Bitcoin
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Re: Bitcoin
Ask Bob n Bev, just don't jump in before research.
Queen of the Banal & OT chatter and proud of it. If it offends you then tough titty titty bang bang.
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Re: Bitcoin
Be extremely careful who you deal with when purchasing and investing as well as who you get to hold your bit coin safe. There are a lot of very powerful scammers out there, many linked to overseas mafia type organisations, you don't know you've been had until you try to get the Bit Coin back from the "Safe Storage" and find you no longer actually own any Bit Coin ......
T1 Terry
T1 Terry
A person may fail many times, they only become a failure when they blame someone else John Burrows
Those who struggle to become a leader, rarely know a clear direction forward for anyone but themselves
Those who struggle to become a leader, rarely know a clear direction forward for anyone but themselves
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Re: Bitcoin
Family member risked a couple of thousand $ quite a while back, a long while back. Just bought two adjoining apartments in Melb for $3.1 Meg and $3.6 Meg. Only gamble with the money you can afford to lose.
Iza
Iza
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Re: Bitcoin
Wayne.
Just remember that any gains will be counted as income and you will need to declare it for tax.
It could affect your pension.
Best to talk to an accountant.
Just remember that any gains will be counted as income and you will need to declare it for tax.
It could affect your pension.
Best to talk to an accountant.
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- Posts: 2699
- Joined: Wed Jan 23, 2013 3:36 pm
- Location: Tocumwal on the Murray river
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- Posts: 24722
- Joined: Fri Nov 23, 2012 6:12 pm
- Location: Strathalbyn SA
- Been thanked: 37 times
Re: Bitcoin
Good returns today
Queen of the Banal & OT chatter and proud of it. If it offends you then tough titty titty bang bang.
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Re: Bitcoin
Taxation rules within the Australian tax system are quite limited in their scope and coverage in regards cryptocurrencies. Govt is still playing catchup. The volatility of Crypto is a problem, especially if you declare a profit to the ATO on 30 June (any year) and the coin then tanks on the 1st Jul. There are plenty of examples of a 100% profit on one day becoming a 110% loss a couple of days later. Aust tax rules can drive you into bankruptcy as a consequence of the vagaries of the market and the rigidity of a Financial Year, 1 Jul to 30 Jun next calendar year. Of course you can consolidate (Sell) on 29 Jun and get back in (Buy) on the 1st Jul, but prices can move a lot in a couple of days.
Research before investing in any Crypto needs to include gathering information on a range of tax bill buffering and tax minimising structures. Off Grid buying and selling is another area full of pitfalls. Putting crypto on a Debit Card and immediately spending that value across borders is a way of effectively minimising the spread in Buy/Sell prices for foreign currency.
Iza