for cashing out? are they really going to want all your exchanges tallied up and documented? or can i just caash out and add whatever i cash out to my taxable income for the year

>>6029943
Sure can. But would need to pass 183 day residency test and hope their new communist prime minister doesnt enact cgt while you're their. I have a relative sitting on some shares they bought at at 50c that are now 7.50 and is on the fence about moving to nz to 'retire'

>>6030041
Lazy way - difference between cash in and out
Correct way - every trade. Take losses off of gains and declare gains in your individual tax return. I wouldnt expect you to hold anything for 12 months before trading, but if you do, after taking off losses from gains, only 50% of the amount becomes assessable income in your itr

>>6030041
To put it simply, converting any crypto to AUD is a taxable event.

>>6029931

Yeah I always wondered that. Say I withdraw 100k, does the ATO know that an extra 100k entered my account this year?

>>6030141
>183 day residency test
That's fuckall, I was reading that it was 5 years on their website. Long how is the skiing season in NZ? I could quite happily spend half a year skiing.

>>6030368
It really is just luck, I know of very wealthy businessmen who have evaded tax in the millions and haven’t got caught.

Get yourself a good accountant that can dodgy your documents, pay him well and he’ll definitely find a way. Worst case take some out with the bitrocket ATM and pay the appropriate tax on the rest.

In other words, visit an accountant in Bankstown

>>6030368
With banks - any amount over 10k - automatically flagged as well as anything suspicious. Big 4 are certainly watching anyone in crypto as theyre also freezing accounts and refusing transactions. Id be very surprised if they werent reporting them to the ATO.

>>6028676
You better do it quick. Danish tax authorities intend to tax it has personal income (52%) as it will most likely be classified as speculation tax-wise

I hate this country

>>6029207
Holy shit, is that true? I love the country and can definitely see myself living there.

Ausfag reporting in.

I have read that if your original bitcoin purchase was under $10,000, then you can be exempt from any gains tax whatsoever. Can anyone confirm this?

If I buy $4000 of BTC, split into various other coins that all go to the moon and beyond, turn that original $4000 into $4,000,000, do I get to potentially pay no tax?

>>6029669
Why shouldn't each crypto to crypto transaction be a capital gains event?

>>6031012
If I'm not mistaken it's because crypto to crypto counts as bartering.

>>6028866
>and no Denmark doesn't have 0 tax on crypto
I am actually not sure about this, from a quick google, it really looks like it is still tax free.
http://borsen.dk/nyheder/generelt/artikel/1/355494/skat_genovervejer_bitcoin-beskatning.html

>>6030973
If you have purchased that $4000 for the purpose of personal transactions, rather than a profit-making investment, you shouldn't pay tax on the gains. I imagine proving this is difficult, however.

ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/

>>6029395

Singapore. No capital gain tax.

>>6030973
Absolutely incorrect.

If you put in 10k and made 20k you could cash out $19,999 tax free but a dollar over and you're then subject to the first tax bracket.
Btw this is assuming you make $0 from other sources of income.

>>6031235
Aka..jobless hobo fisk chugga

>>6031161
Right fair enough.

I’d honestly not mind paying taxes. The problem is I live in Sydney and have spent my whole life watching them fucking unleash tax payer money into a pit by the billions and burn it.

I have watched tax payer money be used to remove a tram system due to traffic congestion, build a monorail as a replacement, take down the monorail because it was shit, then re-build the fucking tram system.... which is still shit.

There’s no way I’m fucking with tax evasion, but it’s going to suck ass if I finally make it only to then watch 50% of my gains go to funding useless shit that no one asked for.

There should be an option that lets you donate your tax to a cause of your choosing so that the government actually has a reason to produce quality through competition.

/rant

>>6031235
It definitely sounded way too good to be true, thanks for the lamen explanation man.

>>6031607
you forgot the casinos and the stadiums

>>6031716
and THE FUCKING NBN

>>6029033
Fucking backpacker, go work in farm

>>6029059
You're the nigger for telling him to pay taxes, nigger.

>>6031716
>>6031735

Man.... fuck this shit aye. Especially that royal fuck up of an NBN

>>6029059
>Just pay the extortion, faggot
>If you don't you'll be imprisoned, goy!

>>6032090
That's the worst thing from my point of view. It just dooms Australia to irrelevance, or at the very least a massive bill equal to what it would've originally cost to implement the NBN properly.

>>6032148
Ahmed needs to feed his 18 kids you racist xenophobe white cis-male.

>>6032151
Australia is already irrelevant. We're a literal satellite vassal state to the US.

>>6032207
Not false, but we have our charm points. Melbourne or Sydney is one of the highest rated quality of life cities, and I think in general we have really strong citizen rights.

>>6032090
I was staying in a shitty hotel in Europe that had faster WIFI to my phone (with another 30+ people connected also) than the NBN in Queensland directly connected to my PC

>>6032275
But do you have this?

>>6032273
Might as well get US citizenship and take advantage of the tax cuts. This country's going nowhere.

>>6032207
Hahaha, gave me a good laugh this post

>>6032151
M8 for the past 3 elections I have had to vote for the party that I thought would do the least amount of damage. I see no reason why this won’t be the case next election as well

>>6028676
Just use bitrocket atms in Sydney and Melbourne faggit

>>6032351

>not living in Poland where it's 99.9% white

>>6032351
Yes, why yes we do.

>>6032548
Poland is a literal dumpster of Europe. No thanks.

>>6029207
Slovenia seems like a very high tax country and I find it really hard to believe they would not change it. Also from reading slovenian message baords it seems like you might have to pay 70% on it if you can't prove where the funds come from

>>6032617
Lol leftie spotted. Are you scared of HUWAIT men? :^)

>>6032148
Enjoy jail

>>6032548
>Slavs
>White

>>6032723
>leftie
Shut up and clean my toilet Piotr

I've reassessed everything and factored in worst case scenario for taxation, and bare minimum NEET king living.

$1,500,000 as a goal.

assuming taxed fully =

$1,500,000 - $54,232 (lump sum)
= $1,445,768

$1,445,768 would be taxed at 45cents for every $1 over $180,000

$1,445,768 - $180,000
= $1,265,768

$1,265,768 x 0.45 = $569,595

$1,265,768 + $180,000 = $1,445,768

$1,445,768 - $569,595 = $876,173

So in Australia 1.5m from crypto would get taxed down to 876k

>buy 300k apartment
>let 576k sit in bank and generate $13,248 in interest a year.
>Use that 13k a year to pay bills/groceries (spend 1k a month)
>be neet and shitpost

If I held alt/btc for longer than 12 months and prayed that the prices remained in a position which allowed me to cash out for 1.5m, I would only end up being taxed 250k meaning I would keep 1.25m.

But fuck trying to make 1.5m in the first place in a volatile market, THEN on top of that trying to hold out for another 12 months and praying the prices remain steady for you to cash 1.5m out. Just dont see that as being doable.

fml time to make 1.5m which I think is doable in the year.

>>6033191
Taxes are theft. Do everything you can to NOT pay or pay as little as possible.

You live in Australia so you pay Australian taxes. In this case, it's really that simple

>>6033191
Yeah no thanks I'll choose to evade. I'm keeping my hard earned money I clicked a few buttons for.

>>6033273
This

Good luck getting residence in a EU without having a real reason for it, fucking nigger

>>6032393
>US citizenship
Are you kidding?

>>6033373
Just get a tan and hop on the boat. You'll get the gibs.

>>6033404
It takes like at least 1,5 years to get an asylum application approved and you can't do shit in the meantine (no travel, no work, nothing), fucking imbecile

>>6033488
You can rape women in the meantime.

>>6033549
>does nothing all day
>aggressive attitudes towards women
>conflictive relationship with sex from being socialised in repressive environment
>barely any contact to women in everyday life
>would rape more if it was legal


Really what's the difference between the avg 4chan NEET and some 16yo afghan refugee waiting for his asylum to be granted

>>6033755
kek

What about tax heavens anon? Like shell companies and shit. Though giving the jews their share (tax) is a good idea but if you are trying to evade tax, why not go to countries that would facilitate this thing like Panama?

>>6033819
Because I will bitch and moan about everything wrong with Australia until my voice is hoarse, but this be my country I love the red scorched dirt hell streak that is AUSTRALIA

Okay then. Pay the taxes and fuck Kangaroos, I guess.

>>6031181
>tfw singaporean

kek at all these westerncucks

>>6034392
Just wait you fagit. We'll be coming soon to cuck you.

Denmark will soon tax cryptos, and it'll probably be 50%+ because this country is a fucking socialist state full of european rednecks who don't want to work and demand to have a high standard of living.

Sometimes I hate living here.

>>6028676
You cant tax crypto. The only tax that will work is if you tax when you cash out.

If you try to tax crypto on capital gains then all coins that have premined coins or coins that exist right at the start means that the creator of the coin will be hit with massive taxes forcing the death of the coin instantly.

Ripple is a good example actually. The company that made Ripple owes billions on back taxes for every time the escrow opens up.

Taxing crypto on capital gains is fucking impossible.

>>6034588
Can confirm. You Danish are socialist cucks. You seem alright though, I suggest you get out of that statist hellhole.

>>6030490
>bitrocket atm.
Mah nigga

>>6029409
this post is true. you people are idiots if you believe the 0% crypto tax meme

they might even tax it as personal income

>>6034468
ok kid. now go pay your 50% taxes

>>6034832
Crypto is not even taxed in my country, and even when the legislative catches up, it's going to be 20% at most. But I'm coming to fuck your chink sister regardless.

>>6031716
Berejiklian is being stood over by Armenian Power. Cap this. I would come forward...but then they will stand over me...

I'm not paying the fucking taxes

>>6034716
>Updating...
Thank you.
Sadly, I'm studying for at least another 5 years, and my family and friends all live here. If I didn't have a great social life, I would gtfo

>>6035181
>If I didn't have a great social life
You should gtfo from this board normie

>>6035181
I'm finishing my college here this summer. Maybe I'll leech off the unemployment benefits for a while and then fuck off to Asia. Kek.

>>6035267
most of my RL friends have browsed 4chan at some point in their life, stfu

>>6028676
How fucking dumb are you?
How is that any different from cashing out to your Australian bank and just not declaring it on your tax reform?
That's right it isn't, unless you live in a country with banking secrecy (almost none exist anymore and only if you actually live there), the taxman will ask questions about where that money in your account came from.
And even if you do live in a banking secrecy country, you have to slowly launder that money over time or buy your groceries with it. Doesn't exactly work if you're cashing out hundreds of thousands.

If you are working through Revolut and have a physical Revolut card.... How would any government find out about taxable money?

Or maybe we can hope it will never crash and it will be implemented in our day to day lives ?

19% in Poland

>>6034392
Laugh out la

>>6035471
This. Just move to a country that implements it first (my bet is on South Korea, maybe Singapore or Japan).

Am danish, right now theres 0% tax on crypto gains.

However, they are looking into taxing it. Who knows how long that will take. So better hurry up with whatever you are planning

>>6035387
Ugh, IDK anon?

Maybe because Revolut is legally forced to report any suspicious bank deposits?

>>6034915
And what country might that be?

>>6028676
You realize once you move it to an Aus bank account it counts as income there right? Any deposits to your bank account are income unless you declare otherwise.

>>6035609
Skatten er 57% m8, i hvert fald sådan helt fra det lovlige perspektiv. Sporgsmålet er om det reelt er 0% fordi SKAT ikke kan inddrive.

>>6035609
>
Typisk er den danske lovgivning fucking langsom.
Hvis de forst kommer med en beslutning her engang i forår/sommer 2018, hvornår tror du så den bliver implementeret? Kunne godt forestille mig, at det forst ville blive fra 1. januar 2019.
Derudover er det atypisk for dansk lovgivning at være med tilbagevirkende kraft, så tror '18 bliver året hvor man skal sælge ud af cryptos

>>6035690
Literally any post-socialist country in Europe.

>>6035665
But Revolut is countryless.

For example I live in Ireland but I am a UK citizen.

So money goes from my Scottish bank account>Revolut>Changes to Euro>Sent to Coinbase>Make gains>Send back to Revolut.

But just keep it in Revolut and spend the gains off the physical card. Is there a flaw to this?

>>6031235
>I don't know how taxes work but I'mma post anyway

retard alert

Tax brackets charge on anything earned OVER the bracket, so if the tax rate is 20% and the bracket starts at £20,000, you pay nothing on 20 grand

£20,001 will see you pay 20p tax, 20,100 will see you pay £20 tax, £21,000 will see you pay £200 tax.

>>6035803
It doesn't matter.

You need to verify your Revolut account with AML/KYC rules. They will have your ID, Address etc and your local tax agency will catch you sooner or later.

>>6035758

Aka, man kan sagtens "snakke sig ud af det"

Hvordan var loven for? Hvis du har kobt bitcoins for at investere skal betale skat

Hvis du har kobt bitcoins fordi du tror på blockchain teknologien og har interesse for det skal du ikke betale.

Så lige nu er der 0 tax

>>6035855
Nice one thanks

>>6035832
That's what he said you stupid cunt. The gains only count when they move into your bank account so what he said is right. If you cashed out below the taxable income bracket for the year and didn't earn any other money you would pay no tax.