Selling ETH Cryptocurrency Directly to AUD Bank

Bobby123 on 14/06/2017 - 09:59
Last edited 14/06/2017 - 10:08

Can anyone tell me the most efficient way to sell my ETH currency (via an exchange pref.) so that any proceeds go DIRECTLY into my AUD bank account?

I've signed up with a few exchanges but they require me to have a USD or UK bank account (AUS is blocked). The problem is if i set up one of these accounts, i'd have to then transfer it to my AUS account anyway, and may end up having to pay double tax on it in the US/UK too, (despite me transferring it straight out).

I have looked at Coinjar etc but that would require me to convert to bitcoin. If I did this, then i'd have to pay the full 100% capital gain on any proceeds when I report the income (as I would have held the BTC less than 1 year). If I sell ETH directly then i'll have held it for more than one year and only pay the 50% on cap gain.

It's really annoying! I've been researching for weeks now and can't see the best way. I've been to a tax advisor but she didn't really know how to treat cryptocurrencies. I can see why people just trade in cash and don't declare it but I'm trying to do this legally and fairly. I don't have a lot of them, a friend transferred me a few ages ago and I've only just taken an interest recently after downloading the wallet and seeing how it all works.

If anyone has found an efficient way (whilst still declaring it, or making it easy to declare!) could they share please.

Thank you,

Financial

Comments

  • frondono on 14/06/2017 - 10:10
    +2

    https://www.btcmarkets.net/

    • Bobby123 on 14/06/2017 - 10:22

      Thanks, hadn't seen this one. Reviews say it only does BTC but I can see ticker has ETH, ETC etc?

    • d-hunterz on 14/06/2017 - 10:44

      Do you have to pay any sort of fee when you convert your ETH or ETC to AUD in your bank.

      • Mika1234 on 17/06/2017 - 21:57

        No fee, just trading fee on sell from eth-aud. Starts at 0.85% and goes down as your trading volume increases

  • idonotknowwhy on 14/06/2017 - 10:30
    +2

    https://www.livingroomofsatoshi.com/
    No Verification of identity required.
    I use this for my mining profits 2x / week.

    So ETH goes directly to AUD into your bank account. You aren't exposed to BTC in the middle, and you can declare it.

  • centennial on 18/06/2017 - 14:33
    +1

    I can vouch for btcmarkets. I am using it for a while. You can transfer money in your AUD in bank directly.

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