Australian Crypto Exchange currently offering one of the better signup bonuses - particularly given no deposit is required. Integrates with Koinly for ease of tax reporting.
Offer currently stacks with the Referral Links if you hit one link after the other.
UPDATE: Reports coming in that conditions of the offer have now changed. Sincerely hope that people were able to take advantage of the deal before this change occured.
Referee and referrer each get A$10 worth of Bitcoin credited to your Swyftx accounts after referee makes a trade within 30 days of signing up.
Signed up and waiting as well. Previous posts say people received between instantly and 5 minutes.
Some people also said they needed to live chat. So took a few screenshots.
I used an affiliate code instead of this promo code. Hit support up and they just added the $50 worth to my account.
I don't think you thought that through.
If BTC halved in valued, they would have to give you more BTC.
Classic Boomer post from serp.
No idea on crypto
More worthless BTC though, so same $50 value.
Touche
Hahaha this logic..
Missed the gravy train, hey? There, there. Must feel pretty silly all those times you probably told other it’s no real etc etc
"Contact us once verified to have promotion applied and we'll confirm your attendance at the Finnies"
EDIT: Got my BTC after 1 hour, Threw it on a gambling website, won $500, cashed out through coinspot. Hopefully that makes up for a bit of the loss by them changing T's & C's…Bad move Swyftx.
do you need an ABN for a referral (to be added here)
no
anyone received their $50 yet? curious to see how quickly it comes through before signing up
Do you have to be gold verified to get the bonus (or will silver be ok?)
Just signed up. Nothing came yet. 15 mins ago.
Still waiting 1 hour later so dont hold your breath!
Don’t worry, the BTC is travelling as fast it can to your wallet, it’s the new age revolution.
"Contact us once verified to have promotion applied and we'll confirm your attendance at the Finnies" as per link. :)
That sounds like they are going to only apply the promotion to people who physically attend the Finnies?
Perhaps the bonus will come through once they start work, still early hours in the morning
Damn, turns out I already signed up to this one back in April.
First time I've logged in since, seems my $15 of bit coin is now worth $14.15. HODL?
HODL eheheh
lucky you didnt check 4 weeks ago lolz.
Big high sell low.
Signed up but nothing came up as yet.
Damn it I signed up a few weeks ago when it was only $20 😔
ditto :(
Same here
Dang, I did the $20 Bathurst one a few weeks ago. On the plus side it’s at $24.73 this morning 😄
What are the tax implications of this $50?
Do your own research. Don’t take the advice from randoms on the internet for tax advice. ATO and cryptocurrency can be confusing in their definition of what’s personal use and what’s investing. An over simplified summary is it depends if you spend it immediately or if you keep it for ‘a while’.
But again , do your own research. Ultimately it’s your responsibility.
Just wanted to know if it's considered a capital gain or not? I know how tax works regarding cryptocurrencies, but go off.
Do your own research, but I would think the taxation implications will be when you sell the $50 worth.
when you sell the $50 worth.
Not just sell. Also when you buy something if the value has increased and you didn’t spend it almost immediately.
@PainToad: You don't pay CGT unless there is a capital gains event. Selling for example would trigger one. The value of BTC increasing or decreasing does not trigger CGT.
The value of BTC increasing or decreasing does not trigger CGT.
If you don’t sell/spend it, it’s not capital gains.
But as soon as you sell it (convert it to AUD, another currency or another cryptocurrency) or spend it (give it in exchange for a good or service) and if the value is higher at that point than compared to when you first purchased it, then it’s capital gains and is taxed if not deemed personal use (which is defined by how long it’s been since receiving it and spending/selling it).
Just wanted to know if it's considered a capital gain or not?
As I’ve already answered, it can be if they deem it an investment. Again, do your own research, it’s not a simply yes or no question.
yep, the ATO really needs to make their "guidelines" on what is personal and investment a whole lot clearer. HODL for a week then buy something with crypto, personal or investment? how long is a piece of string? haha - see, what is considered a short period and a long period of time?
Here's some extracts from https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-c…
Where cryptocurrency is acquired and used within a short period of time, to acquire items for personal use or consumption, the cryptocurrency is more likely to be a personal use asset.
However, where the cryptocurrency is acquired and held for some time before any such transactions are made, or only a small proportion of the cryptocurrency acquired is used to make such transactions, it is less likely that the cryptocurrency is a personal use asset. In those situations the cryptocurrency is more likely to be held for some other purpose.
During a period of ownership, the way that cryptocurrency is kept or used may change (for example, cryptocurrency may originally be acquired for personal use and enjoyment, but ultimately kept or used as an investment, to make a profit on ultimate disposal or as part of carrying on a business). The longer a cryptocurrency is held, the less likely it is that it will be a personal use asset – even if you ultimately use it to purchase items for personal use or consumption.
I think HelloOzB's question is a bit different.
To me, it's more similar (but possibly different) to the question: is the $40 sign up bonus from Shopback subject to capital gains or not?
@videlity: The Shopback bonus isn't because they're paying you cash AUD, which isn't volatile like a digital asset and doesn't change in value. 1 AUD is always going to be 1 AUD.
If Swyftx was giving you $50 AUD and not $50 BTC it would also not be subject to CGT, but they are giving you BTC so therefore when you sell it to fiat or exchange to another cryptocurrency, CGT is triggered.
That $50 BTC is not treated as income when you first receive it though.
Not professional advice, DYOR etc etc but that's my understanding of how it works and it's the way Koinly does it for me.
@bonezAU: Appreciate the response and discussion.
I don't think that's entirely correct. That's not what capital gains is or mean. It's not just for acquiring assets/digit assets but also fiat currency.
So I would think that if swyftx gave $50 AUD it would be subject to capital gains as well.
I think the reason why shopback isn't subject to capital gains is different (but that's another story).
I think the $50 BTC would be subject to capital gains. But my understanding is it would be treated more like "interest" since there's no cost base for it. That is, the capital gains event is when you acquire it, not when you dispose it.
Same disclaimer: not professional advice and DYOR :)
So I would think that if swyftx gave $50 AUD it would be subject to capital gains as well.
I'm not sure about this bit, but maybe someone else will have a comment on it.
I think the $50 BTC would be subject to capital gains. But my understanding is it would be treated more like "interest" since there's no cost base for it.
Koinly marks something like this as a "Reward". It has 0 cost basis, but when you dispose of it the CGT is calculated and will be the difference between the price when you received it and when you sold it.
Lets say you received 1 BTC as a reward when BTC was worth $20,000 and you sold it when BTC was worth $50,000.
CGT would be payable on the $30k profit. If you held on to it for more than 12 months, you'd be getting a 50% discount meaning you'd in theory only be taxed on $15k profit.
Again, this is just my understanding. The ATO themselves often aren't even sure around some things in the crypto space. If you are ever bored and feel like killing a few million brain cells on a Sunday afternoon, grab a bottle of whiskey, head over to the ATO community forums and search "crypto".
@bonezAU: I've looked at a couple of responses on the ATO forums.
From reading there, the capital gains from staking rewards is treated as capital gains when acquired. That's why I considered the reward as a CGT event.
https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-c…
That's where I got my understanding of rewards.
@videlity: You have to be smart to avoid CGT especially if you have high crypto balances.
You could take out a loan against your crypto
Use a card like crypto.com debt cards and make all your purchaces via the card.
I see I’m being voted down by the kiddies who want crypto but don’t want to do their own research on the tax implications.
Fine, don’t listen to me. Don’t do your own research. Then complain when you get audited.
It’s the ‘hold my hand’, ‘nothing is my problem’, ‘someone else do it’ generation’s way.
You've been here for a long time, mate. Surely after 13 years of being down-voted you should realise it's because of your abrasive approach to every interaction.
it's because of your abrasive approach to every interaction.
Being direct isn't abrasive. But sorry if I offended anyone.
@PainToad: Don't worry about it so many petals out there these days simply disagreeing with them no matter how diplomatic or polite response will be considered abrasive.
I'd be very disappointed if my tax dollars was being spent by the ATO to employ someone to chase up unpaid tax on $50 of free bitcoin.
There’s no threshold for reportable capital gains on cryptocurrency. It’s all reportable if it’s not deemed personal use (which is based on how long you hold the currency, not how much of the currency you have).
would you agree the "how long you hold it for" part is not always clear, since how long is no longer considered personal use?
Perhaps the ATO should just consider any gains earned on crypto to incur CGT regardless of how long you hold for, to make the whole debate less confusing.
Savings in a bank account earn interest daily, reported monthly, why not just treat crypto the same and be done with the hassle.
@PainToad: do you have a link to that example?
Edit - I think I found what you were referring to on the same ATO page I posted earlier
Example 2
Peter has been regularly keeping cryptocurrency for over six months with the intention of selling at a favourable exchange rate. He has decided to buy some goods and services directly with some of his cryptocurrency. Because Peter used the cryptocurrency as an investment, the cryptocurrency is not a personal use asset.
@simplerick: That example shows why the whole CGT thing on crypto is so stupid. Reword it a bit:
Peter has been regularly buying cryptocurrency for over six months with the intention of buying something. Then he got sidetracked for a bit, but eventually decided to buy some goods and services directly with some of his cryptocurrency. Because Peter bought the cryptocurrency to buy something, but held it for a bit first, what the hell is this according to this dumb set of laws written by Boomers with 3 brain cells?
@jorf: yeah, what makes it confusing is like Peter could have bought new crypto during the end of that 6 months and disposed that portion immediately, yet the ATO wording their says he had been regularly keeping crypto for over 6 months, so which portion of his crypto would be subject to CGT at disposal? LOL
@simplerick: Depends on which way you are working out gains/losses, FIFO, LIFO or HIFO. Crypto is more or less treated the same way stonks are by the ATO.
As opposed to what? Wouldn’t be a good system if they have a minimum amount set before they dig deeper.
Signed up, nothing yet.
The site is legit, but is the signup bonus??
I haven't got mine yet, but I'll wait for a bit and then raise it with them.
Neither
It actually worked in the end. Credited $50
$50 of BTC >> 1.6M Shiba #shibaarmy
Every sh1tcoin has its day.
Thats why my 100 investment is now 10k
Every ozbargainer has their day too
Ive been investing $20 to $50 in new coins , you loose money but one will rise. Most recent successful investment is Flokinomics. Still waiting to see if baby floki billionaire is any good (100B coins lol). There is also $SHEEP i might throw in a couple of $$
It’s a decent strategy. I’ve heard of guys buying hundreds of small coins on exchanges and settings a sell order to 3,4 or 5x their investment and making easy money. I on the other hand have very sad stories of rookie mistakes and selling multi million dollar investments for far less because of inexperience,doh! Wish I still had my LINK ICO tokens I paid 12 cents each for ….
@[Deactivated]: I havent been selling. I just buy up. If i loose 30 bucks, then be it. However if its pumped then thats a few grand. Like the lotto, but one coin is eventually going to make you rich.
With my Shiba, wont be selling until it reaches min $0.001 (400B market cap)which is achievable, then i can build my new home lol . I highly doubt it will ever reach $0.01 which is trillions in market cap . SHIBA would have to burn half the coins if we ever were to reach the 1c target.
@easternculture: Yeah that’s a good strategy. I wish I had that patience in 2017. They donated half of the total supply t Vitalik worth billions and he gave it all to charity. He explains it in a podcast. Crazy story what he had to do to donate it. have my eyes on helium(HMT). Ergo. Solana. Avalanche. Plenty of grow room there.
This is where my $50 is going. Crypto now is finding the next stunner.
Minor gains to be made in the est coins and the huge swings make them just as risky…
Wait a bit, u might get 2M+ with the same amount soon :))
About to throw another 2k in Shiba so will wait a bit
Sweet, definitely worth signing up for that bonus.
In the swyftx affiliate site.
Copy/paste.
You can also Update your Affiliate Link using the below
Click "Assets" from the menu on the left hand menu.
Once there, you can click the Advanced button on the right hand side.
Click the pencil icon to edit your REF ID and enter the text that you wish to appear in the affiliate link.
I remember a thread like this late 2016/early 2017 telling everyone to buy Ethereum. It was around $12 at the time. I didn't listen.
Buy Chainlink.
Would have made 29,000% return on that if you listened!
I'm patiently waiting for my LINK bag to go off
Where is the best place to buy chainlink?
Hmm. So I was credited only $15 worth. Used OzB referral link.
UX sucks. But for $50 why not.
Now this is what I call a real referral and to make people notice you! The other Oz platforms needs to step up too!
What does this mean on the front promo page:
"Contact us once verified to have proimotion applied and we'll confirm your attendance at the Finnies"
They literally spelled promotion wrong… what is this place
Do I have to go to whatever the Finnies are to get the 50 squids?
lol just saw that.. sounds like no one is getting their 50
Can't even find an efficient way to contact them
so what you're saying is, everyone just gave their KYC information out for no reason
Got mine via online chat. The person credited manually
Phew. Glad I waited.
That was not there 20 minutes ago LOL
"Contact us once verified to have promotion applied and we'll confirm your attendance at the Finnies"
Either it means they apply the promotion then they will enrol us in the Finnies or they will apply the promotion "after" they confirm we have attended ?? so what is it.
Seems they are one of the sponsors : https://www.thefinnies.org.au/sponsors-partners/
Who knows, but now I'm curious so I signed up for the Finnies event as well - seems to be free anyway.
With 2100 clicks on this post, assuming 1500 signed up means $75,000 worth of Bitcoin (just above 1 coin though )
highball assumption imo haha
not working for me
The supplied email or phone number is unavailable. Please correct any errors and try again or reset your password.
$10 is the normal signup bonus, hopefully everyone gets at least that …
Thanks
Signed up to Finnes award show just for the fiddy, free attendence. Did not get any confirmation email from them. Will see if they send anything before I sign up with Swyftx.
I was really happy to see that my $20 free Bitcoin from swyftx a few weeks ago was up by 25%. But if I had waited for this offer it would’ve been like a 150% increase over $20. Hard to feel happy about that 😫
"Signup and verify for $50 of Bitcoin on us!
Looking for Spin to Win? No need to get lucky.
Contact us once verified to have promotion applied and we'll confirm your attendance at the Finnies"
I think we'll all have to ruin live chat's quiet day to get the $50, reply time is about 30 min at time of writing…
1hr and waiting.
they've come back with
"Unfortunately, the Swyftx $50 promotion is only meant for attendees of the Finnies awards as you may have seen on the advertisement.
As a show of good faith, we'll be more than happy to credit $20 worth of BTC into your account right now and you should see this in your account in the next 20mins. This is $10 more than the usual sign up live campaign that we are currently running."
eh, $20 is fine i'll see what it's worth next year.
Signed up thanks, any idea on how long to receive the BTC? Still waiting,