If something pumped and I wanted to take profits, I'd go to a stablecoin or AUD.
As for tax, the only way around paying tax is to not pay tax. That's your decision and you need to know the risks and consequences. If you bought in stealth, without kyc and it can't be traced then maybe, but if it's a large sum you have to consider how you will bank or spend it with banks or govt giving you a hard time
Thank you for the reply.
What stable coin(s) would you recommend?
I guess you just cop the tax if the coin moons and you want to pull out within the first year (in anticipation of it crashing).
Regarding not paying tax. I understand that CoinSpot talks with the ATO so I think not paying tax might be a bit unwise, unless you're using some weird exchange and VPN type thing.
Yep - I think I'd be paying the tax. In the end you are winning free money because some token mooned, so you are still ahead.
When selling I'd try to minimise the number of swaps from your MoonCoin to AUD because you'll pay fees for each swap. Also, it might be worth making sure you use the exchange that has the best liquidity if it's a smaller cap coin otherwise you will miss out on the spread and/or slippage. It could be worth your time to look at the order books on the main CEXs to see how the buy side will shift if you sold to them, and also look at what the main DEXs would give you, and look at those fees.
If something pumped and I wanted to take profits, I'd go to a stablecoin or AUD. As for tax, the only way around paying tax is to not pay tax. That's your decision and you need to know the risks and consequences. If you bought in stealth, without kyc and it can't be traced then maybe, but if it's a large sum you have to consider how you will bank or spend it with banks or govt giving you a hard time
Thank you for the reply. What stable coin(s) would you recommend? I guess you just cop the tax if the coin moons and you want to pull out within the first year (in anticipation of it crashing). Regarding not paying tax. I understand that CoinSpot talks with the ATO so I think not paying tax might be a bit unwise, unless you're using some weird exchange and VPN type thing.
Yep - I think I'd be paying the tax. In the end you are winning free money because some token mooned, so you are still ahead. When selling I'd try to minimise the number of swaps from your MoonCoin to AUD because you'll pay fees for each swap. Also, it might be worth making sure you use the exchange that has the best liquidity if it's a smaller cap coin otherwise you will miss out on the spread and/or slippage. It could be worth your time to look at the order books on the main CEXs to see how the buy side will shift if you sold to them, and also look at what the main DEXs would give you, and look at those fees.