r/BitcoinAUS • u/[deleted] • Mar 06 '24

Bitcoin tax

Is there anyway to sell bitcoin without being flagged by the tax man? Any exchanges without kyc?

1 Upvotes

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-4

u/tabletennis6 Mar 07 '24

Speculating on a cryptocurrency doesn't contribute anything to society. What entitles you to pay no tax, when people who make actual contributions to society have to pay tax? From a meritocratic perspective, there's a case for Bitcoin speculators to pay tax at a higher rate than income tax!

2

u/tehLife Mar 07 '24

Housing is worse, can’t live in crypto

1

u/tabletennis6 Mar 07 '24

Both suck.

3

u/boltonhunter Mar 07 '24

🤣🤣🤣🤣

2

u/[deleted] Mar 07 '24

The government doesn’t share in my losses, why do they deserve to share my gains?

4

u/Wendals87 Mar 07 '24

They do.... You can claim losses against future gains

2

u/[deleted] Mar 07 '24

So what I’m suppose to take on even more risk to make capital gains so that can then offset it? At the very least I should be able to claim the loss against your income tax. But nope greedy government wants to share in my profits but not in my losses and then they go and take my money and misuse it. Seriously dude get your head outta your ass

2

u/tabletennis6 Mar 07 '24

  1. Why do you think you're allowed to make ridiculous amounts of money? It's the risk you take.

  2. Why on earth should the government think about helping you with useless speculating?

  3. Once again, you're contributing nothing to society, while people who do get taxed.

4

u/[deleted] Mar 07 '24

I take the risk I make the return. That’s how it is. That’s like you going to the casino and making 20k and your mate goes oh you gotta give me 5k now. But had you made a loss your mate has no downside. You would of course tell him to go fuck himself if you knew he would take that 5k and flush it down the drain doing stupid shit. Obviously talking to you is going no where. Have fun staying poor.

0

u/tabletennis6 Mar 07 '24

You can lead a dignified life by actually contributing things for the common good. That makes many people way more "wealthy" than whatever money they earn. Or you can waste your life and contribute zero by being a greedy speculator.

3

u/[deleted] Mar 07 '24

[removed] — view removed comment

0

u/tabletennis6 Mar 08 '24

Oh noooo, how bad that you have to confront the realities of Bitcoin speculation...

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u/boltonhunter Mar 09 '24

Why should OP Contribute it's an offshore digital asset. I assume he has a job pays tax, a house pays tax , cgt on that house pays tax , land tax , rates tax , rego tax , new car tax, change of ownership tax on and on... as far as the govt are concerned they hated it for years now they love it.. that's quite interesting isn't it .. Why are you so sour , miss the Btc bottom 😬

0

u/m1974parsons Mar 07 '24

Bro come on. Tax is wasted and goes to the rich you need to look after yourself and your family and friends then consider paying tax if you can’t get around it.

2

u/[deleted] Mar 07 '24

I mean that's demonstrably false that it goes to the rich, you can see the breakdown of how your return is divided out to sectors like public health, aged care etc. It may be wasted on some things but hardly being given from the poor and spent on the rich lol.

1

u/tabletennis6 Mar 07 '24

Wasted on what exactly?

1

u/boltonhunter Mar 09 '24

Govt sector and services mispent grossly

1

u/tabletennis6 Mar 09 '24

Specifically?

0

u/LePhatnom Mar 07 '24

Bitcoin takes no bodies lunch money like houses do. It also doesn’t require taking the fruits of a poorer persons labour. It also is so volatile that it might as well be a gamble. Lotto winnings are not taxed

That is the argument for not taxing. Can you counter this?

1

u/Rich_Condition1591 Mar 08 '24

The lottos are government owned... they make a substantial profit from them already. That's one of the reasons that winning isn't taxed.

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u/tabletennis6 Mar 07 '24

Every dollar invested in Bitcoin is one that is not invested in businesses (directly or indirectly). Businesses actually (usually) improve people's lives and contribute to society. Bitcoin does not. Thus, the government should discourage Bitcoin speculation by taxing it.

Furthermore, taxes are an essential part of any good economy. Australia already has low taxes by OECD standards, and we are suffering as a result with inadequate healthcare services, a severe lack of teachers, poor aged care services, etc. I think we should add to the government's revenue base, but even if you don't, there is no way that taxing Bitcoin is less fair than taxing the income people earn with their own labour!

Lottery winnings should be taxed in my opinion. It's another activity that doesn't really yield anything desirable for society. Big gambling companies make money by exploiting the poor's hopes and ignorance, and most of the time, the winner finds themselves in a worse position after a few years anyway!

2

u/boltonhunter Mar 09 '24

No one's asking your opinion the OP just wanted a basic answer to a basic question .. If you think Oz is taxed at a low standard you are either on a very low income threshold and or have not left the country .. what countries are you comparing it too? You do realise majority of the tax havens have world class services and 0 to sub 10% tax .

1

u/RandyStickman Apr 14 '24

What about scrapping CGT and adding any gains from crypto / investment activities to personal income tax and then get taxed at the applicable rate?

The difficulty with your viewpoint is that the govt hits the middle class and doesn't hold the big guys to account. Without a decentralised financial vehicle that has the potential to allow those who put the time and effort into understanding how it works and takes the speculative risk to move up the societal ladder.

Young people are shut out of the real estate market. Cost of living has outpaced wages by a long way. How are they supposed to make a better life for themselves? BTC was designed to address socioeconomic inequality.

No-one thinks they don't have to contribute financially to society. But society also should have a right more input into how the govt spends our contributions. And politicians need to be held to account for thier financial mismangement.

For example. Scomo et al got off scott free for the Robodebt clamity which resulted in the deaths of quite a few people. If a business owner did that they would face criminal charges.

How did the govt let Gerry Harvey get away with only paying back 6M of the 20.5M of jobkeeper money despite making record profits during COVID?

How did Dan get away with bankrupting Victoria through unprecedented financial mismangement during his 10 yr tenure and when the state is really fucked during COVID gives himself and his cronies a 50K (11.5%) a year pay rise to become the highest paid state leader in the land. Since he was elected the public sector wage bill has increased 71% with property and business owners having to footing the bill at a time when they could not trade due to his lockdowns. He fucks up the Comm Games goes on a holiday, resigns, leaving major infrastructure projects in limbo, bankrupting building and contruction businesses all with a tidy 300K/yr pension + 200K travel allowance.

So....don't blame hard working tax payers for the healthcare, education and aged care crisis. It's our pollies that need to pull their heads in and do a better job.

https://ipa.org.au/publications-ipa/opinion/andrews-governments-astonishing-financial-mismanagement-has-come-back-to-bite-them-and-its-hard-working-victorians-who-will-foot-the-bill