Any Australian based ferners know about CGT/Crypto?
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@jegga said in Any Australian based ferners know about CGT/Crypto?:
@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@SammyC said in Any Australian based ferners know about CGT/Crypto?:
“Your mate” should pay to consult an accountant.
If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.
I don’t think he can claim them as they’re the wrong financial year.
He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.
Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.
Very true, I did try to no avail. Vegan Gains also got him into the Messiah (Jordan Peterson) but has been negative about him recently ... which is like having his parents fight to my mate.
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@jegga said in Any Australian based ferners know about CGT/Crypto?:
@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@SammyC said in Any Australian based ferners know about CGT/Crypto?:
“Your mate” should pay to consult an accountant.
If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.
I don’t think he can claim them as they’re the wrong financial year.
He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.
Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.
Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy
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@SammyC said in Any Australian based ferners know about CGT/Crypto?:
@jegga said in Any Australian based ferners know about CGT/Crypto?:
@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@SammyC said in Any Australian based ferners know about CGT/Crypto?:
“Your mate” should pay to consult an accountant.
If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.
I don’t think he can claim them as they’re the wrong financial year.
He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.
Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.
Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy
He’s an Arab trying to get Australian citizenship so he can move to the US. I never claimed he was smart. Plus, he’s in IT. 😏
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@SammyC said in Any Australian based ferners know about CGT/Crypto?:
@jegga said in Any Australian based ferners know about CGT/Crypto?:
@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@SammyC said in Any Australian based ferners know about CGT/Crypto?:
“Your mate” should pay to consult an accountant.
If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.
I don’t think he can claim them as they’re the wrong financial year.
He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.
Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.
Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy
Exactly, takes advice from a nutcase who mocks terminally ill cancer patients but not an actual professional.
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@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@SammyC said in Any Australian based ferners know about CGT/Crypto?:
@jegga said in Any Australian based ferners know about CGT/Crypto?:
@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@SammyC said in Any Australian based ferners know about CGT/Crypto?:
“Your mate” should pay to consult an accountant.
If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.
I don’t think he can claim them as they’re the wrong financial year.
He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.
Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.
Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy
He’s an Arab trying to get Australian citizenship so he can move to the US. I never claimed he was smart. Plus, he’s in IT. 😏
Is this the Palestinian? If he's this easily influenced by garbage he sees on the internet you should probably consider moving out.
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@jegga said in Any Australian based ferners know about CGT/Crypto?:
@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@SammyC said in Any Australian based ferners know about CGT/Crypto?:
@jegga said in Any Australian based ferners know about CGT/Crypto?:
@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@SammyC said in Any Australian based ferners know about CGT/Crypto?:
“Your mate” should pay to consult an accountant.
If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.
I don’t think he can claim them as they’re the wrong financial year.
He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.
Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.
Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy
He’s an Arab trying to get Australian citizenship so he can move to the US. I never claimed he was smart. Plus, he’s in IT. 😏
Is this the Palestinian? If he's this easily influenced by garbage he sees on the internet you should probably consider moving out.
Yep, he doesn’t live here anymore though.
He’s actually fairly normal outside the YouTube rabbit hole and the love of USA, if slightly depressive.
I’m just going to tell him to get a loan and pay it, although I suspect he probably has the cash tucked away TBH.
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@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@NTA So I assume you've just been letting it sit and not transferring between different cryptos.
On the ATO forums there's all these guys who have 100s of trades in a short amount of time on exchanges who didn't realise they had to account for them all.
A mate of mine who is balls-deep (close to divorce) in crypto was shitting himself about that.
I treat it like cash accounting i.e. it's only profit when you actually realise it into cash.
The fluid value of crypto has a lot to do with this. Trading between different types might involve profit or loss so tracking that is a fucking nightmare in actual dollar terms.
I've made a couple of little trades between cryptos, but don't bother tracking it until it his my bank account.
Put cash in, take cash out. Profit or loss, taxed accordingly.
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@NTA said in Any Australian based ferners know about CGT/Crypto?:
@Nepia said in Any Australian based ferners know about CGT/Crypto?:
@NTA So I assume you've just been letting it sit and not transferring between different cryptos.
On the ATO forums there's all these guys who have 100s of trades in a short amount of time on exchanges who didn't realise they had to account for them all.
A mate of mine who is balls-deep (close to divorce) in crypto was shitting himself about that.
I treat it like cash accounting i.e. it's only profit when you actually realise it into cash.
The fluid value of crypto has a lot to do with this. Trading between different types might involve profit or loss so tracking that is a fucking nightmare in actual dollar terms.
I've made a couple of little trades between cryptos, but don't bother tracking it until it his my bank account.
Put cash in, take cash out. Profit or loss, taxed accordingly.
Your way makes sense, my mate didn't even do any background research about the tax implications but I think he honestly believed he wouldn't have to pay tax on it. He bought into the anti govt shtick of the pro crypto YouTubers/websites.
It took him at least two weeks to track down all his transactions and one of the exchanges, in NZ actually, went belly up so he was actually lucky to get the info on those transactions.
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@Nepia the Christchurch one that got hacked/looted?
Vegan gains for crypto advice!!? Oh dear
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@Paekakboyz said in Any Australian based ferners know about CGT/Crypto?:
@Nepia the Christchurch one that got hacked/looted?
Vegan gains for crypto advice!!? Oh dear
I'm not sure, he said bankrupt, but I know nothing about it so not sure.
I think Vegan Gains led him to crypto youtubes and sites and they're the ones I presumed he used for advice.
