Discussion in 'Digital Currencies' started by Jimmy1986, Dec 26, 2017.
How about doge? For the Chinese and Japanese year of the dog.
Anyone taking a punt ?
Joke coin. I don’t punt on jokes.
Aren’t they all a joke really
I think doge has already surprised a lot of people , and will continue to do so. People seem to forget the massive social phenomenon that Dogecoin was
and apparently the monster is awakening again now.
take it down a notch, ato is watching https://coinmarketcap.com/currencies/bismuth/
SC/ Contemplates the number of ATO officials now getting into Crypto's each day...../ And using their job's to garner information that personally enriches them while on the job.
Should there be a rule for that ? No Crypto for ATO officials ? Info go's both way's.
Yeah don't wanna give any secrets away right ?
we are on a list
So I went and had a look at the ATO today, What a Shamozzle. It seems quite clear that not even the ATO knows what the hell is going on when it comes to Crypto apart from the fact that they believe that they are owed some money, in some circumstances, some times, maybe...
"Disposing of bitcoin acquired for investment
If you have acquired bitcoin as an investment capital gains tax could apply (although see information about using bitcoin for personal transactions). If you are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or allowed any deductions for any losses made. However, if your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income. Note: There are no GST consequences where the bitcoin is not supplied or acquired in the course or furtherance of an enterprise you are carrying on."
If, Could, If, However, ??? quite clear right ?
Alex the helpful Autobot, or maybe real person has been swamped with questions regarding the advice given by the ATO.
There certainly is a lot of grey in regards to taxes at the moment, but as recent articles have stated it appears the ATO and others are now putting together task forces to look into everything crypto so the spotlight is well and truly on this now and I'm sure we will find out more over time
If we don't make any withdrawals prior to July 1 2018, does that essentially give us the next 12-18 months before we would need to pay taxes? Would also give us the time needed to see what tax requirements are implemented
I think but don't quote me, you need to actually realize gains before you are liable. EG:
It's grey all the way down though, the Q&A pages are good for a laugh and a contradiction.
Like look at this part
Is a KG of Gold a personal Good if I buy it by the Oz over five transactions?
So if you "spent" all your coins on purchases Eg/ buying gold or silver then you're exempt from having to pay taxes?
Sounds like a good exit strategy to me
Me three, but on the other hand , what if my MTGox and Cryptsy losses are counted in today's value ? or the loss of a wallet containing 3 million doge as well ?
Are these losses counted in today's value coincident with today's gains on my other cryptos as well ? Can't have it both ways right ?
And then you turn around and sell that gold at break even or even just below spot?
From the Ainslie website:
There was mention somewhere else on their website in relation to CGT and getting your accountant's advice, the implication was that if spending cryptos, it would avoid the tax but I can't find it.
Any thoughts on Enigma? Strong team, good way to get involved in a solution that protects and exchanges data I think and make a profit.
That's what my thinking was. Most exchanges would charge 3% or so to withdraw to cash anyway, so selling the gold/silver you buy back to a dealer for 97% of spot is getting you the same cash back, and via goods purchase so exempt from tax as far as I can tell? ABC for example do charge a 1.9% fee for paying with BTC too, but again if this method exempts tax then it's a no brainer
Based on the available information we have thus far, and referencing Shiney's quote from ABC you would think they do...?
I was researching and strongly looking at this when it was in the 50c-$1 range but ended up going elsewhere
Probably best that we just wait until further information becomes available as opposed to continued speculation
Back on topic, what low cap alts are people looking at now? I'm researching alts with sub 250M market caps looking for coins with good short and long term potential, that could possibly be 1B + MC coins
So many shit coins out there!
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