Bro wants to go legit, every post with the reasonable advice of "just pay the taxes you owe" is down voted, every comment above water is a varient of "lol just don't tell the tax authority".
Allegedly it's PC optimisations and his "business" is making $1000 a day now selling his optimisation script to people. Honestly the whole post is probably a scam to bait people into DMs where he can sell a course.
It absolutely is. There's nothing in his post history that suggests he's making this kind of coin and just within the last year he's posted about flipping counterfeit products from China. He's a scammer.
This is actually quite brilliant. If I was the taxing authority I'd probably also post to all of the crypto forums and allow people who are in favor of committing tax fraud to identify themselves in the comments.
The easiest way to do this is use the transaction record of the wallet, and let tax office know.
They know what to do.
And most likely, they will let a former 16-year old get off the hook quite easily, but declaring it as income once sold will create a LOT of mess.
Also, don't forget the relative taxation rate in the ages 16-18 is quite low, whereas declaring $150k as income when you're already at a full income - will give you a much worse tax bracket.
Ah, those problems that only exist by relying on a tech basically designed for tax evasion ...
Turns out the government likes primarily to get its money that it's owed, and secondarily likes it done on time and on the up and up. But first, second, and third priorities are get paid.
Not under Australian tax law, no. You pay income tax on the value of the crypto when it hits your wallet, and if you hold onto it and the value goes up, you pay capital gains tax on the difference in value. In this case, those two events would be in different tax years, so you can't do any shenanigans with it. On the plus side, we get a 50% discount on our capital gains tax for assets held over 12 months.
In the US you would have to pay the cash value when you received it as income initially. Along with capital gain on any increase in value when you sell it
You owe taxes when you file from income earned in the past year. Also capital gains on net profit. You can amend back returns with the additional income you were supposed to pay taxes on. There will be an interest penalty but you won't face criminal charges by admission.
This reminds me of a post, IIRC, made in one of the finance subreddits several years back from a young man had the Aussie tax authority breathing down his neck and needed some help explaining where his $450k came from. Oh, and how could he avoid paying the tax on a sudden income of 450K?
So, wait, why did he withdraw the $450k in one go? Oh, he wanted to buy a "supercar".
Had he thought about things like insurance, registration, and maintenance costs? Of course not!
So, why did he want to buy a supercar instead of paying off a house, education, or other prudent use of a large sum of cash? He wanted a supercar so he could get a girlfriend, because chicks dig a guy with a fancy car.
(And yes, he had made that kind of $$$ by selling drugs on the dark net.)
(And yes, I am kicking myself for not having bookmarked the post, because holy shit was it the most perfect intersection of cryptobro and teenaged boy thinking with the little brain.)
Just get an accountant to file the taxes for you. The IRS won't come after you if you come clean and pay everything you owe, but if they find out before you pay they might come after you for tax evasion
The best bit was there was an accountant telling OP not to disclose his non KYC bitcoin to their accountant. Amazing display of professional ethics there. Also the entire story reeks of bullshit. Can't find the post anymore, looks like it was deleted.
How about contacting a fucking bank? I bet they are salivating over the potential interest gains while probably knowing ways minimising the taxation for selling it.
and why wouldnt they. taxes are theft, period. the eye arr ess is a criminal enterprise and did nothing that puts them in the position where they have the right to my money or your money. f*** the eye r s, f*** taxes.
File the change in both your country and in Singapore.
Stay there at least half a year, in a rentes flat, until the law in your country requires it.
Get a Singaporean Visa and ID.
Go to any local bank or even an online bank that works with crypto.
Open a bank account on your Singapore ID and residence.
After your state confirms the change of fiscal residency in a written form, wait 1-2 weeks more.
Ramp down your crypto assets to the new Singapore bank account. Pay 0% income tax and capital tax in Singapore, after filling out your tax report there, declaring the crypto income.
Come back in your country, transfer from your Singaporean account to your local bank, or keep spending directly from their Visa card.
Send an anonymous "fuck off" letter to IRS.
Total cost of living there half a year and spendings etc is ~15k to 30k USD depending on your life style.
For anyone wondering, this is completely legitimate. The tax report on Singapore is going to shield you from any tax in your country that they may ask you since you realized that profit in Singapore.
For added safety, just spend money from your Singaporean account.
Transferring money to your local country bank will generate an IRS report that could lead to investigation over the source of your income (even if you can offer proof for the money, it is better to avoid tax agents).
"In Singapore, there is no capital gains tax on cryptocurrency for individual investors, making it a very tax-friendly environment for crypto trading. However, if you trade frequently or receive crypto as payment for goods and services, your profits may be subject to income tax"
You can pick from any of the multiple crypto friendly and zero income tax countries out there.
Why is it an issue that they don’t want to pay taxes? You do? I’m so confused. Bootlickers like you would have been tarred and feathered by our founding fathers.
The person being discussed is Australian, so US rhetoric doesn't apply.
And as a Canadian, I'm quite happy to pay taxes towards things like roads and healthcare, if the alternative is the "tax (the rich) less, spend more" boondoggle I see south of the border.
Maybe canadian tax money goes to roads and healthcare. US tax money goes to illegal immigrants, israel, ukraine, quality learing centers, lgbt pride festivals in foreign countries, i could go on and on.
Someone will contact him offering help, just to steal all his information and keys, that’s the crypto community paradise.
Joke's on them, the whole thing is undoubtedly made up.
"selling digital products" huh what kind of shady paid out only in crypto business was this guy involved in?
Allegedly it's PC optimisations and his "business" is making $1000 a day now selling his optimisation script to people. Honestly the whole post is probably a scam to bait people into DMs where he can sell a course.
It absolutely is. There's nothing in his post history that suggests he's making this kind of coin and just within the last year he's posted about flipping counterfeit products from China. He's a scammer.
I made over a $1000 a day with this one neat trick.
Give me a thousand dollars and I'll tell you how.
$1000? But I wanted a peanut.
Thanks for checking. Sure sounds like a bait and switch bragging about having over "$150,000" in crypto.
it rhymes with "porn"
Man those corn futures are something else!
Could be tons of stuff.
Courses, RMT for various games, drugs, porn, movies...
Anything illegal
This is actually quite brilliant. If I was the taxing authority I'd probably also post to all of the crypto forums and allow people who are in favor of committing tax fraud to identify themselves in the comments.
The federal government is not that smart lmao
Can't you just declare all as income once you sell it? Maybe not the most optimal way but feels like the simplest.
Or just write to the tax office and ask what to do
The easiest way to do this is use the transaction record of the wallet, and let tax office know.
They know what to do.
And most likely, they will let a former 16-year old get off the hook quite easily, but declaring it as income once sold will create a LOT of mess.
Also, don't forget the relative taxation rate in the ages 16-18 is quite low, whereas declaring $150k as income when you're already at a full income - will give you a much worse tax bracket.
Ah, those problems that only exist by relying on a tech basically designed for tax evasion ...
Turns out the government likes primarily to get its money that it's owed, and secondarily likes it done on time and on the up and up. But first, second, and third priorities are get paid.
Not under Australian tax law, no. You pay income tax on the value of the crypto when it hits your wallet, and if you hold onto it and the value goes up, you pay capital gains tax on the difference in value. In this case, those two events would be in different tax years, so you can't do any shenanigans with it. On the plus side, we get a 50% discount on our capital gains tax for assets held over 12 months.
Good to know, I guess it is very country-specific. For me both taxes should be the same, but no idea how different years impact that
In the US you would have to pay the cash value when you received it as income initially. Along with capital gain on any increase in value when you sell it
You owe taxes when you file from income earned in the past year. Also capital gains on net profit. You can amend back returns with the additional income you were supposed to pay taxes on. There will be an interest penalty but you won't face criminal charges by admission.
Crypto bros are all proud leeches and would rather make no money at all than pay a cent in taxes.
This reminds me of a post, IIRC, made in one of the finance subreddits several years back from a young man had the Aussie tax authority breathing down his neck and needed some help explaining where his $450k came from. Oh, and how could he avoid paying the tax on a sudden income of 450K?
So, wait, why did he withdraw the $450k in one go? Oh, he wanted to buy a "supercar".
Had he thought about things like insurance, registration, and maintenance costs? Of course not!
So, why did he want to buy a supercar instead of paying off a house, education, or other prudent use of a large sum of cash? He wanted a supercar so he could get a girlfriend, because chicks dig a guy with a fancy car.
(And yes, he had made that kind of $$$ by selling drugs on the dark net.)
(And yes, I am kicking myself for not having bookmarked the post, because holy shit was it the most perfect intersection of cryptobro and teenaged boy thinking with the little brain.)
$5 Wrenches can be claimed as business expenses
Just get an accountant to file the taxes for you. The IRS won't come after you if you come clean and pay everything you owe, but if they find out before you pay they might come after you for tax evasion
The best bit was there was an accountant telling OP not to disclose his non KYC bitcoin to their accountant. Amazing display of professional ethics there. Also the entire story reeks of bullshit. Can't find the post anymore, looks like it was deleted.
Reddit at 17: “They’ll never find me.” 😎 Reddit at 18: “So hypothetically… what are the penalties?” 😬😂
Wow. He made more than $150000 through crypto. I’ve been missing out. How can I get a piece of this action?
For $10,000 I can show you how you too can be a sca… I mean savvy business person. Yeah that’s it.
How about contacting a fucking bank? I bet they are salivating over the potential interest gains while probably knowing ways minimising the taxation for selling it.
and why wouldnt they. taxes are theft, period. the eye arr ess is a criminal enterprise and did nothing that puts them in the position where they have the right to my money or your money. f*** the eye r s, f*** taxes.
Go to Singapore. Change your fiscal residency.
File the change in both your country and in Singapore.
Stay there at least half a year, in a rentes flat, until the law in your country requires it.
Get a Singaporean Visa and ID.
Go to any local bank or even an online bank that works with crypto.
Open a bank account on your Singapore ID and residence.
After your state confirms the change of fiscal residency in a written form, wait 1-2 weeks more.
Ramp down your crypto assets to the new Singapore bank account. Pay 0% income tax and capital tax in Singapore, after filling out your tax report there, declaring the crypto income.
Come back in your country, transfer from your Singaporean account to your local bank, or keep spending directly from their Visa card.
Send an anonymous "fuck off" letter to IRS.
Total cost of living there half a year and spendings etc is ~15k to 30k USD depending on your life style.
For anyone wondering, this is completely legitimate. The tax report on Singapore is going to shield you from any tax in your country that they may ask you since you realized that profit in Singapore.
For added safety, just spend money from your Singaporean account.
Transferring money to your local country bank will generate an IRS report that could lead to investigation over the source of your income (even if you can offer proof for the money, it is better to avoid tax agents).
Singapore doesnt have 0% income tax
"In Singapore, there is no capital gains tax on cryptocurrency for individual investors, making it a very tax-friendly environment for crypto trading. However, if you trade frequently or receive crypto as payment for goods and services, your profits may be subject to income tax"
You can pick from any of the multiple crypto friendly and zero income tax countries out there.
Why is it an issue that they don’t want to pay taxes? You do? I’m so confused. Bootlickers like you would have been tarred and feathered by our founding fathers.
I actually enjoy driving on roads, my kid getting a quality education and Medicare for when we need it.
Yeah because that’s where all our taxes go. Look at my response to some Canadian lol
https://www.ato.gov.au/individuals-and-families/your-tax-return/your-notice-of-assessment/tax-receipt you can see a breakdown there of what Australian taxes are spent on.
The person being discussed is Australian, so US rhetoric doesn't apply.
And as a Canadian, I'm quite happy to pay taxes towards things like roads and healthcare, if the alternative is the "tax (the rich) less, spend more" boondoggle I see south of the border.
Maybe canadian tax money goes to roads and healthcare. US tax money goes to illegal immigrants, israel, ukraine, quality learing centers, lgbt pride festivals in foreign countries, i could go on and on.
You could indeed go on, making an even greater idiot of yourself.
Because i’m wrong??? Your ignorance is astounding.
You one of the ones yelling "we executed one of you"? Not only are you ignorant, you support murder. Trash.
What the fuck are you talking about? You need medication.
Read the news
So if you’re so against ICE u should be against paying taxes
Taxes pay for schools, roads, emergency services etc. I like taxes.