Topic: Australia implements harsh anti-crypto tax laws. (Read 179 times)
I think that this was quite expected, because this is the position held by the Queen's country. I can not say for sure whether this is good or bad, but I think that this will clearly affect the wallets of crypto-investors.
hi, we have started a project to classify bitcoin as a new kind of asset and we need your support
https://bitcointalksearch.org/topic/australia-implements-harsh-anti-crypto-tax-laws-3217538
https://bitcointalksearch.org/topic/australia-implements-harsh-anti-crypto-tax-laws-3217538
I haven't heard of any australian coins or icos so i don't think it will make much of a difference. Any crypto companies in australia can simply pack up and move to New Zealand, much more relaxed and they can trade on cryptopia!
Power Ledger is based in Australia.
Some are wrongly assuming that this is about anti-taxation, but the criticism is against way it is implemented (just like here in the US)!
It is excessive, tedious, and impractical (see the scenario example that I have quoted under the OP).
The best and fairest way to tax cryptos is when the person converts cryptos back into fiat to collect %gain profits, and it could be calculated against the purchase price of BTC when they have entered from Fiat, etc.
It is excessive, tedious, and impractical (see the scenario example that I have quoted under the OP).
The best and fairest way to tax cryptos is when the person converts cryptos back into fiat to collect %gain profits, and it could be calculated against the purchase price of BTC when they have entered from Fiat, etc.
This is just another hurdle crypto has to face en rout to greatness, the taxes might not be a bad thing in the long run as regulations might end up attracting ore investors who will now be comfortable with crypto, with the fact that its no longer a concern of the government
Someties you will need to break the law for more transparent and to balance the shit world,doesnt make sense because if they will double the taxes less people will use cryptocurrencies! It wont give people good profits if they will implement that law you should gather up people from australia to have some rally against that law.
This is awful ! i pitty those people in australia they should move to another place if they have plenty of bitcoins,this shouldnt be happening to cryptocurrencies ! its clearly a manipulation ? double taxes? i would sell my bitcoins to someone who will pay in fiat so that there will be no taxes involved.Do not mind these shit laws because you can do whatever you want to your cryptocurrencies.
You can definitely use another method,you can sell your bitcoins thru p2p or person to person trading ask some good buyers to pay you in cash of course it would be much easier than try to do it in a legit way that would eat up your profits thru these taxes,do not let them fool you do whatever you can to have some good potential buyers and avod legit transactions.
For long term it is a really good news, it indicates that the country has accepted and legalized cryptos as assets and like every asset they will charge some tax on it, this will make crypto legal and acceptable and investor confidence will boost, also it shows that crypto is a reality and here to stay.
is that the cause of anti crypto in australia? with the provision of a law stating that Australia prohibits the existence of crypto, how does the public respond? do many agree or many disagree? in my opinion it should be considered again by the Australian government.
I haven't heard of any australian coins or icos so i don't think it will make much of a difference. Any crypto companies in australia can simply pack up and move to New Zealand, much more relaxed and they can trade on cryptopia!
It may be good news with regards to acceptance of cryptos in Australia by the government, and especially since the tax laws encourages actual adoptive "use" of cryptos as payment options.
However the fact remains that developers can easily move their projects out of the country and base it elsewhere such as Singapore which do not have such hefty and tediously impractical tax policy imposed on traders and cryptos holders.
However the fact remains that developers can easily move their projects out of the country and base it elsewhere such as Singapore which do not have such hefty and tediously impractical tax policy imposed on traders and cryptos holders.
Even if it is a "harsh" regulation ... it's logical some countries are going to have an influence on cryptocurrency. And you been thinking that's going to be a heaven on the Earth? They want the piece of a pie too. 
We know they want a piece, but do they have to be so greedy? God damn, I hope the most greediest of governments gets whats coming to them. In the global recession that is going to hit in a few years, US and Australia I hope you get it hard by it. Karma will take care of all.
Even if it is a "harsh" regulation ... it's logical some countries are going to have an influence on cryptocurrency. And you been thinking that's going to be a heaven on the Earth? They want the piece of a pie too.
We know they want a piece, but do they have to be so greedy? God damn, I hope the most greediest of governments gets whats coming to them. In the global recession that is going to hit in a few years, US and Australia I hope you get it hard by it. Karma will take care of all.
Even if it is a "harsh" regulation ... it's logical some countries are going to have an influence on cryptocurrency. And you been thinking that's going to be a heaven on the Earth? They want the piece of a pie too.
It is too early to say how this would affect those people in the country that are into Crypto. I know there are some projects like power Ledger, Chronobank and Havven from the country it will interesting how they see this new laws because you need a strong support base to help grow your project
There are a lot of other smaller friendlier countries that investors and crypto-startups/companies can always move off to.
Binance have already done it. Hopefully more would follow.
Binance have already done it. Hopefully more would follow.
https://lets-talk.ato.gov.au/PAG/news_feed/consultation-substantiating-cryptocurrency-taxation-events
Every single trading of cryptos from one to another are now taxed, and cryptos are treated as an asset, rather than a currency.
By treating cryptos as a property/asset instead of a currency, Australia is effectively locking themselves off from becoming one of the leading crypto-tech countries. I expect startups and even big investors pulling their money out of Australia to more crypto friendly countries with less ridiculous taxation laws -- e.g. taxing only when cryptos is converted to/from fiat.
Update:
Here's one scenario why this tax policy should be considered harsh and impractical, and why big investors and crypto-startups should move their money out of Australia and look for elsewhere that are more supportive of crypto innovation and growth.
Every single trading of cryptos from one to another are now taxed, and cryptos are treated as an asset, rather than a currency.
By treating cryptos as a property/asset instead of a currency, Australia is effectively locking themselves off from becoming one of the leading crypto-tech countries. I expect startups and even big investors pulling their money out of Australia to more crypto friendly countries with less ridiculous taxation laws -- e.g. taxing only when cryptos is converted to/from fiat.
Update:
Here's one scenario why this tax policy should be considered harsh and impractical, and why big investors and crypto-startups should move their money out of Australia and look for elsewhere that are more supportive of crypto innovation and growth.
Quote
Purchase bitcoin (asset acquisition)
Trading consists of 2 steps.
Sell bitcoin (Capital gain event)
Purchase OMG (asset acquisition)
When you cash out
Withdraw to AUD 12 months later (capital gain event)
So you actually pay tax twice. More if OMG > BTC > AUD
This can be very problematic since you might have made a large profit at EOFY, but you've yet to cash it out into AUD. So you're left with a large tax bill, even if the following year your investment crashes to nothing.
Trading consists of 2 steps.
Sell bitcoin (Capital gain event)
Purchase OMG (asset acquisition)
When you cash out
Withdraw to AUD 12 months later (capital gain event)
So you actually pay tax twice. More if OMG > BTC > AUD
This can be very problematic since you might have made a large profit at EOFY, but you've yet to cash it out into AUD. So you're left with a large tax bill, even if the following year your investment crashes to nothing.
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