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Non Footy Chat Thread II

Avenger

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My net worth plunged early and stabilised today. It seems fomo has shifted flopped and now jumped. Imagine if you invested a decent chunk on these critters.
You need to know when to pull out like the money shot in a porno.
 

84 Baby

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22,279
You need to know when to pull out like the money shot in a porno.
I remember one where the dude pulled out for the money shot, then the scene cut and the the actual money shot scene was clearly a different knob.
Really made me think.
 

Avenger

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I've got my kids into it now. (Small amounts). They are excited. We are still in our early days. Remember if you make profits park it into USD coin. Then wait until the market drops and pick something else.

Good luck everyone.
 

strider

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You don’t. I called the ATO to ask. Only when you converted to fiat within your own account or take it out.
Doesnt sound right ... trades from crypto to crypto are considered a capital gain ... why would a stable coin be any different?

Is there any referencable doc online? Itd be great if it were an option
 

strider

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Dunno if this is accurate, but its how i thought it was ...

Stablecoins​

The ATO treats stablecoins like USDC exactly the same as every other cryptocurrency, so converting your bitcoin to USDC and vice-versa will be considered a capital gains event and any gain or loss will need to be added to your net capital gains.
 

Avenger

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Is there any referencable doc online? Itd be great if it were an option
The reference is me calling them as I posted. Basically they said to me due to the volatility and because they fluctuate so much they basically wouldn’t be able to properly check when the gain was made because you could argue that you have a whole financial year to realise any profit or loss so to keep it simple they will only look at when it’s turned into fiat currency.
 

84 Baby

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The reference is me calling them as I posted. Basically they said to me due to the volatility and because they fluctuate so much they basically wouldn’t be able to properly check when the gain was made because you could argue that you have a whole financial year to realise any profit or loss so to keep it simple they will only look at when it’s turned into fiat currency.
Or in proving lifestyle. There’ll be a mass of tax evasion cases that’ll come out of people buying dumb shit direct with crypto that they reckon will be tax free. One of my favourite lines out of Ozark, all you’ll get out of trying to use it tax free is a lifetime of groceries.
 

Avenger

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Or in proving lifestyle. There’ll be a mass of tax evasion cases that’ll come out of people buying dumb shit direct with crypto that they reckon will be tax free. One of my favourite lines out of Ozark, all you’ll get out of trying to use it tax free is a lifetime of groceries.
What will they do if a coin becomes a medium of exchange? For example there is already a restaurant in France that will take Shiba Inu as payment. How do they police that? I can now take all my coins on a hard wallet and tap and go as I please. That’s what they are afraid of.

This is only the beginning. They’ve had it good for too long.

The blockchain as I have stated thousands of times is one of the greatest innovations of our time. Only second to the internet.
 

strider

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The reference is me calling them as I posted. Basically they said to me due to the volatility and because they fluctuate so much they basically wouldn’t be able to properly check when the gain was made because you could argue that you have a whole financial year to realise any profit or loss so to keep it simple they will only look at when it’s turned into fiat currency.
Im not doubting you or anything. Im just wondering if the taxman comes knocking in 3 yrs time and i say, its all good my mate on the footy forum said he talked to you and its sweet, if they will be happy.

We are talking capital gain the profit you got from the coin you are getting rid of some of right? ..... They can calculate that profit at the time you trade for the stable coin. They have explcit examples of coin to coin trades as profit on their website. Just in this case its going to a stable coin.
 

Avenger

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Im not doubting you or anything. Im just wondering if the taxman comes knocking in 3 yrs time and i say, its all good my mate on the footy forum said he talked to you and its sweet, if they will be happy.

We are talking capital gain the profit you got from the coin you are getting rid of some of right? ..... They can calculate that profit at the time you trade for the stable coin. They have explcit examples of coin to coin trades as profit on their website. Just in this case its going to a stable coin.
They could but if you haven’t converted it to fiat currency and realised the profit how then can they tax you in AUD? Tax me in the virtual currency. Hang on, they have no idea how to do that.
 
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