Crypto Tax Laws Aus and Cashout Method

chinanumberone on 13/01/2018 - 18:41
Last edited 13/01/2018 - 22:50 by 1 other user

Fast forward 6 months since my last crypto post and miraculously I've made some huge, HUGE gains in crypto!

As i was 16 at the time, I could not buy crypto so I mined $20 and since the past 2 weeks it has gone an unbelievable x1000! I got lucky because I put it all on PAC coin in the doge market and when it went past subsatoshi into the BTC market it exploded!

Now I am finding a suitable way to cashout. Honestly, as I am young and stupid, I have already cashed out a few K's worth using livingroomofsatoshi and did not consider tax. Do I have to worry about declaring that small amount since I am still under 18?
I have been researching, and me trading crypto means I need to pay CGT but from what I understand it is assessed as bonus income and if your annual income for the year is less than $18000, you don't need to pay tax. Does that mean I can withdraw freefully until the 18K threshold??
Also, if it does come to declaring my taxes, they require you to keep all transaction but I have hundreds of trades and I cannot understand how I can record all taxable events.

In addition to that my exchange, Cryptopia is pretty crappy and does not show the historical price at which I initially purchased the coin, only a timestamp, could I make up the prices according to historical snapshots on coinmarketcap? Could I maybe only declare that I've earned about 18K and withdraw all and not have to pay tax?

I need all the help I can get in this exiting field and now that I have a decent portfolio the next target is that Mil. Please if any accountants could give me some advice would be really appriciated :)

TLDR: Made serious money with crypto and don't know the cashout process, I'm also under 18

Financial

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Australian Taxation Office
Australian Taxation Office

Comments

  • Bohlen on 13/01/2018 - 19:33
    +2

    Seek advise from financial advisor or ask ATO directly to get an individual ruling for your circumstances, ( some aussies have done this already ).
    Or risk it and cash out them biscuits.
    Advise will vary greatly depending on who you ask.

    Also have a read of Practical guide to crypto 2018 ( Australia ) if you haven't already,
    http://bit.ly/PGTC218

  • dfaktz on 13/01/2018 - 19:34
    +3

    snip If you'd like - Join a bunch of us fellow ozbargainers on the CryptoCurrency Australia Discord, we get this question almost daily and I'm positive you'll get some help on this post-haste. snip

    We're just a bunch of folks connecting the newbies to the veterans and filling the gaps inbetween, with the mission of making everyone line their e-pockets with digital gold.

    Link is https://discord.gg/eFtQ3RK - snip

    snip - Just saw post history and you're from a pump n dump group, Sorry. Goodluck with the taxes, Very nice going at your age.

    snip

    • chinanumberone on 13/01/2018 - 21:19

      Not from one brother, just saw youtube videos making 1500%

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