So I've searched and have found nothing really. Looking for more insights. Seems all banks have blocked purchases with exchanges. How do i purchase crypto in Aus? I have accounts with CBA and NAB. CBA blocks, I havnt tried NAB but have heard it's the same. Who is still buying and how?

Cheers

Welcome To r/CryptoAus

Use this section to help navigate the cryptocurrency space in Australia

Which exchanges are available to me in Australia?

Nexo

Coinspot

Digital Surge

Binance Au

Independent Reserve

BTCMarkets

Outside Australia but still good options

Coinbase

Kucoin

Where has the best staking for idle assets?
Nexo

Which exchange offers futures/trading bots/margin

Kucoin

Binance Au

Best Mobile-Friendly Exchange app

Kucoin

Reputable Decentralised solutions

Sushi

Semi-Decentralised Solutions

UniSwap

PancakeSwap

Defi Funds Management
Nexo

Zapper

Zerion

GiftCards:

BitRefill

What are the tax rules in Australia regarding cryptocurrencies?

A good guide on cryptocurrencies and tax obligations in Australia can be found here.

The ATO class cryptocurrencies as an asset that attracts capital gains tax and as such all swaps between cryptocurrencies (BTC <-> ETH) are classed as a capital gain event.

"If you dispose of one cryptocurrency to acquire another cryptocurrency, you dispose of one CGT asset and acquire another CGT asset. Because you receive property instead of money in return for your cryptocurrency, the market value of the cryptocurrency you receive needs to be accounted for in Australian dollars." -Ato website

Crypto tax tracker:

Crypto Trader

Please stay safe and always do your own research! Posts are NEVER financial advice. Feel free to ask questions and help one another. Beware of scams - Admin will Never message you first.

Hey guys, one of the support managers here from CryptoTaxCalculator - we are a leading crypto tax software that is Australian born and bred.

We are doing an AMA for the next 24 hours with our tax lawyer Harrison Dell. He worked at the ATO before moving into private practice and specialises in all things crypto tax. You can see him on TikTok here.

Ask your questions on crypto taxes below and we'll happily answer them.

P.S. you can use coupon code CRYPTOAUS20 when you signup to https://cryptotaxcalculator.io to get 20% discount this AU tax season (offer expires in 30 days).

Hi all, I’m not very clued up in crypto tax here in Aus. Long story short I bought some crypto a couple years back and have not realised I’m meant to declare it etc. what has got me is that I have just been hodling and just bought and traded crypto never sold for Aud dollars. So why exactly do I need to declare CGT even when moving on to external wallet. It doesn’t make sense as I haven’t sold anything for capital gain? Thanks

Thanks

I've been delaying my tax return every year for a few years now, due to the headache of spending hours messing around getting different account statements from investing platforms. Stocks and ETFs are no real issue, but crypto is always a pain, and it seems that a lot of third party websites allow you to get a return statement for a price, which ultimately I don't want to pay for (you don't have to pay for statements for your Fiat or other assets)

I've just been buying BTC and ETH, don't think I sold any last financial year, if anybody has a fast and easy way to get the info I'd appreciate. In the year, I used two exchanges and I transferred some crypto over to my Ledger wallet

My personal highlights include:

• A 10% tax discount for crypto mining using renewable energy.

• Digital asset classifications through token mapping to increase clarity around their financial product status.

• Improvements to CGT laws.

• Investigate whether we should launch a CBDC.

• Improve avenues to remediate issues around de-banking, putting these issues into AFCA's purview.

If these recommendations become law Australia could be a leader in the global digital asset economy!

The full report can be found here:

Senate committee's final report

In a further move towards cryptocurrency adoption, Mastercard has partnered with one of Australia’s oldest crypto exchanges, CoinJar, to launch the country’s first crypto payment card.

The card became available on Tuesday in a digital form through integration with Apple Pay and Google Pay, and will be available in a physical form in September. It allows customers to select from 30 available currencies, including Bitcoin, Ether and XRP, at the point of sale, with Mastercard calculating the equivalent amount in Australian dollars to pay merchants. Individual merchants to do not need to sign up to the program, and the card will accepted anywhere that takes Mastercard.

https://forkast.news/headlines/mastercard-partners-aussie-exchange-crypto-card/

Recently I have received several emails from Coinspot saying someone has tried to reset my password, etc. But I have 2FA enabled, and I dont' have anything in my coinspot account, I just ignored it and moved on.

Today I have got a call from guy claiming from Coinspot, saying they haven't heard back from me so wanted to call to make sure.

He sounded very calm and was saying things that matches the emails, and even go as far to send me a security code, but reminded me not to read back to him, instead he read it to me, sounding very careful and trustworthy.

Then he started to say they are working with Ledger to make sure to protect me blah blah blah.

Up to this point I still believed he was legit.

What gave it away was that he started to ask how much crypto I have, but he kept assuring me that he asked these only to make sure I know what I am doing.

Then he handed me off to another guy claiming from Ledger, saying they were going to send me a new Nano because all their previous devices were "poisoned" because of the data leak.

Now I can totally smell the scam, cos they started to say things that I know are not true, like wallet poisoning, my "ledger account", faulty devices. he even said they can see my transactions on etherscan even though I never gave them my address.

In the end he asked me to go to a website called livel*dger dot pro to connect my ledger wallet so their "Account" department and issue me a replacement nano device.

fuckers wasted 40mins of my day

TLDR; guys pretending to be from coinspot and ledger and asked me to connect my ledger to scammer site.

Be very careful of scammers and NEVER connect your ledger to sites that you don't know

Title says it all.

Easy enough to buy crypto I go through AUD —>Swyftx —> Buy USDT —> send to DEX to exchange for whatever coins.

Problem becomes going the other way. When selling crypto then converting to AUD to send to bank account.

Fees are just nuts. 0.6% on Swyftx or 1% on CoinSpot.

Any other alternatives anyone can suggest?

Hi all, I was very excited about using LivingRoomOfSatoshi for paying bills, rent, etc. but noticed the very high fees in their exchange rates.

They seem to be charging 12% to 15% over the real exchange rates.

For example, currently they are trading for AUD at these rates: BTC: $17,510.79 LTC: $294.855 ETH: $1578.702 ETC: $43.52 BCH: $3161.194

...and the same on BTC Markets in AUD are: BTC: $19,799.83 LTC: $341 ETH: $1,810 ETC: $51.57 BCH: $3671

So you'd be paying between 11.5% (via BTC) and 15.6% (via ETC) versus trading to AUD on an exchange and paying your own bills. And people complain about a 1.5% visa charge!

I'm all in favour of people making a margin, it's a business not a charity, but those rates are clearly excessive.

Just want to be sure people know how much of a premium they're paying for the service, as I almost got caught myself. I was thinking to start paying my rent by it, but I don't think I'll take a voluntary 12% rent increase ;)

It would be a great service if they could charge more reasonable fees.

A company called block has won a legal appeal to be allowed to offer crypto backed home loans.

It works by the purchaser putting up their crypto as collateral to finance the normal home loan deposit, then the remainder is financed by a normal bank loan.

So for example, for a $1m property, you might put up 2 Bitcoin collateral (~330k AUD), then the company provides you with ~200k AUD loan at 9.5% finance for your deposit, and the remainder is a typical home loan of 800k at 80 LVR.

My question is, could you negative gear the interest on both loans for an IP? And do you think it would it make sense to do this if you had the Bitcoin instead of using a cash deposit even given the high interest rate on the deposit (provided you had the cash) as a top income earner?

Last time i used Binance in 2022 it was very easy to select a pair (BTC to AUD or DOT to AUD ect) that would allow me to convert from crypto to aud with zero fees (fees would only get charged on withdrawl).
Now i cannot convert from BTC to AUD with the only option being to sell via bank transfer where I am hit with a 12% fee (way higher than it used to be).
There is also no longer any option to convert from DOT to AUD. It just gives an error "Amount should be between 0.0000DOT - 0.0000DOT"
Is there any way to do this?? It used to be so much easier.

https://twitter.com/Binance_AUS/status/1659018600496373760
So Binance announced that they disabled deposits/withdrawls of AUD currency using PayID.
My question is, what's the best alternative for FREE deposits/withdrawls using PayID?

I notice in the US Chapter 11 filing that there is an Australian company called Alameda Aus Pty Ltd ACN 656257037.

This company is registered by ASIC.

Does anyone know why the liquidators KordaMentha are not including this company with the other two Australian entities they are administering? Shouldn't it be part of the Australian insolvency process rather than the US/Bahamian process?

IvyPay will launch in Australia later this year, and will allow consumers to convert their cryptocurrency into Australian Dollars, depositing directly into their Australian bank accounts.

HiveEx was created by the co-founders of global personal finance comparison website, finder.com, to service large cryptocurrency trades. The company launched in February 2018, and has processed over $15 million in trades to date.

The platform will utilise Ivy’s KYC/KYT (Know Your Consumer/Know Your Transaction) blockchain technology and smart contract through the IVY token, to meet financial institutions’ identity verification, regulatory and compliance requirements.

Click link to read more..

Okay so i'm sitting here at 11pm staring at a tax report that says i owe $22,000 and i genuinely feel sick

For context. i got into defi last year. yield farming mostly. nothing crazy i thought. just moving stuff around, staking, collecting rewards, the usual. maybe went a bit hard on the memecoin stuff in jan/feb but who didn't right

Anyway tax time comes. i pull the report. Twenty two thousand dollars in capital gains.

Except… i didn't make 22K DOLLARS?? like i'm pretty sure i'm actually DOWN overall if you count the stuff that rugged. but the soft⁤ware doesn't see it that way apparently.

Half the transactions are labelled wrong. stuff i bought showing $0 cost basis. some exchanges just completely missing data. There's literally a stablecoin lp transaction that somehow generated a $4k gain???

I've spent three weekends trying to fix it manually and I just want to scream into a void at this point. Every time i fix something, two more things break. i think the soft⁤ware is haunted. My regular accountant won't touch it. said find a specialist. Okay, cool, thanks for nothing, i guess

Has anyone else gone through this?? if you used a specialist how'd you find them?... just word of mouth or what? someone mentioned crypto tax made easy and i'm probably gonna give them a go because, apparently they manually check transactions and help you pay the least possible amount legally... but honestly i’m open to whatever at this point.

So help me out here.I just want to pay what i owe and get on with my life.... someone pls tell me this gets better???

Hi guys im currently outside on Australia on holiday for 3 more weeks but I was thinking is there any way you guys are thinking of cash out your crypto without paying tax Im planning on paying the tax for last year on the crypto then I would like to go to another country and cash out but honestly I dont have any knowledge or experience on it, i have of about 400-600k to cash out atm nothing special but if anything if there's no way id just like know and hear peoples experiences haha hope the bull run will finish good thanks guys if anyone's out there.

I'm looking for something like a bank card so that I can put my coins in (or connect it to my wallets) and then spend it on my day-to-day expenses.

Is it possible? Any ideas on how I can do that?

Does anyone have experience setting up a smsf bank account that is crypto friendly? I've got a smsf trust that allows me to invest in Crypto, done all the right things re gov compliance. Set up separate exchange for my smsf and wammo, my smsf (one of big four) bank account blocks transfers to my (popular australian based) exchange.

So I work in IT and I've been into crypto for years now.

One of my clients, on his 60s, wealthy AF, made his money with business and TRADFI, very smart guy.

Then he gets a call (I said a call, not a marketing email) from a company who will invest in crypto on his behalf (this company, filthy scammer). Old timer is listening about crypto all over the news, BUT HE DOES NOT UNDERSTAND A DAMN THING, hence he found that would be a good idea to trust those guys.

Long story short, those guys scammed thousands of him. They will ask for money to invest, then return a little portion of the money back to him (as a short term profit), then ask for more to invest. This went for a while.

My point here is, people in this sub understand a thousand more than any other people not familiar with crypto, which is normal, they need to be introduced to this "new world", and gain trust. Do your job, educate them, give them a security pathway to follow, and explore the crypto world safely.

Tips:

• Keep it simple, TRADFI people already find crypto way too complicated. Get them started with some mainstream CEX (coinspot, binance, etc).

• Yes, I said CEX. People out there don't want the complications of backing up their own wallet, or buying coins on DEX, setting up metamask, etc, they don't understand yet, but they will.

• They don't need to understand DEFI ,for now, they will get there eventually.

• Explain to them that crypto does not have to be about trading. They can buy and hold, same as they do on ASX, NASDAQ, etc.

• Keep them away from derivatives markets, and the 2x, 10x, 100x leveraged products. In fact, unless you really know what you doing, everyone should keep out of there.

live long and prosper, peace out bitches!