How To File Crypto Taxes In Australia 2024: Simple Steps And Tax Tips | CoinTracking

[@CoinTracking]

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[@Luno_Referral_Code_ZJBS3P]

Thank you 🍿🍰☕☕☕

[@ElixirEcho]

Welp. Im looking for another country to move to. Aus sucks.

[@CoinTracking]

Haha :) Then check out this video, maybe it'll help: kzbin.info/www/bejne/mXu6gaOErq-ib9E&lc

[@robbroy]

Sir, 1 big question - if I have been buying bitcoin for a year (dollar cost averaging), and I want to sell some eg when the bull market is running hot, how is it possible to determine what actual price I bought the bitcoin for vs what I sold it for? I mean, I was buying at prices from $40k through to $70k. Say I sold only 25% of my total holdings at eg $130k, which buy price am I comparing to ie some bought at $40k, some at $70k. Makes no sense to me 😢

[@bernardsmith1230]

⁠@@robbroyThis is exactly the question I just raised. Ie because you’ve been constantly buying but haven’t sold does that mean all of it is taxed on the 50% capital gains or do you have to use that bitcoin you bought over a year ago. And how do you know the actual gain itself as we don’t know the exact price we bought it for each time. It’s so confusing.

[@cybertones942]

Why they want so much of our profits what is this🤣

[@mh-wp9yx]

The tax in this country is basically criminal, its almost like extortion.

[@CoinTracking]

We hope some you can minimize some of your tax bill with the legal strategies explained in our guides! Hope that helps.

[@cybertones942]

It’s been 10 years for me I have no idea how to do tax it sucks

[@silveronsizzler]

Awesome video 📹 👏

[@donogolo77]

The options you gave are too shallow. I know that profits between 0-18,000 do not incur taxes. So you never discussed the options of converting amounts in aliquots of 18,000 AUD to avoid the taxes?

[@CoinTracking]

Do you mean selling portions of AUD 18,000 each time? We're always happy to provide the best info we can, but we cannot give detailed tax advice yo your particular situation.

[@donogolo77]

@CoinTracking i mean cashing out below 18k into your bank account to avoid taxation. Less than 18500k are not subject to taxes. So if I have 35k for instance, I could cash out 18k in batches into my bank to avoid taxation.

[@LorenaWoortmann]

@@donogolo77 the calculation to determine income tax is not based on each transaction. your taxable income is calculated on a yearly basis. if over 1 year you earn 35k in 10 transactions, your taxable income is still 35k, not 3.5k. also, this amount is added to your wages/salary/any other income. for example, if you earn 18k per year from wages, and cash out 3 transactions of 6k in crypto, your total annual taxable income is 18k + 3*6k = 36k. you pay 0 tax for the first half, 18k, then you pay tax over the other half, just like any income

[@ceedee873]

@@donogolo77 From my understanding we can only do that per annum though. the ATO will probably know if we keep doing it in 18k increments. The tax in this country is actually insane, almost worth just spending our crypto as a currency when more regulations are established.

[@bernardsmith1230]

I’m pretty certain most Australian accountants would struggle with helping people with Crypto taxes. My question is this. If you’ve been dollar cost averaging into BC for 1 and1/2 years, does that mean that your still eligible for 50% discount even though you’ve been constantly buying and holding or do you have to sell that bitcoin portion that was bought over a year ago. It’s confusing!😢

[@CoinTracking]

Agree, it's not so easy to find accountants who are familiar with crypto, but you can several of them in our network. About your question, in most countries, including Australia, selling means triggering a taxable event. The 50% discount applies to each crypto (each batch) bought for 12 months or more. But, this please consult with a professional to evaluate your case as we cannot provide tax advice.

[@yitang2006]

Unless "crypto tax sw" has buy cost records otherwise disaster & misleading

[@CoinTracking]

Not sure I follow you here. How can we help?