Non Footy Chat Thread II

[hindy111]

On October 9 I posted this.

The price today is $0.00005388. A 35% gain.

Did anyone listen?

Nobody seems to give a f**k. Most are busy worrying about other shit. I'm not in a position to have another worry to add to my list at this point. Perhaps one day.

 

[hindy111]

Have another carrot you f**ken rabbit.

 

[Poupou Escobar]

I put all my money on black at the casino and got a 100% gain. Probably should've told you guys in advance.

 

[hindy111]

I put all my money on black at the casino and got a 100% gain. Probably should've told you guys in advance.

I've seen Mik walk into Casino and lay 50 on red and get up then lay 100 on red get up the 200 on black and get up. By end of night he is broke and drunk.

 

[Avenger]

I put all my money on black at the casino and got a 100% gain. Probably should've told you guys in advance.

Nice try. I reckon you listened to me but are too f**king stubborn to admit it.

Just like you did with Doge.

merkin.

 

[emjaycee]

On October 9 I posted this.

The price today is $0.00005388. A 35% gain.

Did anyone listen?

How do I take my money back out?
I am looking at a wallet like Coinspot to put some spare $ into and to buy and sell crypto for some fun, but I might want my money back someday. Is it easy to cash out?

 

[Gary Gutful]

How do I take my money back out?

 

[Avenger]

How do I take my money back out?
I am looking at a wallet like Coinspot to put some spare $ into and to buy and sell crypto for some fun, but I might want my money back someday. Is it easy to cash out?

Very. It’s linked to your bank account.

 

[Gronk]

 

[hindy111]

Very. It’s linked to your bank account.

I will buy some f**k it

 

[hindy111]

Do I download coinspot?

 

[strider]

Very. It’s linked to your bank account.

Selling is just the simple opposite of buying.

The potentially difficult bit comes at tax time. You need to calculate CGT. If your buys/sells are extremely simple then its likely not a problem, but when you do many buys n sells it can get a bit complex. There are online sites to help and a tax person who has knowledge might be useful if your transactions are more complex.

And australian exchanges DO report your crypto dealings to the ATO, so dont think you can get away with not declaring it.

 

[hindy111]

Selling is just the simple opposite of buying.

The potentially difficult bit comes at tax time. You need to calculate CGT. If your buys/sells are extremely simple then its likely not a problem, but when you do many buys n sells it can get a bit complex. There are online sites to help and a tax person who has knowledge might be useful if your transactions are more complex

What if you just pocket it would anyone know?

 

[Gronk]

So you think you live in a tough neighbourhood?

 

[strider]

What if you just pocket it would anyone know?

I edited my post .... yes the aussie exchanges report to the ATO ... when i did my taxes this year it had preselected the "capital gains income" box ... they knew

 

[Gronk]

Selling is just the simple opposite of buying.

The potentially difficult bit comes at tax time. You need to calculate CGT. If your buys/sells are extremely simple then its likely not a problem, but when you do many buys n sells it can get a bit complex. There are online sites to help and a tax person who has knowledge might be useful if your transactions are more complex.

And australian exchanges DO report your crypto dealings to the ATO, so dont think you can get away with not declaring it.

Which makes me question (again) the benefits of crypto trading. If you are in a top tax bracket you're getting slugged 40-45%.

So a tip might be to put your bitcoin in a trust and distribute profits to your student children's names to take advantage of tax free thresholds.

YRMV

 

[hindy111]

I edited my post .... yes the aussie exchanges report to the ATO ... when i did my taxes this year it had preselected the "capital gains income" box ... they knew

You got analed by the tax man

 

[strider]

You got analed by the tax man

no - I read about CGT before hand and knew it was a thing .... I had hardly any last financial year.

however ... people should be aware of it - and realise it is going to be a thing if your crypto investment skyrockets and you decide to cash it in.

CGT has rules that if you keep it for more then 12 months you get a 50% reduction ..... thats cool if you wanna buy and hold for a long time. But you then also have to have an understanding of how crypto markets work and realise that there is an extremely good chance it will have large "corrections/pull backs" .... so if you are going to hold for a long time, make sure you have the nerve to watch all your profit dissappear and trust it will come back better many months from when it pulls back

 

[strider]

if you wanna do crypto then this is a helpful page to have a read of to understand tax implications

it is from koinly, a site that helps calculate your capital gain (for a small fee of course)

The Ultimate Australia Crypto Tax Guide 2022 | Koinly

Behold! 🧑‍🚀The 2022 guide to crypto tax in Australia has EVERYTHING you need to avoid fines & pay less tax.⚡ATO rules ⚡ 2022 rates ⚡ How to file myTax video!

koinly.io

 

[Gronk]

Do I download coinspot?

Yes, the customer service guy is sitting in his mum's basement right now, waiting for your application.