I don't think that trading crypto needs to be a tax because we don't send or we don't trade with fiat. The problem so far is when we want to send fiat in the exchanges to a bank account or converting bitcoin into fiat because when we got the money come to our bank account, we need to pay the tax. And the bank will check from where the money is, and if the amount of the money is too big, maybe they will investigate the account, and maybe we will be asked about the money.
But I think from one country to another country will have different regulations for tax. Maybe you need to ask your accountant about that so you can know the answer.
Topic: Question for Aussies on TAX - trading purely crypto to crypto (Read 129 times)
I am not seeking to illegally avoid tax, just to be smart about it.
I plan to start using a proper accountant this coming financial year.
I am well aware each TRADE into FIAT money is a taxable event. But I am wondering if trades between CRYPTOS (such as btc to ltc, ltc to eth, eth to btc) are taxable events? I would assume not, but would like to hear the opinions of other Australians.
I plan to start using a proper accountant this coming financial year.
I am well aware each TRADE into FIAT money is a taxable event. But I am wondering if trades between CRYPTOS (such as btc to ltc, ltc to eth, eth to btc) are taxable events? I would assume not, but would like to hear the opinions of other Australians.
I am not an Australian, but in our country tax evasion and tax avoidance is two different things. Tax evasion is illegal, at this point you already have a tax due which you are evading to pay by either faking documents or misleading information to leasen your tax. On the other hand, tax avoidance is allowed where you will avoid certain circumstances for you to avoid being taxed. So, I guess if same applies to your country, which I have no say, since I am not fully aware of the tax law you have there, you might not get taxed. Not unless, it is clearly stated that digital assets should be treated the same way as intangible assets which at some point subject to tax such as royalties and others.
I am not seeking to illegally avoid tax, just to be smart about it.
I plan to start using a proper accountant this coming financial year.
I am well aware each TRADE into FIAT money is a taxable event. But I am wondering if trades between CRYPTOS (such as btc to ltc, ltc to eth, eth to btc) are taxable events? I would assume not, but would like to hear the opinions of other Australians.
I plan to start using a proper accountant this coming financial year.
I am well aware each TRADE into FIAT money is a taxable event. But I am wondering if trades between CRYPTOS (such as btc to ltc, ltc to eth, eth to btc) are taxable events? I would assume not, but would like to hear the opinions of other Australians.
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