This was posted 3 years 1 month 21 days ago, and might be an out-dated deal.

Related
  • expired

Crypto.com Australian Virtual Visa Card, Stake $500 CRO for Free Spotify Premium & 0.5% CB with Ruby Steel

1842
Crypto.com Australian Virtual Visa Card, Stake $500 CRO for Free Spotify Premium & 0.5% CB with Ruby Steel
Go to Deal
easternculture on 01/11/2021 - 16:44 crypto.com (3916 clicks)
Last edited 03/05/2022 - 10:16 by 1 other user

Just got the email that crypto.com now are issuing aussie debt visa cards. The are starting with virtual but will soon have physical cards.

Also stake $500 worth of CRO for free spotify premium and 2% 0.5% Cashback with ruby steel card.

Update 1 May 2022: Cashback for Ruby Steel Card reduced to 0.5% (Was 2%)

Notes:
This card is issued by Foris GFS Australia Pty Ltd, holder of Australian Financial Services License No. 467462 (AFSL) issued by the Australian Securities and Investments Commission and a license from Visa Worldwide Pte Ltd.
Please go to Crypto.‌com Visa Card - Rewards for more details about card benefits and perks.

Referral Links

Referral: random (252)

Up to US$200 worth of CRO cryptocurrency for referrer & referee after referee completes the following in the first 30 days.

Receive US$40 worth of CRO with $100 worth of crypto trade in the first 30 days.
Receive US$60 worth of CRO with $50 deposit and use it in crypto trade in the first 30 days.
Receive US$100 worth of CRO with reservation of a metal crypto.com card in the first 30 days.

Turn off adblocker when attempting to obtain a referral link

Entertainment Cashback Cryptocurrency Debit Card Music Streaming Prepaid Card Spotify VISA

Related Stores

Crypto.com
Crypto.com
Spotify
Spotify

closed Comments

        • donkeyhokey on 01/11/2021 - 19:37
          +4

          Ah so it's more like a prepaid debit card. You're not directly purchasing with CRO, just the cashbacks are deposited in CRO.

          Thanks that's very handy information!

          • FredAstair on 02/11/2021 - 10:43

            @donkeyhokey: Which is great for vendors like amazon.com.au who are now forcing people to pay 0.5% for use of credit cards.

            They refused my CROVisa card recently but after persistance I was able to now use it.
            (Which should pavé the way for anyone else who wants to use this card there).

            • aragornelessar on 02/11/2021 - 11:16

              @FredAstair: That's what I was considering getting this for - unless Suncorp can pull themselves together and fix my issue with purchasing gift cards.

              They refused my CROVisa card recently but after persistance I was able to now use it.

              Do you mean you had to contact support for it to be allowed, or it eventually worked?

        • peuwayaqdq on 04/11/2021 - 07:55

          Since this is prepaid visa, there won't be any credit check, will there?

  • Tuttorix on 01/11/2021 - 16:57

    How long is the Spotify Premium for?

    • Slippery Otter on 01/11/2021 - 17:03
      +7

      Until you decide to unstake your CRO

      • Tuttorix on 01/11/2021 - 17:06

        I wonder if this is $500 AUD or $500 USD of CRO.

        • Slippery Otter on 01/11/2021 - 17:10
          +1

          $400 worth of CRO. Used to be $500

          • SaveTheManuals on 01/11/2021 - 17:36

            @Slippery Otter: Isn't it $500 AUD worth of CRO now

            Edit: I guess you meant it was $400 USD before and now $500 AUD is an option.

          • Innately Incognito on 02/11/2021 - 00:13

            @Slippery Otter: What happens if the market rate of CRO fluctuates? Is it only required at point of locking? Or would you actually need to top up?

            • Nom on 02/11/2021 - 10:45

              @Innately Incognito: It's only at the point of locking, doesn't matter what happens to the value after that.

        • bonezAU on 01/11/2021 - 17:57
          +1

          It is $500 AUD for the Ruby tier.

          • FredAstair on 02/11/2021 - 12:22

            @bonezAU: Weird. As I literally just upgraded to Jade for $4000AUD.
            Even on their website it statesm$500 for Ruby?

            • bonezAU on 02/11/2021 - 12:29

              @FredAstair: Does that include the $500 you already had staked for the Ruby?
              Perhaps you only needed to purchase another $4000 worth, however if you're a new user off the street you need to stake $5000 AUD for Jade/Indigo.

              The tiers for Australian cards are here.

  • Creamsoda on 01/11/2021 - 16:58

    wow thats cheap. i remember when they started it cost nearly $5k-$10k for a card with MCO the CRO airdrops each months are awesome. i've got my physical card for over a year. what's so different with this one?

    • Slippery Otter on 01/11/2021 - 17:03
      +1

      The card is issued in Australia instead of Sinagapore. So it should be easy to top up the VISA card in aussie dollars.

      • chriise on 02/11/2021 - 12:54
        +2

        Will my SGD card auto move to AUD or do i need a new card?

  • Attlas on 01/11/2021 - 16:58
    +6

    I've been with them for 5.5 months and am still yet to receive my ruby steel card. Proceed with caution, this is genuinely one of the most useless companies I've ever had the displeasure of dealing with. My six month stake requirement is almost over and I still haven't received a dime of my Spotify reimbursments or my card!

    • Slippery Otter on 01/11/2021 - 17:05

      Yeah that sucks! My friends are also waiting but they are happy they brought CRO at around 16c so they will keep the stake for the 10% interest. Atleast they can unstake anytime after 6 months.

    • joeiwu on 01/11/2021 - 17:07
      +1

      Whilst I totally agree that their communication and support can be very horrendous at times, hopefully you would have had your virtual card enabled today. They seem to be prioritising those that have staked, but have no physical cards.

    • easternculture on 01/11/2021 - 17:12
      +5

      They are now issuing virtual cards, so you could possibly get it immediatly

      • FredAstair on 02/11/2021 - 12:26

        Correct.
        I just received a notification about this being commenced yesterday.

        Mind you.. I just upgraded to Jade tier and when I asked them how long it would take to process they stated it could be 2 days.

        I was only messaging them this morning about it (when I had them assist me with the process), and yet I did just use the existing Ruby card I have at a café minutes ago and it wasn't cancelled yet.

        I'm assuming it's recently gained popularity and there could start being a back log.

        So if keen I'd definately suggest staking for this asap atm.

    • JohnJA on 01/11/2021 - 17:12
      +1

      My brother in law got his within 2 weeks of applying a few months ago.
      But I’m still waiting weeks later …

    • tagin on 01/11/2021 - 17:31
      +2

      They must have been waiting for the Australian version to get approved.
      I was the same but i got mine today!

      • FredAstair on 02/11/2021 - 12:26

        I've been informed yesterday it has now been approved.

    • tabboo on 01/11/2021 - 19:00
      -2

      yeah, im the same, not a fan of the support or the company.
      good ideas in theory, but in practise it feels like it's being run out of a sweatshop

      • FredAstair on 02/11/2021 - 12:32

        I think your comment is very misleading.

        As another person put it, it was a start-up business. And as with most start ups they take a bit of ironing out to do with their processes.
        I did hear they recently employed another 2000 people in their business.
        Also they do a bucket load of advertising at present.
        Mostly around big sporting events.
        Also they just released an advert deal with Mat Damon, so I think they are going quite weep tbh.

        I inky bought in with them in March this year when their coins were worth $0.19 each. They now teeter around $0.28 each even in a bear market.

        I believe they're just about to allow Americans to use this platform, so I'm hoping this will then push this coin up exponentially soon (note: they're not bitcoin and so they may only get to $1 a coin, but at that price their value will be 5 times what I paid for them).

    • janster on 01/11/2021 - 22:13
      +1

      I can confirm that if you go through chat and show them your netflix and spotify payments, they will refund you from when you first staked

    • G-rig on 02/11/2021 - 03:36

      Thought you had to stake for 6 months first before getting the card?

      • Nom on 02/11/2021 - 10:46

        No.
        You get the card as soon as you start the stake.

        • FredAstair on 02/11/2021 - 12:47

          Sorry. Not entirely true.

          Yes you get the card benefits immediately.
          The card is dependant on distribution factors and other factors. Such as the recent issues with Australian based cards (as cards were previously Singapore issued cards).
          And yes, thee are posts about disgruntled Australian people having waited up to 6 months for their cards to arrive.
          With the introduction of the virtual card now this might be a thing of the past.

          I staked in March 2021 and got my card around a month later.
          So getting benefits of tap and go with the card were a non event until the card arrived. But now I use it basically everywhere we go.
          Prior to this card we were using our joint account from HSBC as it had a 2% cashback from purchases.

          The HSBC card cashback was limited to purchases less than $100. So you can picture me doing things like paying bills in $99 amounts and asking the checkout operator to put through my groceries in separate payments, but it was worth the cashback (although 2% is small it adds up).

          The staking amount is required to remain staked for that 6 month period.
          Yes you can remove it after 6 months, but you do lose some of the cards benefits so a no brains for me.

          To me it seems a clever business model.
          With the more people stake for the cards the more the coins increase in value.
          As stated earlier here, when they open to the American market, all I can see is a bucket load more staked amounts for cards. Which would influence the coin value positively.

          Oh… And on a side note..Not sure if already mentioned here) but for the tiers from Jade and above you earn interest in that staked amount….
          Compare that to a bank or financial society, and I challenge you to find one that will pay you 10% Back on your $4000 on a 6 month period.,or even a greater period tbh.

          Yes.. Like any other crypto coin it could devalue over time, but with 10% earning in the background I think that would negate most of that decrease. Although I believe in this company (also did my homework) and I don't see it going down tbh.

          I can't see me taking out my $4000 stake after the 6 months is complete.

        • G-rig on 02/11/2021 - 12:51

          Only the virtual card I think, physical card after 6 months?

          • Attlas on 02/11/2021 - 16:08

            @G-rig: You are supposed to get the virtual card quickly, and the physical shortly after. Unfortunately my experience has been receiving neither after nearly 6 months despite several forays into their support team and telegram groups…

    • isthisreallife22 on 02/11/2021 - 11:15
      +2

      I got mine yesterday h applied in August. I think they were waiting for the Aus card to be issued. Ah well at least my stake increased by 75%

      • FredAstair on 02/11/2021 - 12:49

        Kudos..

        Yes my coins, I bought at around $0.19 cents each and the rest of mine were earned through the 2% cash back and their massive yield superchargers and Other stake options.

        As they're worth $0.28 each now I'm happy with that 4% increase on my CRO coin investments.

  • garygaz on 01/11/2021 - 17:09
    +2

    got to admit buying a platforms bespoke crypto and having it escrowed seems a little off. guess if people think the bonuses are worth it is is up to them, but it seems like some weird system where people are essentially giving them short term working capital?? very odd

    • tajid on 01/11/2021 - 17:13
      +3

      It's a marketing promotion and makes sense from their POV. More people buying and staking increases the price of CRO token.

      • blighst on 01/11/2021 - 17:27
        +1

        If the ploy is just to increase the price of the token… More people need to come in to allow the profit on the token to be realised…. Rinse and repeat

        Sound familiar?

        • netjock on 01/11/2021 - 17:35
          +2

          Sound familiar?

          Nope. New sucker born every second.

        • FredAstair on 02/11/2021 - 12:50

          And yet it's not yet opened to American public.

          Frankly I'm waiting with baited breath over this next stage..
          I see it as a huge one.

        • Karma-D on 04/11/2021 - 20:43
          -1

          Yes, the banking sytem.

          edit: Or the whole capitalism system for that matter.

    • indomatic on 01/11/2021 - 22:13
      +2

      The company owns the supply so customers aren't giving them anything. They are utilising their token for marketing to attract users to their platform. Incentivising users to stake means they lock up supply while giving themselves runway to build customer loyalty. You don't need to "escrow" your funds at all if the benefits don't appeal to you.

    • Innately Incognito on 01/11/2021 - 23:50
      +4

      Unsure if you're a crypto investor but this is extremely common in the crypto world.

      Centralised exchanges, decentralised exchanges, and things like crypto-based travel agencies all have their own tokens that generally offer rewards for holding/staking.

      • FredAstair on 02/11/2021 - 12:52

        But as good as this one?

        I'm getting 12.35% Back on some of my CRO coins through their défi app.
        And I'll now get 10%APY on my newly staked $4000 for my Jade card.

        Obviously I'd be keen to kmow a system, that is better than this one.

        Do you kmow of any?

  • Joz2988 on 01/11/2021 - 17:15
    +1

    For the current users, how did you deal with taxes with increases in values of crypto while you held it?

    • easternculture on 01/11/2021 - 17:26
      -4

      As long as you keep it in crypto or stable coin, you dont have to worry

      • ds311 on 01/11/2021 - 18:16
        +8

        Wrong. The benefits are treated as income. https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-c…

          • seboya on 01/11/2021 - 19:31
            +12

            @easternculture: Incredibly wrong.

            As soon as you earn any rewards from staking, at the time of staking rewards being issued, they are treated as income at that time. Cap gains from then on.

            So if you earn 100x CRO from staking worth $0.50 each which are awarded to you on October 1st, and sell them for $200 on October 2nd, you've got taxable income of $50 on October 1st, and $150 of cap gains from October 2nd.

          • ds311 on 01/11/2021 - 19:42
            +4

            @easternculture: No I mean when you receive a staking reward, for example additional CRO. This is considered taxable income. If you read the terms and conditions you'll find you don't technically receive the subscription you recieve a reimbursement for the subscription in CRO and therefore this is subject to income tax.

          • Lucille Bluth on 01/11/2021 - 20:23
            +4

            @easternculture: Staking rewards are taxable, even if you don't dispose them. The ATO even discuss this and provide an example

            Example 1

            Anastasia holds 50,000 NULS tokens, which she stakes to a NULS pool as a premium staker. Anastasia receives additional NULS tokens when her pool participates in consensus, including a small payment of tokens from the node leader for supporting their node.

            The money value of the additional NULS tokens Anastasia receives is assessable income of Anastasia at the time the tokens are derived.

            The cost base of Anastasia’s additional NULS tokens will be their market value at the time they were derived.

            Further read in the link below
            https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-c…

            • BoundedRationality on 01/11/2021 - 22:02
              +6

              @Lucille Bluth: ATO already called out crypto as a target this year too. A lot of cryptobros about to get a very unwelcome letter in the mail as well as learning a lot about taxation me thinks…

            • samehada on 09/11/2021 - 09:57

              @Lucille Bluth: How about cashback reward? Is it taxable income?

              For staking reward, even if you don't sell it you still need to pay income tax based on the value at the time you received it? What if the value drop at the time you do the tax return?

              • Lucille Bluth on 09/11/2021 - 16:51

                @samehada:

                How about cashback reward? Is it taxable income?

                Usually not.

                For staking reward, even if you don't sell it you still need to pay income tax based on the value at the time you received it?

                Correct. As per example from ATOs website I quoted from

                What if the value drop at the time you do the tax return?

                It does not matter. What matters is at time of realising the loss when selling. The staking rewards are just considered as income at time of receiving them. Realised gains or losses get triggered when you sell.

                I am not an accountant by any means, so DYOR.

                • samehada on 09/11/2021 - 18:26

                  @Lucille Bluth: so do you get CGT for cashback rewards CRO when you sell it? but if you do how do they define the capital gain since you didn't use fiat to buy it.

                  • Lucille Bluth on 09/11/2021 - 18:49

                    @samehada:

                    capital gain since you didn't use fiat to buy it.

                    It is considered income at the price it was when it was acquired.

                    Then when you sell it is either a realised gain or loss at the price you received it at originally.

                    That is my understanding, definitely best to ask in the ATO community forum or an accountant. I don't trade, just hold all my Bitcoin and will use it as collateral to get loans so no CGT from selling in future when I do this.

                    • samehada on 09/11/2021 - 19:13
                      +1

                      @Lucille Bluth: https://community.ato.gov.au/s/question/a0J9s0000001IHcEAM/p…

                      Found my answer, so cashback is not classified as income tax but you will have to pay CGT when you sell it. If you sell it after 12mth then you can apply 50% CGT.

                      • Lucille Bluth on 09/11/2021 - 19:48

                        @samehada: So that mirrors my understanding. Cheers

                        1 distinction:

                        1) cashback rewards are different to
                        2) earning interest from your crypto assets such as through Celsius or staking which to me appears to definitely be considered income and should be reported as such

        • balloontree on 02/11/2021 - 08:32

          The money value of the additional NULS tokens Anastasia receives is assessable income of Anastasia at the time the tokens are derived.

          The cost base of Anastasia’s additional NULS tokens will be their market value at the time they were derived.

          Can I understand it as when you get the rewards and sell it immediately, it's 0 tax? Because cost base and sell price matches?

          • aragornelessar on 02/11/2021 - 09:00
            +1

            @balloontree:

            Can I understand it as when you get the rewards and sell it immediately, it's 0 tax? Because cost base and sell price matches?

            If the cost base and sell price were exactly the same and didn't fluctuate in between yes. But the ATO will still view it as income, so you'll pay tax at your marginal rate (which is likely a better rate, but still a tax nonetheless)

            The money value of the additional NULS tokens Anastasia receives is assessable income of Anastasia at the time the tokens are derived.

          • reubenb87 on 02/11/2021 - 09:31

            @balloontree: No because you receive the rewards as 0 cost base, but you would have some sell base.

      • Janko on 01/11/2021 - 20:17

        Joz didn't ask about rewards. Easternculture's answer was correct (assuming he/she meant 'the same crypto')

        • easternculture on 01/11/2021 - 20:23

          yep same crypto

          now i realise your talking about staking

          • Janko on 01/11/2021 - 20:25

            @easternculture: Well Joz didn't mention staking - you simply answered the question Joz asked.

            • easternculture on 01/11/2021 - 22:41

              @Janko: i will never convert my crypto to AUD.
              Wont be paying CGT .. sorry tax man

              there are other way to spend your crypto

              • Janko on 01/11/2021 - 23:41
                +1

                @easternculture: Well unless it's from an every day type transactional crypto account, you've got a CGT event upon spending it too.

                Plus all the little CGT events simply from the change in price of an intermediary coin (typically stablecoin) when used to buy something without an AUD pairing.

                $0.02 thank you.

              • Lucille Bluth on 01/11/2021 - 23:44
                +2

                @easternculture: Doesn't need to be converted to AUD to be a CGT event. Could also be

                1) converting to stablecoins
                2) other currencies

                Etc

                • easternculture on 01/11/2021 - 23:50
                  +2

                  @Lucille Bluth: i use a wallet now in pancake swap for new coins that can potentially moon.

                  also use hotbit where kyc is not required

                  any mooning coin will either be in a reliable software or hardware wallet.

                  if i ever get rich from them, i will be leaving to a tax haven country lol

                  • Lucille Bluth on 02/11/2021 - 06:44

                    @easternculture: I hear Kucoin and swap features in some others wallets specific to staking for coins is good too ;0)

                  • gromit on 02/11/2021 - 08:15
                    +2

                    @easternculture: So long term goal of tax fraud lol. FYI when you leave for a tax haven country that is actually a taxable event too, but obviously if long term goal is tax fraud it can be done as long as you intend never to return and ensure it is a country that has no extradition treaties.

                    • easternculture on 02/11/2021 - 09:48

                      @gromit: Apparently its legal.

                      Many people and companies who got rich from crypto are moving or already living in Puerto Rico , Its a tax haven as long as you live there 6 months per year.

                      The governments know about it and theres nothing they can do about it.

                      Puerto Rico is a US territory, which means that all income generated in Puerto Rico is exempt from additional US federal tax. Other tax advantages: Under Act 22 (Individual Investors Act), qualifying Puerto Rico residents are 100% exempted from capital gains tax

                      • rektrading on 02/11/2021 - 10:46

                        @easternculture: Portugal, Singapore and Hong Kong are also good places to move to protect one's assets from the feds dirty hands.

                      • gromit on 02/11/2021 - 18:51

                        @easternculture: Its legal on the Puerto Rico side, BUT you still have a tax debt when you cease making Australia as your primary residence and that debt is calculated based on as if you sold all the assets when moving. Moving overseas or relocating is in itself a taxable event in Australia.

                        • rektrading on 02/11/2021 - 18:56

                          @gromit: People that are making life-changing gains in this bull run should make a Plan B and buy a 2nd or 3rd passport now while they can. This will make it easier and quicker to change domicile when the time comes.

                          • gromit on 02/11/2021 - 19:06
                            +1

                            @rektrading: well yes. If your plan is to dodge tax then better have very well thought out plans in advance and be very aware of all the countries in the world you need to avoid visiting for the rest of your life. Personally if I score such a huge life changing amount I would just swallow my disgust at giving so much to government and move on, There is no amount that is large enough to be life changing while at the same time is also small enough to make me want to become a wanted criminal to avoid paying a percentage to government.

                            • rektrading on 02/11/2021 - 19:17
                              +1

                              @gromit: A Plan B is to protect ones wealth using tax avoidance that is both legal in Australia and other countries.

                              People can set up LLC or INC in foreign jurisdictions like Hong Kong, the Caribbean, Portugal, Singapore, etc, and operate their trading desk under local tax laws.

                              This type of tax avoidance is quite popular among high ranking government officials like the former PM of Australia.

                              • gromit on 02/11/2021 - 19:27

                                @rektrading: yes but that sort of tax avoidance takes considerable money to begin with. Not really easy for someone that is hoping to one day strike it rich.

                          • easternculture on 02/11/2021 - 19:08
                            +1

                            @rektrading: ive got a dual passport already. maybe a permamant residency in puerto rico if crypto makes me a multi millionaire "dreamimg" lol

                            • gromit on 02/11/2021 - 19:30

                              @easternculture: doesn't solve your problem, you need to make your tax arrangements before you make your millions not after if what you want to do is legally avoid tax.

                              • easternculture on 02/11/2021 - 19:53

                                @gromit: i dont think ill ever get rich , its good to dream though 🤣🤣🤣🤣

                                if i ever get rich it would be from my millions of shiba, but they are already on binance

                  • tunzafun001 on 02/11/2021 - 10:31

                    @easternculture: There's a wallet in Pancake Swap?

                    As for buying anything in Pancake Swap (usually with BNB), that purchase triggers a CGT event.

                    • easternculture on 02/11/2021 - 11:38

                      @tunzafun001: Trust Wallet via Pancake swap.
                      No KYC
                      Fully Anonymous

                      Also as mentioned earlier, hotbit.io does not require KYC so go nuts. Bought myself a huge bag of kishomoto inu from there, gas fees on uniswap are ridiculous

                      • tunzafun001 on 02/11/2021 - 11:54

                        @easternculture: Ah, I see what you are saying. I guess the ATO could check your wallet address on a random audit..could be trouble there. Without KYC hopefully they can't find you. I was using Binance for 6 months without KYC (the app worked, PC version said KYC is required).

                        But I totally get it, when you are buying new coins (especially with extra swaps required through PC swap), theres a lot of paperwork for absolute nothing with many of them bombing. Like the squid situation. You can't sell them, so you couldn't actually realise a CGT loss.

                        I'll have to check out hotbit. What do you buy via hotbit to use in PC swap?also, how do you put funds into it? If PayID, could it trigger an ATO audit (ie this guy is transferring AUD out via PayID into a non KYC exchange….lets have a look)?

                        • easternculture on 02/11/2021 - 12:16

                          @tunzafun001: i use hotbit for coins on ETH blockchain , because the gas fees are too high.

                          i use pancake swap for coins on BSC , gas fees are reasonable.

                          i Payid to binance, exchange to BNB and transfer to hotbit and my trust wallet. They can see money moving but they cant prove anything, well they actually can if they know my wallet address but that is private, they could only see my BNB address amd follow it, but the funds never go back to bnb. They would go from trust wallet to hotbit to usdT to tax haven bank account lol or BTC to purchace property in tax haven

              • Karma-D on 04/11/2021 - 20:47

                @easternculture: The exchange of one crypto token to any other is a capital gains event. Not just to fiat.

                • Lucille Bluth on 09/11/2021 - 16:56

                  @Karma-D:

                  exchange of one crypto token to any other is a capital gains event

                  It will be hard to prove realised gains when going through a DeX which is what easternculture was getting that.

      • FredAstair on 02/11/2021 - 12:54

        Not entirely true.
        Luckily I stated on March so my tax bill was bugger all.
        If you trade them for other coins it's taxable and if you sell them it's taxable.

        As I'm currently at 100% increase on my investment, paying tax on this would be a sweatable even for me yet.

    • Jimothy Wongingtons on 01/11/2021 - 17:37

      taxes?

      • Janko on 01/11/2021 - 20:21
        +1

        I estimate 1% at most will get taxation right, including those with crypto-savvy accountants. ATO can't even answer questions definitively on their site.

        • FredAstair on 02/11/2021 - 12:55

          Luckily I have a good tax agent,

          All I needed to do was to download my investment in a cvs format and send it to them.
          Was done 2 day later.

    • Malik Nasser on 01/11/2021 - 18:11
      +3

      There are only 2 taxes you need to concern yourself with in regards to crypto: capital gains (CGT) and income taxes.
      Capital gains are only realised when you sell or exchange the asset (so selling the asset for AUD or swapping the asset for another crypto coin).
      Income will need to be declared if you earned interest or received an airdrop. These will need to be calculated in AUD on each day the interest is earned.
      I am not a tax expert, but have done a reasonable amount of research on the subject. You will have to do your own research or consult a tax expert if you want more information.
      Cheers

      • R-Man on 01/11/2021 - 19:30

        Hi mate what do you think of www.koinly.io for calculating tax information?

        • Malik Nasser on 01/11/2021 - 22:31

          I dont have any experience with koinly. I did come across them when I was putting my tax together and was considering using them, however did not end up using them. Everything I read appeared ok.

        • Click_It on 02/11/2021 - 09:20

          My accountant likes it. Works well. There is another one, cryptotaxaustralia or something which is touted as good too

        • mooseca on 02/11/2021 - 11:12

          I tried to use koinly with my metamask wallet and pancakeswap transactions but it was no good. I am currently testing out free trial of cryptotaxcalculator and it seems to be getting the transactions right, I just need to manually upload my binance transactions to sort a few things out.

      • t0087669 on 01/11/2021 - 21:20

        How about the “cashback” rewards? Are they Considered as income as well?

Login or Join to leave a comment
Login Join