It's a complex scenario, I've had three meetings with my accountant about it and am no closer to a solution, or even a way forward. He is clueless because the ATO aren't giving clear, or viable, directives and are taking what seems to be a scattered approach to it.
I have a reasonably significant crypto portfolio held across multiple wallets including offline, built mainly off blogging on Hive and some trading so my initial buy-in was very small...Now with the prospect of holdings being taxed when in exchanges before realising the profits in fiat currency...well it seems a little like robbery to be honest. I have always factored in losing 50% to tax, but that's likely to be more if they're taking it before I even take it. That's like the ATO taxing my 2024 income today right?
If they can tax the theoretical gains, can you write off the theoretical loses. 🧐
I was just pondering how it would work as far as gains and losses and drew a blank.
Unfortunately my accountant doesn't have an answer to this one either. I've just tried to call him (again) but maybe after all our calls he's avoiding me. Probably cursing my name and the fact I have crypto. 🙂
Totally. Not simple. I can only imagine how frustrating it must be with such a significant amount in hodlings. If you magically find a very clear explanation now or in the future, I look forward to seeing a post about it!
!LOL
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It was a case of age-related macaroni degeneration.
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I'll write a book and become a gazillionaire. 😜
!LOL 😂😆😁
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I said oh god not that as well!
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