Coinspot has increased their referrals to $20AUD for Valentines day
Get $20AUD to start trading
A$10 worth of Bitcoin for referrer and referee.
I have been using them for a very long time, withdrawal times have improved as well fairly recently. Paypal i think was also just added.
its ok to buy as much as you can but as soon as you sell or trade crypto you get hit with tax.
That doesn't sound like its specific to this platform, unless you recommend using a no-kyc dex.
Russian platforms are the best you can trade all you like and they can't tax you.
That pretty much applies to any investment asset. But, yes, there are some ATO wrinkles associated with crypto.
As someone who has no idea about this stuff. Is this free money?
A$20 worth in bitcoin, but requires you to create and verify an account.
haha maybe if i don't know much about bitcoin i shouldnt do this.
Cause it just leads me to 10 more questions.
I think the opposite, this is perfect for someone who doesn't know anything about bitcoin. You got nothing to lose. Even the $1 you put in can be withdrawn later.
You'll then have $20 of Bitcoin that could lead to you learning more about Bitcoin. Or you can forget it for a while and sell it for $40 in a year or two.
@R-Man: I think so to. If anybody has held from the first deal back in 2020 they have $180-200 from the $20.
@R-Man: This is what I would recommend too. Don't see the point of going through registration, KYC, depositing money just in order to pull out $20 (probably $19.xx in reality). I'd leave it there, and hopefully not forget about it! Maybe add to it in some regular way in micro amounts.
@Charlie Dont Surf: Yep. Also added bonus of now having an account on Coinspot if next time they wanna buy some time-sensitive crypto. Me personally im wondering when $ALBO will launch.
Opposite. This will cost you money.
Normally when you do your tax, you don't have to fill out the crypto part .
Now you will.
Accounting extras will be more than the $20.
I swear crypto has been created purely for taxation.
Every time you swap, stake, sell..it's a taxable event. Even if you lose money, tax is payable. Ie. Staking. Let say you stake 1000 coins @$1 each at 10% ($100 'gain').
Then that coin drops to $0.50.
You now only hold $550 worth. But need to pay the full $100 tax value.
Let say that coin goes to zero, or close to it (and 99% of the alts will). Full tax payable.
Who is really at the crypto helm?
Incorrect
Staking income is always payable at collected value.
If you unload the coin (at a loss), you can claim a capital loss for a future gain…but that staking income still must be paid. As it is income, not a capital gain.
If you chose to hold and not sell. Staking income is still payable in full.
Definitely correct. Been through an audit.
Had a coin staked that got 'hacked'. Went to zero. Tax still payable on the full pre hack staking yield. Have a capital loss carry over for future gains. But again, needed to find the funds to cover the tax.
Had a coin staked that got 'hacked'. Went to zero. Tax still payable on the full pre hack staking yield. Have a capital loss carry over for future gains. But again, needed to find the funds to cover the tax.
I swear crypto has been created purely for taxation.
Every time you swap, stake, sell..it's a taxable event.
This is 101 in investing and tax.
That's no different to getting dividends, swapping or selling selling stocks. And then the stock cratering to say $0 or getting scammed by a meme stock at time of disposal or earning dividends. You will still have triggered a CGT. This is not a uniquely crypto thing all the things you described. You realised a profit or loss and you triggered a CGT event.
Or would you have preferred to pay tax on unrealised profits instead? Careful, as that is what the AusGov is toying with, especially super balances over a certain amount.
@Lucille Bluth: Very much the same as shares. But very different in changing currencies. I don't pay any capital gains when I visit Bali, then pay again when I return back to Aus.
As for paying unrealised profits. Thats exactly what happened.
I bought $2k worth of coin x. Staked it for 6 months at a rediculous yield (60% or something like that).
Then it got exploited. Portfolio and yield value went to $0.40 over night.
Tax man still wants the full 60% of the $2k.
So I'm $2k down, holding an asset worth zero…plus a $500 tax bill!
The same could happen with shares.. BUT.. BUT there is regulation and scrutiny.
If a share bombs it goes into a trading holt and gets investigated. Babcock and Brown are still under investigation from 2008 (almost 20 years).
Crypto on the other hand. Free game. Exploiter takes almost a $billion (this let blows my mind). How can any human all of a sudden gain $1 billion without any suspicion. Hence I think governments etc are playing with people.
This exploit was 100% an inside job. They walked away with $$$… I got a tax bill.
Massive fundamental differences between shares and crypto.
Crypto is all about "banks and regulation is bad"… It's not banks or regulators…it's people!… People are bad. Humans are inherent scum. If it's not your family.. exploit them. So you need to realise this space is all about exploiting. Drain someone else's bag to fill yours. Do whatever it takes (no regulation watchdog..free game)
So basically you are playing share market with regulation of a Nigerian Prince.
.
Can never seem to verify my account with any of these crypto deals.
Do you need to share your personal details (such as driver license) to be able to open an account with them and get the $20 worth BTC?
yes it's required, there is some information here.
https://www.coinspot.com.au/learn/the-significance-of-kyc-an…
Thanks, I wonder sometimes….
People been using crypto to make non-traceable transactions; but to open an account you would share your personal details - wouldn't this defeat the purpose?
Genuine question here. Thanks
Ledger is public for bitcoin, it's possible to trace every transaction that's on the network.
https://btcscan.org/
You can get bitcoin without buying by mining it, back in the early days you could use a CPU these days you need expansive hardware.
This is a centralised exchange based in Australia, centralised exchanges are highly regulated here, meaning it must have proper reporting and follow all the Australian laws including financial and anti-money laundering laws. Centralised exchanges form only one part of cryptocurrency, there are many other ways in crypto to make what you call non-traceable transactions.
You need to give them a photo of yourself holding your license and with a piece of paper with your signature on it.
I can confirm it worked for me
their withdrawls to bank accounts are instant also. (depending on your bank of course)
Thanks OP. Any other good deals like this?
Coinbase & Revolut have simple paid to learn crypto feature. There are referrals with Revolut but it's only paid one way up to $140AUD targeted. Coinbase doesn't require a referral.
Is this rewards still going ?
can confirm instant BTC 0.00012719
Can confirm, it works!
Relatively expensive commissions 😔
An FYI that will hopefully help someone - If you hold onto your crypto for 12 months or more, and you're an Australian resident for tax purposes, you're entitled to a 50% discount on any capital gains you make. Straight from ATO website.
TLDR: HODL
Anyone applied for residency in another country to work around the high capital gains tax from ATO?
It’s not that simple unfortunately. If you send 183 or more days in Australia, you’ll be taxed here. Regardless of where else you are a tax resident.
And it's not even that simple, if you have any ties at all in Australia family, investments, assets you can still be taxed in Australia despite living overseas.
Not a bad Aussie platform - 0.1% commission for Markt Orders - although liquidity is on the thin side especially for alt-coins.