G’day guys! If you haven’t done your taxes yet, Crypto Tax Calculator is doing a special 40% off deal for the first 100 users who sign up.
The ATO tax deadline is right around the corner so head on over to Crypto Tax Calculator, connect your crypto exchanges/wallets and use the code below at the checkout.
P.S we are an Aussie born & bred company! 🇦🇺
Checkout with the code: QUICK40
He's really from the Middle yeast
Was that really kneaded ?
It gave me a rise
Yes it's the cold proof!
Don't go baking my heart
I couldn't if I fried…
I can vouch for this company, they're Tip Top
connect your crypto exchanges/wallet
no, i dont think i will.jpg
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do u guys offer a manual upload option without wallet address data
and how do you handle transactions where tokens are sent to multiple addresses you control and sold away from the original source
becomes a bit of a mess to reconciliate. most tax calculators only seem to be able to highlight buys and sells off the same wallet
im also assuming its a FIFO method used to calculate?
also do you calculate based on USD to AUD conversion at the time of transaction
i.e. if i have 10000 derivative transactions on binance, do you calculate the CGT effects for each and every txn at the time of execution and rebase it back to AUD value at that moment in time automatically?
and how about NFT transactions and gas fees (cause some of us have double digit ETH in gas fees)
RIP anyone who transfers tokens off chain and back a million times
and is your 40% off for 1 financial year? do we need to pay to calculate tax for every financial year separately?
Hey hey,
We have a manual upload option (see: https://help.cryptotaxcalculator.io/en/articles/5777675-adva…)
As long as this is reflected on the blockchain, we'll be able to display the tokens been sold off to multiple addresses
We automate as much as possible using our algorithms - certainly able to detect more than buys/sells - i.e., airdrops, bridging, staking, NFTs. CTC specialises in handling on-chain complex activity.
We give you flexibility with your inventory method (FIFO, LIFO, HIFO, Most Tax Effective, Average Cost)
Yes, we calculate currency conversions based on the time of the transaction
Yes, we will calculate CGT on every txn and re-base this back to AUD value at the time
We certainly do account for NFT txs and gas fees
As long as you have an active subscription with us, we actually give you access to all tax reports from every financial year (at no extra cost). i.e., you can go back and download your 2021-2022 report if you wanted.
@CryptoTaxCalculator: the last bit is pretty handy for when i get around to it cheers
as for the rest, it ticks the basics. but i presume its impossible to know about p2p transactions
e.g. when people trade NFT bundles for completely unrelated ones. impossible to value those transactions
@furythree: That’s correct, p2p NFT bundles usually require manual intervention to update the pricing.
you don't get taxed if your crypto is not in a currency as long as you don't take it out of crypto you'll find ATO or any other tax department do not control crypto nor will they ever have control over it its a free and open exchange nof controlled by any govening body.
Just keep that in mind if you get told otherwise.
This is not true! E.g., crypto-to-crypto swaps are taxable in Australia
Please don't spread misinformation about taxes as you may mislead people.
Check the ATO website to get a better understanding of crypto taxation: https://www.ato.gov.au/individuals/Investments-and-assets/cr….
crypto to crypto is not trackable unless you go with a company that logs every transaction for one. Govening bodies of any country do not have power of any kind over crypto no matter what laws and rules they make up. its an exchange that is not controlled by any governing body. Tax department have a very hard time proving there case in court I have seen the IRS loose many times trying to claim money for crytro transactions. People need to know the truth that government do not control Crypto and they never will. People need to do real research on this the rabbit hole is much deeper than you think.
Again, not a true statement.
Tax departments work with data-tracking companies like Chainaylsis where they spend all day utilising privacy-enhancing technologies to create audit trails to see the movement of crypto between different wallets & exchanges. Don't forget that the blockchain being immutable means your transactions can be tracked back to your KYC'd exchange with ease. I'm sure you can do certain things which makes it more difficult to be tracked but again, the blockchain is a public ledger. Even if you use a privacy blockchain (e.g., Monero), you can still break those transactions to create audit trails.
We are not the tax department so if you want to risk getting audited, that is your choice. We simply just provide the software for those who want to be able create their crypto tax reports easily.
I'd be careful about spreading misinformation on the internet though - you could get someone else in deep water.
@CryptoTaxCalculator: You are both kind of right. The issue is that currently Crypto Tax Law in Australia (or any other country on planet earth) are not practical for people to follow, hence there are way too many methods to evade being taxed when trading crypto.
When you say Chainalysis, how can they handle transaction sent and gathered from Tornado Cash? What if someone holds non-Australian KYC'd accounts and match-trades against a Australian KYC'd account? Do liquidity provides meaningful guidance on the Australian dollar conversion value when someone created a token himself, setup a LP pool on DEX like Uniswap ($10 USDT for 0.000000000001 token) and claim a loss on the trade by sending its own token (e.g. 100000 tokens, that would be trillions according to exchange rate) to a DEAD address?
@furythree: That only means you can theoretically create fictional capital losses to offset your capital gain, hence evade being taxed.
@furythree: Moving to Dubai and live there for a year or two is a great idea, even as a tax law abiding citizen
*Advance Australia Fair intensify
@Aloa: By using Tornado Cash, the tax department can see that you've interacted with Tornado Cash's smart contract. They'll be like:
"Ummm, what were u doing interacting with Tornado Cash"
Of course, you may have used it for a legitimate reason (e.g., someone crypto influencers don't want people tracking their wallets so they put their crypto into a mixer) - privacy does not need to mean tax evasion. But, it'll be difficult when you have to explain yourself to the tax man why you've used a mixer and not reported all your wallets.
Using a non-KYC exchange has many risks associated with it and it's not as straightforward as people think.
Don't forget that a lot of tax departments (e.g., ATO) can look into your tax returns from previous years. Even if you think you've dodged the tax man this year, as technology & audit tools progress, they can come back and audit you (up to 5 years prior generally).
@CryptoTaxCalculator: Again, you can always claim your wallet was "stolen" hence the hacker sent the fund to tornado cash. You can even claim capital loss on this. There is no way to prove (or disprove) it.
@Aloa: Not quite. Depending on which country you're in, you may need to actually prove the fact that your wallet was 'stolen' (i.e., looking on-chain to see which smart contracts you've interacted with which led to your wallet being drained, looking at the hacker's wallet, creating audit trails from there, etc…). The tax department doesn't always simply take your word for it.
If you claim one of your wallets as stolen and then you get audited, you're going to need a lot of documentation and to work with a tax professional (one that specialises in on-chain crypto taxes) to defend your case.
@CryptoTaxCalculator: I understand the difference anonymity, pseudonym and privacy — they are not equal (especially when you mention Monero and etc). I'm not saying there are no trace left for CEXs and on-chain analysis tools to track/label/data-mine 'most' of the transactions, but it's technically possible (and easy) to dodge all bullets.
But I guess most people are stupid enough to know how self-custodian wallets work and rely heavily on CEXs to hold their token, I have low hope on this.
@CryptoTaxCalculator: I am in cyber security I know what your saying is total BS. Tax departments don't even have mid level tracking tech at the best of times. trying to track crypto at its for ever changing encryption levels, and securty changes its impossiable to track, Your information is based on what govenment is telling you big surprise. Govenment is the biggest offender of MIS INFORMATION so don't BS us. Do actual research and check legitimate sources eg NON GOVERMENT.
Mis information is only spread by govenments, and main stream media, look beyond that and you will find the truth, not half truths and propaganda.
@kungfuman: Respectfully, that's not true. We work with tax lawyers worldwide, we know what technology and tools are being used. Saying crypto is 'impossible to track' is also inaccurate because the blockchain is literally a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network (by definition).
Good luck with which direction you take but I definitely wouldn't be spreading misinformation on the internet about how tax departments track on-chain activity.
@CryptoTaxCalculator: a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network
ONLY IF THEY KNOW THERE PUBLIC ADDRESS they can track you, most people that use crypto arent' that dumb. Again half trues Crypto can be untraceable and there are many ways to do this. Which makes it impossiable to track.
Plus there are a number non-KYC exchanges for crypto still.
anonymous bitcoin wallet, and you should use a VPN to hide your IP. Even though your bitcoin transactions will be publicly available on the blockchain, but as long as they can’t be traced back to you, you are safe.
And this is just one way to remain anonymous. But yes I am sure you did actual research into this because u still think you can be traced always.
keep in mind ATO has employed some on chain analysis teams and software.
and traitors like arkhamintelligence are making that easier
so make sure you harvest tax losses and tumble ur coins
i would never do that as a law abiding citizen of course
@furythree: Yeah I know, but even with Arkhamintelligence, they are still not able to trace everything.
Dont need to pay tax if you still HODLING from 3 financial years ago…
T___T
Got excited about ETH pumping over weekend..only to see it shedding the gains literally overnight lol
It was nice to see a bit of green in the markets - even if it was just for a few moments :)
reddit finance bros: just dca it will be ok
me: need additional pylons
—
I will also add I did use your services for 1 year where I did make a little bit… fwiw even back then I found the interface pretty nice and clean and easy to use.
I can only imagine its better now.
Appreciate it! We've made lots of updates and improvements since then. You should come check it out 😅
How much are your unrealised losses?
heaps
@deme: no, i didnt actually get along that well with ozbargain's favourite finance bro/ uncle.
Im sure uncle rekt is chilling somewhere on a nice private island beach with coconut nintendo and monkey butlers.
Do you do sourdough?