Hey SteemSquad and DTubeNation!
I successfully paid off a phone bill using my Steem Backed Dollars and converted via Blocktrades to an Australian website called thelivingroomofsatoshi.com. It was actually a pretty straight forward process. What atime to be alive!
Special thanks to @reseller and @mattclarke for the kind suggestions
Have a lovely day and hope you join me on this epic journey #GoSteem
My Steemit Profile - https://steemit.com/@kevinli
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FOLLOW MY CRYPTOCURRENCY JOURNEY SO FAR
Vlog #104 - It Finally Happened... I Burnt Out
Vlog #103 - Steams’s Up - Dreams Up!
Vlog #102 - Best DTube Beginner Tips AS I Dismantle My Table
Vlog #101 - When’s The best Time To Quit Your Job?
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Blocktrades has a hefty fee. I think there are cheaper options on here.
It's also the easiest
With capital gains tax in Aus, it's a bit complicated. The wording on the ATO's site is ambiguous, and I suspect it's deliberately ambiguous, though it's looks like they've made things a little clearer recently.
They always say Bitcoin and other instruments which have the same properties. Okay, no other asset has the exact same properties as Bitcoin, so are we to say that these rules don't apply to Steem? Probably not, but there's no clarification as to how different something has to be.
It does say "Cryptocurrency may be a personal use asset if it is acquired and kept or used mainly to purchase items for personal use or consumption." So your intention when you acquired the Steem or SBD comes into it. Just because you're using it to buy things doesn't rule out the ATO coming around and saying "you acquired it for a different reason, and therefore you must pay." I don't think they'll do that, because it would be too much of a headache for them in many cases... but they might.
Then there's the fact that, with Steem, you're generating an income, not through capital gains. That means they might even want to double tax people, income tax then capital gains when it's sold or trade.
Then they expect you to keep all kinds of records, the dates, value in AUD, purpose of transaction. They want people to do their homework for them. It sounds like they have another thing coming.
The rules might change before the end of the financial year, considering they did open it up to the public to get feedback. Though really, I suspect not many people did give feedback because they don't want to put a target on their own backs.
So much FUD now
That was very inspiring. I hope to try it out one day when my earnings will be enough to see me through.
I really envy you but please enjoy your earnings because you have worked hard for it.
Thanks! I'm just banking up steempower mostly
Is that the most profitable method.
Congratulations on that @kevinl!. I just paid our internet service a week ago with my earned SBD. The experience must be very satisfying isn't it?
Feel damn good, my man! Go us.
Hi, @kevinli
Print money is a bad idea. Every time you see on the news the hyperinflation in some country -most of the time socialist ones-, that happened because of the government printing more money in order to pay for the services which are, reportedly, free for their citizens. That happened in Venezuela, and that's because they are launching the Petro, because the are not able to print more money. Well, they could, but they have already seen the results.
On the taxes: Taxation Is Theft :) Always.
Agreed! Have a good one!
Thanks for the info regarding where you can pay your bills through bpay that's awesome :)
no worries ya pocket rocket!
Am motivated now to know that you pay your phone bills with your SBD earnings, so in Australia goods and services paid for with crypto currencies is tax free @kevinli
Thanks
Wow, I've been thinking about the same issue mate. I don't understand the rules here yet - nobody does. I just put money aside for now.
Think cause u invested money, u can take whatever u invested (money wise) and it can't be taxable
Oh that's interesting. I never considered that.
I'm the new gandadetorrent
you are good man
I try to be. thanks
Brother, taxes are freaking a pain in the ass man!! :D It complicates so many things. It's crazy man, to be honest...So, what you have really earned is not what you have earned :D It goes back to the government WOOHOO! -.-
Winny out...for now ;)
stacks on the tax. Winnytaxfornow
Nice Post! @cat3
https://steemit.com/earnmoney/@cat3/my-success-work
are you cat 3 or cate?