No capital gains tax is next for crypto

Only in America.
In Australia, I think they just passed a law taxing unrealised capital gains.

>>60674649
Who the fuck cares about Australia on /biz/

>>60674643 (OP)
I would take no capital gains on crypto to crypto that shits so hard to keep track of

>>60674653
>Australians

I'm a leftist and I'd suck Trump's fat orange dick if he did that

>>60674659
Just don't report it

>>60674674
Let me know how that works out when you finally go to cash out.

>>60674643 (OP)
this already exists for me

>>60674643 (OP)
never.

>>60674666
If Australians cared about Australia they wouldn't have surrendered their guns to the state

>>60674671
Are you also all vaxxed up and believe men can be women and shit like that?

>>60674733
If Americans cared about freedom they wouldnt have just accepted mask mandates.

>>60674736
We get it. You're anti-science

>>60674649
Honestly worth revolting over

>>60674649
Everyone I know from Australia is poor, mentally ill and on welfare. Does anyone there even have the money or even the mentality to not lose it if their coins crashes down even a mere 5% lol

>>60674722
>cash out
i will never cash out.

There's already no capital gains tax on crypto in the US if you've held it more than a year and your income for the year is under $48,350.

is she whoring on a literal grave???

>>60674659
Really? Coin tracker took care of that for me, and I did my taxes with h&r and I didn't get any letters from IRS, so I assume it did it correctly

>>60674744
>We
You’re alone here

>>60674985
I know critical thinking isn't your strong suit, but Trump's Tax Cuts and Jobs Act in 2017 is literally the reason why we have crypto-to-crypto taxes.

>>60674744
ywnbaw

>>60674649
lol
lmao

>>60676151
Ok Nazi. I literally pass. Everybody naturally assumes I'm an attractive biological female. Stay mad

>>60674643 (OP)
That's a man. Still would

>>60674744
10/10 bait or legit mental midget. Can’t tell

>>60676190
That’s the diarrhea position you sick freak

>>60674643 (OP)
This will never happen. Taxing the working class who struck it rich on crypto literally makes their mouths water, no matter who is in office.

>>60676207
>lubricated dick
Even better.

>>60674779
>and your income for the year is under $48,350.
I make that in 3 months tho.

>>60674643 (OP)
Is this actually going to happen

>>60674643 (OP)
Expect a sell-off when it happens. Im only holding so I dont lose 40%

>>60674649
It was for unrealised cgt on super for accounts with something like over $3mil
Not crypto or other business income afaik
The fact they passed that is a really fucking bad sign as it is though.

>>60674649
>>60676555
Wtf I'm aussie and didn't hear this. Amazing they snuck it through, isn't this going to fuck over all the boomers with their self managed supers? Trigger a housing sell off potentially..

WAIT.. THIS MEANS THEY ARE FUCKING FORCING BOOMERS TO RUG THEIR CHILDREN HOLY SHIT BOOMERS HAVE NO SELF PRESERVATION WE ARE TRULY GOING ALL IN THIRD WORLD FUTURE FUUUUCCKKK

>>60676671
That was my take from it.
And by all means fuck boomers - but you know they're going to burn everything down out of spite.
What worries me is that legislation like that can be open to further amendments, which could end up including everything, including crypto or business ventures, which would basically slit this country's throat in an economic sense.

>>60674649
>In Australia, I think they just passed a law taxing unrealised capital gains
Only for superannuation accounts worth over 3m.

>>60674653
Go and be 12 years old somewhere else

>>60674744
>science
mrna gene treatment isn't a vaccine

>>60676671
They vote at 11pm when all the "conservative" boomers are in bed. They've passed about 5 communist legislation this way and the "conservatives" still haven't caught on

>>60676718
Well this concerns super, not anything else. So the slippery slope from here is lowering the threshold for unrealised cgt taxes on super accounts, and then implementing flat yearly tax on super. Or taxing super contributions before they enter the account etc.
But to be fair its always been expected. Superannuation is one gigantic jar of honey and government has been wanting to take more and more of it ever since they forced its introduction. The doomer idea of "younger generations will have their super accounts completely drained by taxes before they can even retire" has always been a legitimate concern.

>>60674659
this
total bull shit taxing swaps in the US

>>60676838
It's easy if you do all your trades on exchanges, you can just export your trade history and there's a hundred different websites to organise the data.

>>60676880
yeah but im talking about the swaps for meme coins exchanges don't have the next possible 10000x ers

>>60676164
nigga looks like murray from impractical jokers

>>60674649
how does that even work? do they give money back when the gains lose value?

>>60677187
If there's a loss for a year, then the loss carries over into the next to reduce the cgt gain in the following year.

>>60676763
indeed, the labour government were probably sitting on this unrealised tax idea for super for perhaps decades waiting until boomers had the most amount of money already in their retirement and labour had a big of enough majority in parliament to get this through without any opposition. it is alot more enticing to set up these government policies like super yet still make it possible for people to avoid paying tax on their income by topping up their super each year and then once that reaches a huge amount of profit and you think youre safe and you have made it. then introduce this tax.
its controlled opposition in a sense. and proof that 'nothing is sure in this life except death and taxes' all of us here will one day be cucked like these boomers are being now one day in the future probably with crypto like somebody here said. if they do something like this unrealised shit on the value of your primary home residence, then its all over i think. seriously

last time

>>60676763
You're already taxed one way or another already with super contributions
>If you claim a tax deduction for them, they're concessional contributions and are effectively from your pre-tax income. They are taxed in the fund at a rate of 15%.
>If you don't claim a tax deduction for them, they're non-concessional contributions and are from your after-tax income or savings. They are not further taxed.

>>60677506
>possible for people to avoid paying tax on their income by topping up their super each year
No, it isn't, and super contributions are capped after a certain amount.You pay the marginal tax rate after $100k instead of the flat 15%, and you can only claim up to $30k for a deduction, iirc.

>>60674643 (OP)
Whom. Image search is failing

>>60674744
Kekking at all the uneducated dunning-kruger chuds getting mad at this post.

>>60674840
I want to eat her pussy right there

>>60678571
>You pay the marginal tax rate after $100k instead of the flat 15%, and you can only claim up to $30k for a deduction, iirc.
Oh, rules have changed. It's a $120k cap for the non-concessional contribution cap but you can ignore that if you're under 75 and contribute up to $360k over a 3 year period (bring forward rule).

If you can't utilise that rule, you'll be taxed at your marginal (income) rate if you withdraw it. If you don't, you'll be taxed at a rate of 45% in the fund. So much for avoiding tax.

>buy crypto
>never sell crypto
>basically dont have to deal with taxes, i know i know, but i just wont sell, hahaha, yeah that sucks, but i wont sell
>...
>profit

simple as

>>60678670
My ex

>>60679112
they will either force you to sell (90% tax) or hold it to the grave.

>>60679112
>you can hold for longer than they can keep rates above negative
>just win by default
>they have to make a new fiat currency
>they have to do regime change because normalfags were scammed
>just not gonna sell, always take loans
>just not selling

>>60679403
>they will either force you to sell
with what private keys?
lol
lmao

>>60674643 (OP)
I can see her bottom.