It's a complex issue and whilst many like to make light of it, flippantly commenting that they'll move to a country that has no crypto tax, we all know that that's, most often than not, a pipe dream rather than reality. In first world countries the governments will lick this all up pretty tightly, as the ATO are doing, and if people think they'll be able to rort the system they're wrong. Boastful talk doesn't bring the situation to a resolution, it just helps a person feel in control.
The ATO have crypto people working on this, not just accountants, so they know what's up and will know about every situation, wallet, exchange and so on, probably more than most crypto people who will only focus on the elements they know or work with, like SL for instance.
I'm a realist and I believe this is going to be a nightmare scenario for most and considering I hold a reasonable amount of crypto value in my portfolio it's definitely going to be an issue for me. I'll have to deal with it though, moving to Portugal, or wherever crypto isn't taxed, isn't an option.
I hear ya. Moving is not an option and where to move to anyhow? Crypto is / will be everywhere and governments everywhere are hungry for money.
The thing is - I am willing to pay that money, my taxes but - please make it easy, clear concise to execute. I really am not in a place where I want to have an issue with IRS. I just don't.
I see people sniff about KYC and stuff and I'm like - okay, that's not me. I'm too old to go rebel - LOL - or in your words I'm a realist
I hope you get yours sorted out (and I hope even more that I get
oursmine sorted out - in time)It's that clarity I think people really need, my accountant included! They keep pivoting with each new crypto-related thing and that's a recipe for disaster. I'm hoping for a solution but I'm going to be very pissed off if I have to pay tax on crypto that's being held in an exchange. Does a person pay tax on shares they own or only on the revenue gained? (Revenue gained, as far as I know). Why is crypto any different?
Time will tell I guess. I'll be happy, or not, the same as everyone else in this position.
Absolutely agreed. Governments need to come up with their rules a.k.a. laws. It would be great if they were to tax only gains when you actually trade and make money but - who knows? This is why I'm so confused about the SL NFTs. Well, at one point i.e. October, 15 or 17 I'll have to make a decision - if the IRS hasn't made one by then.
Seems pretty silly to me.
It's all pretty silly. What's going on here will tax me twice: Once (or possibly more) in exchanges and again when I take it into fiat. I only have one thing to say about that; What the fuck!