Crypto $$$ - Page 11

**PHATAL** · 31-12-2017, 09:56 PM

Just watching a youtube video. Someone bought 450 million XRP in one shot. Roughly $981 million USD purchase!

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Saski · 31-12-2017, 10:22 PM

Quote:

Originally Posted by swanny

I believe if you transfer more than $10,000 overseas it raises flags for the govco. I get this from my elderly neighbour who got divorced, and discovered chinese hookers. They are constantly transferring money back home to family, but always in less than $10k lots.

Having worked for a major bank for many years l'll try and clarify a little here without going into too too much detail.

AML laws or Anti Money Laundering does not only just look at amounts of over $10K but rather patterns in transactions also, or anything that could raise a flag - even if you conduct totally legal business or general banking. Yes amounts over $10K must to be reported to Austrac but lesser amounts can still place you on the radar depending on what internal systems the bank or financial institution uses - some more sophisticated than others. It's not just human bank workers who process physical transactions, there is sophisticated software at play. And it affects all sorts of transactions - not just international transfers. Example: Your granny here in Australia gifts you $10K and you walk into the bank and deposit it - you have just been reported. The teller may just casually ask you something that sounds like general chit chat like "it's a good feeling to be able to deposit this to your savings" or whatever - in the hope that you give them some info which is added to the the report sent to Austrac. It's then up to Austrac to investigate further. Finally, Austrac = Gov.

Oh, and a sure fire way to get on the radar quick fast is to deposit amounts just under $10K. Of course it's fine if you conduct legit business or banking. At some point in time most of us will have a report sent anyway, example: when you buy a home, pay deposit, sell a home, buy a car, transfer largish amount of funds for those much needed car mods from your preferred tuna

A lot of this info is publicly available so it's no secret.

Outbackjack · 31-12-2017, 10:32 PM

https://www.youtube.com/watch?v=Nw4NIsPlmF8

First half is of interest.

snap0964 · 31-12-2017, 10:46 PM

Quote:

Originally Posted by Outbackjack

Tax plan is to cash out in Germany.....

. . . . . And stash it in Hitler's bunker ?

Outbackjack · 31-12-2017, 10:47 PM

Quote:

Originally Posted by snap0964

. . . . . And stash it in Hitler's bunker ?

Whatever works

snap0964 · 31-12-2017, 11:11 PM

. . . Or you could issue us all with 'Crypto currency stimulus packages'

Lunch · 01-01-2018, 11:54 AM

The crypto ebb and flow

ford man xf · 01-01-2018, 04:37 PM

Quote:

Originally Posted by snap0964

Well if you hold for over 12mths, under 12 mths it's classed as income. At least there's no GST on transactions. Also you don't get a dividend or franking credit on crypto's unfortunately.

That's what I was wondering, how does the ATO view Crypto Currency trading? Do they class it as any other investment/capital gain scheme?

When you say hold it for 12 months do you mean keep your funds in the BitCoin trade account and after 12 months withdraw it would be classed as a capital gain? So you would be better off withdrawing under 12 months and declaring it as income you would get taxed less or would you get taxed more as it would be classed as a "second" job/income?
Which is the better option, declare it as income or as investment?

Quote:

Originally Posted by snap0964

Well, all your fees/costs are taken into account in your cost base, as is inflation, so it works in your favour, plus only declaring half your all up gain helps a lot too.

When you say declare only half your gains, whats the risk factor here?

There must be ways to minimize your tax on Crypto Currency trading, I'm not meaning anything illegal, but there must be ways around certain taxes, there normally is.

**data_mine** · 01-01-2018, 04:46 PM

you should talk to an accountant (hopefully you can find one that knows about crypto). the ATO has a published policy on their website, but it's still early days.

You don't want to take advice from 'someone' on a website, and get stuck with a massive tax bill. get professional advice - they have insurance for if they mess up their advice.

ford man xf · 01-01-2018, 05:09 PM

Quote:

Originally Posted by data_mine

you should talk to an accountant (hopefully you can find one that knows about crypto). the ATO has a published policy on their website, but it's still early days.

You don't want to take advice from 'someone' on a website, and get stuck with a massive tax bill. get professional advice - they have insurance for if they mess up their advice.

Yeh I understand that, was more to get a feel of what is involved on the tax front and how it is classed as by the ATO.

Iggle Piggle · 01-01-2018, 06:36 PM

Quote:

Originally Posted by ford man xf

Yeh I understand that, was more to get a feel of what is involved on the tax front and how it is classed as by the ATO.

See links from Snap0964 below:

Quote:

Originally Posted by snap0964

A bit of light reading, just as a heads up for the Tax consideration.
https://www.ato.gov.au/General/Gen/T...cally-bitcoin/
https://community.ato.gov.au/t5/Gene...tcoin/td-p/980
Rough general rule of thumb is same for most investments, sell under 12 mths, declared as income after expenses taken out. Sell after 12 mths, classed as a capital gain, so you only have to declare half, after expenses taken out.
Interesting that after 01Jul17, no GST on crypto transactions - nice PITA to not deal with at the moment.

In the second link is a response stating less than $10k would be considered a personal use asset and therefore exempt from Compulsory Gains Tax????

I plan on confirming that with accountant, as I won't be dropping anywhere near $10k into it, but surely it can't be if it cost me less than $10k to buy throughout the year then I don't need to declare it - would have thought it would depend on how much I sold it for (or more specifically how much profit/loss I made when I sold)?

But the 10K is referenced in there by both an individual (WolifBolf) who claims to be a Tax Agent that is in to crypto, and is then repeated by an ATO-certified user (AmandeE).

"However, gains from disposal of personal use assets are disregarded. Personal use assets are CGT assets, other than collectables, used or kept mainly for the personal use or enjoyment of you or your associates. Any personal use asset you acquired for less than $10,000 is disregarded for CGT purposes. If you did mine a small amount of Bitcoin as part of a hobby then your cost is generally only the actual costs incurred by you."

ford man xf · 01-01-2018, 06:45 PM

Quote:

Originally Posted by Iggle Piggle

See links from Snap0964 below:

In the second link is a response stating less than $10k would be considered a personal use asset and therefore exempt from Compulsory Gains Tax????

I plan on confirming that with accountant, as I won't be dropping anywhere near $10k into it, but surely it can't be if it cost me less than $10k to buy throughout the year then I don't need to declare it - would have thought it would depend on how much I sold it for (or more specifically how much profit/loss I made when I sold)?

But the 10K is referenced in there by both an individual (WolifBolf) who claims to be a Tax Agent that is in to crypto, and is then repeated by an ATO-certified user (AmandeE).

"However, gains from disposal of personal use assets are disregarded. Personal use assets are CGT assets, other than collectables, used or kept mainly for the personal use or enjoyment of you or your associates. Any personal use asset you acquired for less than $10,000 is disregarded for CGT purposes. If you did mine a small amount of Bitcoin as part of a hobby then your cost is generally only the actual costs incurred by you."

Thanks Iggle Piggle!

CJR09 · 01-01-2018, 06:57 PM

Quite a good XRP blog...

HERE

snap0964 · 01-01-2018, 07:33 PM

Quote:

Originally Posted by data_mine

you should talk to an accountant (hopefully you can find one that knows about crypto). the ATO has a published policy on their website, but it's still early days.You don't want to take advice from 'someone' on a website, and get stuck with a massive tax bill. get professional advice - they have insurance for if they mess up their advice.

This is correct - seek guidance from an accountant, or ask the ATO - and as always, get something in writing or an email so you have evidence to produce.
What I've discussed and the links I've provided are designed to give you a heads up only. Do read through them to get a basic understanding - better now than to leave it til when you sell up.

Quote:

Originally Posted by ford man xf

There must be ways to minimize your tax on Crypto Currency trading, I'm not meaning anything illegal, but there must be ways around certain taxes, there normally is.

You do have a number of options, just a few - making a contribution of crypto business earnings to super - taxed at 15% rather than your marginal rate. If you've got a CGT amount - bringing forward capital gain loses to offset from previous years, and so on. Seek qualified advice.

**PHATAL** · 01-01-2018, 07:41 PM

There is a buy order in now for ripple of $290,000 AUD. Dont know why I stressed about my $500 lol.

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Outbackjack · 01-01-2018, 09:26 PM

It seems to me that the big buy orders might be finance companies/Banks. It also says that ripple may have found its low price point.

**PHATAL** · 01-01-2018, 09:35 PM

Quote:

Originally Posted by Outbackjack

It seems to me that the big buy orders might be finance companies/Banks. It also says that ripple may have found its low price point.

Yep if I had more money I would be buying up right now.

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NTF6 · 03-01-2018, 12:34 PM

Can anyone tell me how to use the Ripple QR code on the BTC Markets deposit page to deposit funds and also I take it that the AUD - BPAY Biller code and reference number is my unique deposit reference?

Is the QR code payment method the quickest?

**PHATAL** · 03-01-2018, 12:36 PM

Quote:

Originally Posted by NTF6

Can anyone tell me how to use the Ripple QR code on the BTC Markets deposit page to deposit funds and also I take it that the AUD - BPAY Biller code and reference number is my unique deposit reference?

Is the QR code payment method the quickest?

Dont know about the QR code for deposit but the BPAY code is unique to you (ref number). Pretty sure BPAY cleared in one business day for me.

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**PHATAL** · 03-01-2018, 12:39 PM

In regards to the QR code do you mean the two factor authentication thingo? If so you just need to download the google authenticator app to your phone. The QR code is used by that app. It doesnt have anything to do with deposits it is just added security for when you log in.

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Lunch · 03-01-2018, 01:30 PM

Just reading the btcmarkets tweets, they’re currently attempting to get through 20,000+ bpay deposits.. business is booming

steve101 · 03-01-2018, 01:46 PM

lost so much money waiting for bpay to clear is there a quicker way to add funds newbi

**PHATAL** · 03-01-2018, 01:48 PM

Quote:

Originally Posted by steve101

lost so much money waiting for bpay to clear is there a quicker way to add funds newbi

Not unless your bank supports poli payments. They did stop accepting those payments accross the holidays so not sure if that option is back.

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NTF6 · 03-01-2018, 01:53 PM

Quote:

Originally Posted by PHATAL

In regards to the QR code do you mean the two factor authentication thingo? If so you just need to download the google authenticator app to your phone. The QR code is used by that app. It doesnt have anything to do with deposits it is just added security for when you log in.

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No, not the two factor Authentication. Its on the account/deposits page and under Ripple there is a green box labeled "show Ripple address", if click on it a QR code is shown. How do you use this for deposits?

NTF6 · 03-01-2018, 01:59 PM

Quote:

Originally Posted by steve101

lost so much money waiting for bpay to clear is there a quicker way to add funds newbi

I've been waiting since I wanted to buy at $0.99c, waiting for my verification letter and now for funds to clear only to watch it go up by the minute.

**PHATAL** · 03-01-2018, 01:59 PM

Quote:

Originally Posted by NTF6

No, not the two factor Authentication. Its on the account/deposits page and under Ripple there is a green box labeled "show Ripple address", if click on it a QR code is shown. How do you use this for deposits?

That is for depositing actual ripple / XRP that you already own elsewhere. You need to deposit AUD not ripple. Once you deposit AUD you can then buy ripple.

The deposit ripple is so you can have it stored elsewhere in a secure wallet and then when you want to sell it you then deposit it back onto btcmarkets and then sell it.

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**PHATAL** · 03-01-2018, 02:00 PM

Double up...

NTF6 · 03-01-2018, 02:03 PM

Quote:

Originally Posted by PHATAL

Double up...

Sweet, thanks.

steve101 · 03-01-2018, 02:55 PM

Quote:

Originally Posted by PHATAL

Not unless your bank supports poli payments. They did stop accepting those payments accross the holidays so not sure if that option is back.

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yeah not going to happen unfortunately anz looks like i have to wait

**PHATAL** · 03-01-2018, 02:58 PM

Quote:

Originally Posted by steve101

yeah not going to happen unfortunately anz looks like i have to wait

You should get an email as soon as the funds are there.

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