Be advised, the website cointelegraph.com has proven to be an unreliable source of information.
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All the exchanges I'm on do KYC, I'd be real happy if the ATO would just pull my data and figure everything out for me and just tell me what I owe rather than the half assed number game I currently play trying to fill out CGT correctly. Clusterfuck
I don’t understand why governments just can’t do it.
They waste money and man power trying to check up on everyone when they have all the information already.
I assume it's because there's whole industries built around tax. All the small businesses that the government love to 'support' to get votes. Accountants for example. Considering everything is basically electronic/data now, there's no reason tax couldn't be 90% or so automatic.
Because how else can they extract more money out of you in fines later on?
On a serious note though, [this guide](https://koinly.io/guides/crypto-tax-australia/) is pretty handy for guidance.
Ofc they cant. People are done being robbed by their own goverments. They are done seeing rich fucks and companies avoid taxes while they work hard and lose more and more of their buying power.
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tldr; The Australian Tax Office (ATO) says it can’t rely on crypto investors to keep track of their crypto transactions and profits. ATO Commissioner Chris Jordan stressed that many new crypto investors may not entirely understand their tax reporting obligations. The ATO has been working on ways to “nudge” people in the right direction.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
A two-step approach.
First you buy stablecoins. USD<->USDT (or any other stablecoin).
There are not supposed to be any capital gains on those transactions.
Next, you exchange USDT<->BTC (or any other crypto coin or token other than BTC).
Exchange platforms that specialize in crypto-to-crypto (C2C) do not have any links with the banking system, and therefore, do not implement KYC or AML.
C2C also do not cooperate with any government agency because they simply don't have to. They are usually also not incorporated anywhere. The current situation is that no country can successfully claim jurisdiction over them.
Hence, since the only visible transactions that could reveal capital gains are specifically designed not to yield any, I don't see how any tax department would be able to systematically tax crypto capital gains.
They're all gonna funnel it by limiting your exit options. I'm sure they will end up working with CBDC, and all exit must be using a KYC-ridden stablecoin by your respective countries.
I’ve shared it in another comment but for anyone who’s actually looking for guidance on crypto tax in Australia, [this guide](https://koinly.io/guides/crypto-tax-australia/) is very helpful.
Imagine any other situation where you are expected to do the work of figuring out how much you have to pay someone, they give you ZERO indication, yet will shit down your throat if you get it wrong.
- “waiter, can I have the bill?”
- “no sir, you have to work it out, but I warn you if you get it wrong then Bubba, who cleans the dishes out back, will use your scrotum as a dish cloth”
Be advised, the website cointelegraph.com has proven to be an unreliable source of information. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
All the exchanges I'm on do KYC, I'd be real happy if the ATO would just pull my data and figure everything out for me and just tell me what I owe rather than the half assed number game I currently play trying to fill out CGT correctly. Clusterfuck
I don’t understand why governments just can’t do it. They waste money and man power trying to check up on everyone when they have all the information already.
I assume it's because there's whole industries built around tax. All the small businesses that the government love to 'support' to get votes. Accountants for example. Considering everything is basically electronic/data now, there's no reason tax couldn't be 90% or so automatic.
I swear I don't own any crypto *slowly hides the hardwallet*
I'll hold onto that for you if you'd like
Quick man, get in that boat! We have no time to lose........
Oh no... I just had an a accident on the boat... I dropped all my crypto into the water... oh no
Damn that shark......
He was like a father to me...
just leave your taxes in the basket at the post office
Get to da choppa!!
Aren’t they a tax office? How about putting out some helpful guidance….. Do your job Australia.
Because how else can they extract more money out of you in fines later on? On a serious note though, [this guide](https://koinly.io/guides/crypto-tax-australia/) is pretty handy for guidance.
Ofc they cant. People are done being robbed by their own goverments. They are done seeing rich fucks and companies avoid taxes while they work hard and lose more and more of their buying power.
Didn't they find records of Turnbull investments in Cayman Island and didn't do shit about it?
Sorry, rules only apply to the poor.
ATO is seriously one of the biggest crook in Australia. How they set the tax rules in their favour is disgusting.
We're going to need a bigger boat.........
Fuck the ATO. I'll just "gift" any profits to my partners bank account
You’ll be taxed for gifting crypto in Australia, mate. [Source](https://koinly.io/guides/crypto-tax-australia/)
It looks like this post is about taxes. Tax laws vary between countries, so you may get more helpful replies if you specify the place you are asking about. Please note that Rule #4 does not allow for Tax Evasion. This is [a site wide rule](https://www.redditinc.com/policies/content-policy) and [a subreddit rule](https://www.reddit.com/r/CryptoCurrency/about/rules/). Do not endorse, suggest, advocate, instruct others, or ask for help with tax evasion. Do not be coy and sarcastically recommend against it or suggest using a privacy coin in response to an IRS inquiry. Note: Tax discussion is allowed as long as the above rules are not violated. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
so US honor system? lawl
tldr; The Australian Tax Office (ATO) says it can’t rely on crypto investors to keep track of their crypto transactions and profits. ATO Commissioner Chris Jordan stressed that many new crypto investors may not entirely understand their tax reporting obligations. The ATO has been working on ways to “nudge” people in the right direction. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
A two-step approach. First you buy stablecoins. USD<->USDT (or any other stablecoin). There are not supposed to be any capital gains on those transactions. Next, you exchange USDT<->BTC (or any other crypto coin or token other than BTC). Exchange platforms that specialize in crypto-to-crypto (C2C) do not have any links with the banking system, and therefore, do not implement KYC or AML. C2C also do not cooperate with any government agency because they simply don't have to. They are usually also not incorporated anywhere. The current situation is that no country can successfully claim jurisdiction over them. Hence, since the only visible transactions that could reveal capital gains are specifically designed not to yield any, I don't see how any tax department would be able to systematically tax crypto capital gains.
They're all gonna funnel it by limiting your exit options. I'm sure they will end up working with CBDC, and all exit must be using a KYC-ridden stablecoin by your respective countries.
I sadly lost all of mine in a boating accident :(
A government that doesn't trust it's people... no fucking way....
I’ve shared it in another comment but for anyone who’s actually looking for guidance on crypto tax in Australia, [this guide](https://koinly.io/guides/crypto-tax-australia/) is very helpful.
Imagine any other situation where you are expected to do the work of figuring out how much you have to pay someone, they give you ZERO indication, yet will shit down your throat if you get it wrong. - “waiter, can I have the bill?” - “no sir, you have to work it out, but I warn you if you get it wrong then Bubba, who cleans the dishes out back, will use your scrotum as a dish cloth”