The Australian Tax Office (ATO) said for a week that it had updated the cryptocurrency guide on March 13 after taxpayers asked more. As a result, officials initiated a public review process to “understand the practical problems encountered in fulfilling cryptocurrency tax obligations”.
The agency explained on its website: “In particular, we are interested in any practical issues that may affect taxpayers’ ability to calculate and calculate capital gains and losses (cryptocurrency) and capital gains tax (CGT).” These updates indicate that The capital gains of converting a crypto currency into another cryptocurrency are subject to tax.
The guidelines require taxpayers to provide details of these transactions, such as the value of the Australian dollar, the purpose, and the relevant time and party information. On a broader level, cryptocurrency taxes may have been a controversial issue in Australia. Previously, proponents and users have widely criticized the fact that the purchase of cryptocurrencies and the use of the technology have caused a GST.
Last year, legislators finally passed a bill to apply GST to cryptocurrency in the same way as foreign currency.
Topic: Taxes for crypto (Read 401 times)
I never want to pay tax for my crypto earnings.
so i always save my earnings in privacy coins such as monero.
I am hiding my money from goverment this is really ironic!
so i always save my earnings in privacy coins such as monero.
I am hiding my money from goverment this is really ironic!
Definitely all of the governments do not like the cryptocurrency because it is uncontrolled by them. They probably want to make everything fair, therefore making taxes for everyone. But, come on, taxes for cryptocurrencies in the internet? Is not it weird?
What do you expect after taxes being provided for cryptocurrency exchanges by USA?
You don't need to worry about being taxed on your funds if you are not doing anything illegal. I am supporting a transparent and fair regulation system for cryptos but governments are trying to impose useless restrictions over cryptos to bring the popularity and price down.I don't know much about the USA regulations for crypto exchanges so i can't comment about their current taxation policy over cryptos.
Sucks asf,IMO cryptocurrencies shouldnt be taxed by anyone,its a clear regulation from the government,i would rather liquidate my cryptocurrency assets to the countries which doesnt have regulations to maximize my profits,because taxes are the reason why i do use cryptocurrencies and these governments shouldnt be asking for cuts.
Taxes on profits when withdrawing to Fiat should be! I will pay. But how will the tax be taken into account if we never withdraw money into fiat? If we will pay in stores crypto currency? It's very hard and it's not clear how it will be, so for now, we have time!
Really sucks, i mean SEC has been regulating us from joining ICOs,now IRS wants to get some cuts from our cryptocurrency assets. It might be a good time to spend our time into some vacations with our cryptocurrency assets so that we can liquidate our assets easily outside the u.s premises,so there will be less taxes that these people will get.
Less profitable i presume,because the bigger your income the bigger the taxes you will pay,you should be doing p2p transactions instead because if you are going to liquidate millions of dollars you are going to be questioned or the IRS might check all of your assets and you could have a big problem when you have something undocumented assets.
I do not think that taxes for crypto crueencies would be wise, since it is a volatile investment, what we can only have is regulation, if you come to think of it, not all coins are being value the same, though they have the same mission-vision, and also cryptocurrencies are being used world wide not only in a particular place, meaning if you put tax on cryptocurrency in one country and others don't, people with cryptocurrencies will just move from one place to the other, and by all means cryptocurrencies are all anonymous in nature, if you have done your partnin studying and understanding investing, and took you a long time for you to get there, why would you just give your earnings to government, they didn't even created or printed out your money, if we let cryptocurrencies to be taxed, we are missing the purpose on why it was created in the first place.
I think that taxing cryptocurrency exchanges can be useful to display on the cryptocurrency itself, but it will kill the uniqueness of cryptocurrencies that they now have.
That sucks,because theres too much regulations here,and we cant even liquidate our cryptocurrency assets all at once because the taxes are going to cut big part of our profits.I am planning to other countries and there i would be taking my profits,venezuela is a good place to get convert your cryptocurrencies to fiat,then put it into the swiss bank account to secure.
Taxes for crypto is not bad. Why? Because we know that if crypto got tax. Crypto means accepted by our government. Also, that tax may help our country to make better. Also, those tax may helps the community. The taxes the we will given to the government will be use for example, rail road widening, or lighting a barangay.
Somehow I don't think it's good. Any taxation, it is only the appearance of protection and Alliance, of course we will not affect the decision, but there are always pitfalls and deception.
It is normal to all crypto have taxes to support the government, and the government will also give protection to legalize cryptocurrency in vice versa.
I think that taxes on crypto currency need to be paid! I, as a citizen, will indicate the income from the crypto currency in the declaration, which I will receive when I withdraw to fiat money! The more people will do so, the more confidence in the crypto currency will be in the Government!
What do you expect after taxes being provided for cryptocurrency exchanges by USA?
I think, it can help for price increase, because most of the world's traders are Americans. I saw a news that I read in the past that 8% of the American people are busy with crypto. So, this is a great number for Cryptoworld. I think the situation in the market is related to this and after now everything will be good.
What do you expect after taxes being provided for cryptocurrency exchanges by USA?
I do not know why is everyone against taxes on crypto. What is the problem in paying 10-20% of the profits made if you are making 1000% or more annually with your crypto investments. It is actually a good thing and I wish that even my country has the sense to introduce additional taxes instead of banning crypto completely.
It is a win - win situation for everybody as you are making money with crypto investment without worrying about legal aspects. Government is getting additional revenue which can be used for poor people.
If crypto business has a taxes, it means that there was a support development from the government, and it would also increased the positive trust of the community people to join cryptocurrency business. And it would also increase the price status that something grows up to the higher level. Hopefully the taxes would not affects the government control, because if government enter and control the price system of cryptocurrency which it makes the price going down, it makes more people react and make something that against government control.
in my country, the crypt is taxed, so earnings on the cryptocurrency are less profitable for me. So i'm thinkink now f it's worth to trade at all.
Taxes for crypto is not bad as long as it would be use in a right way by being legal of cryptocurrency it is good for us because we have our security.But those government sometimes abused the taxes they imposed and use it in corruption and we dont want to happenn that in bitcoin.
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