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40% off all plans. Above their normal 30% off deals.
Hodler Plan with 1000 transactions comes to = $83.40
40% off Crypto Tax Reports: Hodler Plan $83.40 @ Koinly
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Classic ATO making no sense and have no clue..
Yields are rarely constant/ fixed / defined.
Here is a real world case.
Spud buys 5 muffin coins worth $100.
Spud puts the 5 muffins in a pool with a yield "up to" 100% pa.
A year later the muffins value has dropped by 50%, yields dropped to 10%. Spud has 2 more muffins, but their value equivalent is $70 (for tax purposes). After a year, the pool yielded a 30% loss.Spuds rolls it over for another year…
A month later the pool is exploited, and the muffin value goes to 0.001 cents.
Spud is offered a compensation waffle token valued at 0.3 of a muffin. No trade has taken place. It just lands in a wallet.
12 months later the waffle token is worth the same 0.001 as a muffin.
Spud tries to offload muffins and waffles to realise a loss… but doesnt have enough to cover transaction cost, and or there is no longer a platform to sell it.Spud just claims the $100 loss and leaves it with the ATO to prove it wrong.
Except all of that crud is basically designed to obscure transactions and is also basically pointless (like the vast majority of crypto stuff). The amount of fraud in the crypto world is staggering and the ATO just going for the lowest common denominator to minimise losses of revenue to the tax payer through people trying to avoid paying the correct amount of tax; they've gone simple and clear. If you've got anonymous wallets or tried to avoid KYC (as some here on OzB have advocated for), then you're part of the reason the ATO is going this path and TBH as an investor in non-crypto stuff, I say about bloody time :)
Would need a higher tier plan then if meddling in all that
I'm happy to keep track of transactions in spreadsheets if I need to. But I find the most annoying thing is that the ATO considers Crypto.com Visa cash back as taxable income!
Nice work on the deal
ATO
Simplest is normally best.
The ATO has created guidelines that frankly make little sense, at best overly convoluted
Current software including Koinly, barely fit for purpose, even if you spend time, with best intentions and an accountant.
There is significant low hanging fruit outside of crypto, they don't chase it.Crypto - Tax & Fraud
Makes sense to just pay tax on gains, on many fronts.
Concept of using crypto for fraud with anonymous wallets is myopic.
You don't use a public ledger to move illicit funds and wallets on the whole are far from anonymous.
There are many legitimate vehicles to move around illicit funds, crypto is not one of them.Not criminal advice.
1000 transactions going to disappear pretty quickly if you use DeFi or wrapped tokens with the new ATO ruling lol
https://www.ato.gov.au/individuals-and-families/investments-…