What's the optimal strategy for someone with around $1000 or even less, to begin trading cryptocurrencies today?
@mirandaryan2365
3 ай бұрын
You need a pro or very goodTrader. Someone like Stephany Reuben
@AlisonKhar
3 ай бұрын
Almost gave up due to constant losses, but Steph turned my luck around
@GalexDixon
3 ай бұрын
I went from 10k to 148k with Steph. Thanks to that i paid off my debts
@DevinNovak-vh2cx
3 ай бұрын
Leveraging market changes is a remarkable talent Stephany has
@BenHaynes-pj4wm
3 ай бұрын
how can i get ahold of her?
@Recon777x
2 жыл бұрын
You know, I had the full summary of ATO rules on crypto in an ATO Community article... Then they took it down. It would be a whole lot easier for us to be tax compliant if they would just keep their information straightforward and not remove it from the web. Thanks for making videos explaining things. Hopefully some of this will come in handy.
@DavieMach
2 жыл бұрын
ugh, we feel you. The ATO has been quite slow with cryptocurrency rules...
@MrO4awesome
3 жыл бұрын
Thanks explained alot, I'm going to be a long term holder so will pay CGT when I cash out in few years time.
@DavieMach
3 жыл бұрын
Best of luck!
@amoc1618
2 жыл бұрын
The most clear explanation of crypto tax I've found online, thanks Davie.
@DavieMach
2 жыл бұрын
Thank you 🙏
@teodoragarbo7296
3 жыл бұрын
Waiting for this bro
@DavieMach
3 жыл бұрын
Thanks for watching!
@andycumming272
3 жыл бұрын
awesome video man.... simple and easy to understand thanks a million bro
@DavieMach
3 жыл бұрын
Thanks for watching mate!
@fordy655
5 ай бұрын
Can you do one on Ethereum and how it would be taxed
@PeterAcrat
2 жыл бұрын
Great video. Thanks mate!
@DavieMach
2 жыл бұрын
Thanks!
@albertoscaalberto
3 жыл бұрын
Nice explanation !!!
@DavieMach
3 жыл бұрын
Glad it was helpful!
@michaelkaz6923
2 жыл бұрын
Very informative. In Regards to selling cryptos and tax, is inflation weighted against it. Eg. Fuel is $20 a litre and I sell 1 million in btc. In relative value it's like $50grand but does the tax department see this?
@DreamFirms
3 жыл бұрын
Learned a lot from your content!
@DavieMach
3 жыл бұрын
Thanks mate!
@harvanikalolo4741
3 жыл бұрын
Thankyou so much for that you make it so much easier to understand.
@DavieMach
3 жыл бұрын
Glad it was helpful!
@Andrew-he5gj
2 жыл бұрын
Good video thanks, you quickly brushed over the mining part. NiceHash for example isnt mining is people renting your computers power and you are paid for this power in BTC. How would this work?
@cryptotipsassist551
2 жыл бұрын
☝️Text me now on what'sapp for more info.
@benben4311
2 жыл бұрын
G'day would love to hear about gifting crypto in Australia . As I wanted use AUD to buy USDC and immediately send to my son's Metamask wallet .Then he would instantly change it to RFOX . Would I pay any tax if the USDC had not gone up , would he pay tax if the USDC has not gone up ?.
@tongle438
3 жыл бұрын
Hi Davie Mach can you help me find 1 reliable tax crypto in Sydney accountant please. Thank y
@craigbosel7887
3 жыл бұрын
a great clear presentation ... many thanks!
@DavieMach
3 жыл бұрын
cheers mate !
@Recon777x
2 жыл бұрын
It would be super helpful to have a comprehensive video explaining how a crypto MINER needs to do taxes. I have a medium-sized mining operation earning about $70 AUD per day worth of bitcoin. The areas of confusion mostly revolve around unrealized gains and whether we need to pay income taxes on coins we mine that we have not yet sold.
@reidcarter2223
2 жыл бұрын
Hi Recon 777, I'm thinking of setting up a mining operation, would you be willing to offer some advice, regards Reid.
@afrosamuri05
2 жыл бұрын
I need help with this question in regards to clarity. So to my knowledge and what other sources are telling me is you only pay the full CGT on crypto when you make gains and transfer the profit from your crypto trading account to your bank and that's classified as a CGT event. If you hold your profits in your trading account for 12 months or more then transfer it over to your bank then you only subjected to 50% CGT. Is this correct?
@Dwight1990
4 ай бұрын
If I’m bitcoin hodler, should I declare to ATO?
@Philb666666
9 ай бұрын
Hi. I trade. Very small amounts. Into the exchange i use. Cash account. And then buy other crypto. Is the sale into just the exchange cash account regarded for tax purpose potential capital gain or loss ? Its not actually going to my bank account. Thanks
@benben4311
2 жыл бұрын
Hello is a cross chain exchange's classed as a sale example ; Rfox on ethereum swapped to Rfox on Binance smart chain and would this effect the original purchase date .
@jayeh9847
3 жыл бұрын
Thanks mate! useful stuff
@DavieMach
3 жыл бұрын
Glad it helped!
@user-gm9jo7eu9m
3 жыл бұрын
Nice video!! Very engaging from beginning to end. Nevertheless, businesses and investment are the easiest way to make money irrespective of which party makes it to the oval office..
@williamscyril9404
3 жыл бұрын
Stocks are good crypto is better
@estherfx6193
3 жыл бұрын
@Poppy Niamh That won't bother you if you trade with a professional like Mr Richard Gerald
@user-br3zi4pf5g
3 жыл бұрын
@Callum Moore Yeah
@sharonwilliams314
3 жыл бұрын
My first Investment with Mr Richard Gerald me profits of over $24,320 US dollars and ever since then he has Been delivering
@doreencarlos9014
3 жыл бұрын
He's obviously the best I invested 2000USD with him and in 9 days I made a profit of 9101USD
@jakewilmott9863
2 жыл бұрын
Love your videos! If I’m staking crypto? Is that the same as lending? And I need to pay tax on the profit I make? But it’s better if I stake the crypto for a year so I get a 50% discount????
@DavieMach
2 жыл бұрын
Hi, it’s best to seek professional advice as a range of variables can affect the end result here.
@RayWood-yd2gn
4 ай бұрын
Thanks for the video, this has made things a lot clearer for me👍, How can I get in contact with you for some other questions?
@scottcunningham5065
2 жыл бұрын
Great explanation young man. My Question is with Nodes such as Strong and passive income is there a point when it is benificial to setup a company
@DavieMach
2 жыл бұрын
Hi, it’s best to seek professional advice as a range of variables can affect the end result here.
@titanx04
Жыл бұрын
Scott, how did you go with Nodes? I’ve just started in aug and receive message when to buy up or buyfall, also ant miner making good profits . Think I need to see an accountant.
@koolsharma8020
2 жыл бұрын
Can u please tell us good crypto Accountant mate in Australia!
@Monty7hePython
2 жыл бұрын
Very helpful! Cheers!
@DavieMach
2 жыл бұрын
Glad to hear it!
@vimarkvimark982
3 жыл бұрын
Thank you
@DavieMach
2 жыл бұрын
You're welcome
@jameskelly6447
2 жыл бұрын
hi Davie ,i don't know how to go about this but hope you can shed some light on what I've been doing with bitcoin with a lady in miami florida since the start of last year just as covid19 struck the world .Ive never been sure if i was being scammed or not ,i hope you can help me out or give me some sound advice ?
@cryptotipsassist551
2 жыл бұрын
☝️Text me now on what'sapp for more info.
@DavieMach
2 жыл бұрын
Hi, it’s best to seek professional advice for this as it appears to be highly specific and a range of variables can affect the result.
@neilw5198
3 жыл бұрын
Well explained mate thanks. So wat if you loose money as a trader, can u use that loss to offset another business and claim on transaction fees 🤔
@DavieMach
3 жыл бұрын
You will have to look to see if you meet the rules for non commercial losses
@cybericing
2 жыл бұрын
Great video. I just subscribed. Retail transactions using Bitcoin, such as the purchase or sale of goods, does that incur CGT?
@DavieMach
2 жыл бұрын
If you are an investor yes it does! It’s strange how the ato doesn’t see crypto as currency
@dimitriostsouflidis5791
3 жыл бұрын
How do you work out the buys an sells for crypto currency’s and 500 plus accounts in your business tax schedule also opening and closing stock values
@DavieMach
3 жыл бұрын
use the koinly or alternative software
@gibbo4173
2 жыл бұрын
Thanks mate
@DavieMach
2 жыл бұрын
NWS Thanks for watching
@abdosamy8906
Жыл бұрын
Thank you so muuuuch very valuable info 👏 I'm currently on tourist visa which doesn't allow me to work (hence I don't have TFN) but I started to trade on Binance P2P. Do you know if I should declare taxes or not? Thanks
@DavieMach
Жыл бұрын
Hi Abdo, as you are a tourist and the income is not derived in Australia, you do not need to lodge Australian taxes.
@AB-nw9bm
3 жыл бұрын
Ok currently new investor started in January bought and sold few times. What's best app or website that can calculate all my purchase and sells. This is really confusing mate. Your help will be appreciated.
@DavieMach
3 жыл бұрын
We heard Koinly is a good software
@the-matrix1111
2 жыл бұрын
Great video Davie. I'd like to ask in regards to the 50% discount on CGT. Say I purchased a new token on 1st August in private sale as in 2BNB. Then on whitelist launch on 20th August, purchased another 3BNB. The owner/dev airdropped the total 5BNB tokens on 30th August 2021 to my wallet Then a year later, I sell them all and if I want to be eligible for 50% CGT for 1 year, which date is counted as 1 year exactly for 50% tax discount? To my understanding, is it counting as on 30th August 2021 (given this is the date he airdropped all the tokens to my wallet?) and if I sell 30th/31st Aug 2022, I would be eligible for 50% CGT? or?
@ashektube
2 жыл бұрын
Does the gift method also apply for gifting to friends(non-family) members? If not, what happens then?
@DavieMach
2 жыл бұрын
Hi, it’s best to seek professional advice for this as it appears to be highly specific and a range of variables can affect the result.
@rohittkrr
2 жыл бұрын
taxes is such a pain
@DavieMach
2 жыл бұрын
hahaha, for crypto, i do have to admit - its quite painful
@abbas.22
2 жыл бұрын
Hello brother thank you for a nice explanation I have a question I am a daily trader I buy and sell in a day about five to ten times and I make small profits or losses every time and sometimes I withdraw some money to my personal expense and sometimes I deposit some money to the Binance trading platform I want your advice please how are the taxes calculated in this case (Does every trade I made during the year need to be calculated)?
@DavieMach
2 жыл бұрын
Yes every time you trade crypto for crypto or cash for crypto
@abbas.22
2 жыл бұрын
@@DavieMach it's gonna be a long day to process 🤦♂️ thanks again
@1tansu1
2 жыл бұрын
I have a question. Lets say I have $5000 in crypto and I keep moving between coins every few days or weeks (Obviously this falls in to I'm trying to make more money from it). Some of my trades/swap are gains and some are losses but at the end of the financial year I'm under $5000 as total credit. Do I still pay tax on the gains? In theory I haven't made a cent.
@DavieMach
2 жыл бұрын
Unfortunately Australian tax rules are complicated and the answer is it depends. We can’t answer that with out knowing the specifics For example Let’s just say you invested $5,000 and then made $30,000 in one investment. You cashed out in the middle of the FY with $30,000. Then you made multiple investments after but they have all dropped to $4,000. But you have not sold by the end of the financial year. Technically in the eyes of the ato you only made a capital gain of $25,000 as you have not realised the losses yet.
@R3dnut84
2 жыл бұрын
Is 'selling crypto' withdrawing it from your wallet as AUD to actual bank account or transfering from crypto back to AUD(kept in crypto wallet) or both?
@DavieMach
2 жыл бұрын
selling crypto could be when you convert crypto to any other currency or another crypto. Eg. Btc to AUD, BTC to ETH, or ETH to BTC. All of the above scenario is considered selling crpyto. Transfer AUD from your wallet to your bank account is not considered selling crypto
@halo32133
3 жыл бұрын
Hi Davie, Thank you so much for this! I'm a crypto investor who invests in NFTs. Does this apply the same to me?
@DavieMach
3 жыл бұрын
Yes it does mate!
@ninapasqua5356
3 жыл бұрын
Thanks for the video! I’m an investor and plan to hold. I am currently staking my crypto and receive rewards every 5 days. Will I only have to pay tax on the rewards when I sell or do I have to pay income tax on them also, or is that only for traders? Thanks in advance
@DavieMach
3 жыл бұрын
Yes you pay tax on the value of the rewards even if you are an investor. I know it’s strange as you haven’t converted it to cash. It’s just how the tax system works….
@tzukanion1405
2 жыл бұрын
That's tough because you might get staking reward in a coin that loses value significantly before you cash out so you could pay more tax than the crypto was ultimately worth to you. This is not that unlikely considering the extreme volatility of crypto
@declanwhat
2 жыл бұрын
Make sure you wrap your tokens if applicable.
@apeqjr8690
2 жыл бұрын
when i have to pay tax? i already pay out 100 dolar.
@DavieMach
2 жыл бұрын
Sorry not enough info so we cant help you here
@apeqjr8690
2 жыл бұрын
i already withdraw my crypto to aud 100 dolar..so when i have pay tax?
@TJDash
2 жыл бұрын
Fucking legend!
@wherearewetoday7023
2 жыл бұрын
How about staking and farm pools, I invested in some strong pools and I'm gaining passive income, would that be considered as cgt or just annual income?
@michaellolesi4496
2 жыл бұрын
Apparently yes😵
@damiansetunge8463
2 жыл бұрын
I am a international student(Sri lanka) in Australia. I want to buy stable coin such as usdc and sell it to my friends/parents in Sri Lanka. This logically puts me in the traders category. So pay income taxes on the profits I have made in during these transactions correct ?.. Plus Wht is a rule IF get my PR and have to show investments in have made in my home.country. Am I taxed when I bring crypto.purchased in a Sri lanka to Australia and sell it in Australia? Thank you very much
@rockyjunior1188
2 жыл бұрын
just to say you sell at a loss and you lose like $200 do you still pay tax?
@xparte
2 жыл бұрын
Thanks Davie, was buying and selling from my account wallet without ever withdrawing the money back to the bank. I was under the impression that tax would only be applied once I put the money back into my regular bank account (ANZ/NAB etc)... guess I was wrong! :(
@DavidRamseyIII
3 жыл бұрын
Crypto is the worst thing that ever happened to accountants. Every loser throwing their lunch money in. If they lose money they expect to claim a loss. If they make money they expect to pay no tax. And it takes more time to account for this then it does do a rental schedule. But I bet most accountants aren’t charging an extra couple of hundred to do this
@DavieMach
3 жыл бұрын
Crypto gets messy for clients and I always advise clients that Crypto transactions result to extra cost in accounting, tax and auditing. Its crazy how a month ago clients were making profits and now they are in losses. I get the clients to do most of the work so we can keep cost low but agreed the cost are def higher when it comes to crypto for tax returns.
@iamasmurf1122
3 жыл бұрын
@@DavieMach whatevers man crypto accounting is easy , im no accountant but i have done my own sole trader buisnesess tax myself , and just finished doing the capitol gains tax for crypto ! there are websites "KOINLY " all you do is link it to your crypto platforms and it calculates in seconds what the capitol gains are from your online trading i then take that and do my online lodging of taxes , none of its hard at all .
@societywaves
2 жыл бұрын
There’s shouldn’t be accountants involved in crypto.. it’s decentralized, the vision to have sovereignty over your financial life. If this was true, there would be no tax or intermediatary involved like accountants. I think we are completely missing the point. Crypto isn’t a duplicate for fiat. It’s to empower people to take ownership over their own assets. I hope people see the light soon.
@kyraoutraegeous
3 жыл бұрын
Great video, thanks for the knowledge. I have a question! If I buy into crypto (lets say I purchase a Bitcoin share worth $20 today), I understand that if I hold for at least 12 months I can have CGT less 50% of the gain. But what happens if I buy $20 of Bitcoin today and then put in $20 in a month's time and still not sell for 12 months from today. Does the CGT exemption still apply from today? How does it work if I put multiple payments in over a longer period of time?
@DavieMach
3 жыл бұрын
Hello Sorry I’m confused on your question. Can you please clarify. From my understanding when you buy Bitcoin you have to spend $20 so what do you mean you can wait a month to put in $20. The 12 month starts from when you made the purchase. Date of acquisition date. So if you purchase multiple times during 5 years. You treat each purchase as a different transaction. If you say bought 10 bitcoins but 5 bitcoins were bought 2 years ago and 5 were bought 6 months ago and you sold 10 today. The bitcoins you had for 2 years are considered a separate cgt event and you apply discount. The other 5 from 6 months ago is another cgt event with no discount.
@kyraoutraegeous
3 жыл бұрын
@@DavieMach Hi! Yes your last part answered my question. Sorry - I had a feeling it wouldn't make sense. I go by how much dollars I've put in because I'm only putting in a small amount at a time (so not a full bit coin). Thanks for answering :)
@DavieMach
3 жыл бұрын
@@kyraoutraegeous got it :) no problemo!
@davidwright1752
2 жыл бұрын
Each transaction is 12 months from purchase date of each transaction
@nevioroselli7431
2 жыл бұрын
Hey Mate thank you so much for this.Really Helpful!! A couple of questions on NFTs: 1) I buy a NFT for 1ETH (first taxable event, depending on the value of the ETH when I first got it and at the moment of the NFT purchase). Then I transfer (just transfer, not selling) the NFT to someone else wallet . Is this event going to be taxed? If so how? and what's the cost basis for who receive the asset? 2) Is the airdrop of NFTs a taxable event? what's the cost basis? if you transfer the airdropped NFT what happens? 3) When the NFT has the utility to give you access to an event (let's say a business event) can it be claimed as a cost ? thank you so much in advance.
@DavieMach
2 жыл бұрын
The NFT may be a collectable, again not liable for capital gains, depending on if it was kept for personal enjoyment. If it wasn't, CGT will apply, and the capital proceeds will be the market value at the time you transfer it to the other person. The same goes in reverse if you're gifted any capital asset. You take the market value as the first element of the cost base. The money value of the Airdropped tokens is ordinary assessable income at the time the tokens are derived. The cost base of airdropped tokens will be their market value at the time they were derived. I'd strongly recommend consulting a professional about it, as my answer may not necessarily apply to you depending on the factors involved!
@streetwiseromeo
2 жыл бұрын
I have never heard tax / crypto information explained so clearly and concisely. Congratulations and thank you.
@DavieMach
2 жыл бұрын
Thank you :)
@KS-yj1px
3 жыл бұрын
Louis sold at the ATH. Well timed! Excellent video. Best explanation online ! I’m just a paper trader 😅
@DavieMach
3 жыл бұрын
#BelikeLouis
@titanx04
Жыл бұрын
Wow I think I need to see a tax accountant, only new to this and all I know is that I use Binance to and changing from Aus to usd then transfer to ftx using Trc20, started with $250aus and now have 16000usd in ant miner. Also receive message to buy up or buyfall and make profits. Do I keep records of exchange rates from Aus to usd.
@Stonezster
2 жыл бұрын
If I'm mining and that income goes straight to an external wallet, then how would the government know I have crypto? Giving those thieving dogs any of my crypto is never going to happen! I'll move to Portugal before I let them rob me...
@reidcarter2223
2 жыл бұрын
Hi Davie, if I transfer crypto from one wallet to another ie: Swap eth into bitcoin or visa versa as I understand it I will not be liable for income or cg tax as it's only transferred in its value from one to another and not cashed out, regards Reid.
@cryptotipsassist551
2 жыл бұрын
☝️Text me now on what'sapp for more info.
@DavieMach
2 жыл бұрын
Hi, it’s best to seek professional advice for this as it appears to be highly specific and a range of variables can affect the result.
@reidcarter2223
2 жыл бұрын
Hi Davie, yes since writing the above comment, I have had more information on this topic and it seems that crypto is deemed a capital gain asset therefore if you swap into another wallet to exchange coins and you have had an increase in value from original coin purchase value you are liable for cg tax, if over 12 months you only have to cough up 50% of your capital gain, but it's still a taxable event unfortunately, regards Reid.
@Lloydish15
2 жыл бұрын
Thank you, this was very clear . Appreciated!
@DavieMach
2 жыл бұрын
Cheers
@footballdream8505
2 жыл бұрын
So how much is the tax 30%...
@bfc09
2 жыл бұрын
If you fall into the category of trader, which method can you use to calculate tax ACB, FIFO, LIFO or HIFO?
@DavieMach
2 жыл бұрын
FIFO
@gregfields011
2 жыл бұрын
What if you trade crypto for another crypto?
@DavieMach
2 жыл бұрын
Hi Greg, when you trade one cryptocurrency for another, you are effectively disposing of one, and acquiring another, which is a CGT event. Because cryptocurrency is regarded as property, the value of the cryptocurrency is based on the market value of the currency on the day it was traded.
@dYanamatic
2 жыл бұрын
06:22 Original investor pays CGT because he gave the coin to his mum. His mum then has to declare all that money and gets taxed on that as well. Can anyone see a problem here with the ATO rules?? How can you wake up in the morning working for the ATO and supporting a legislation that taxes the same money over and over again? Money should be taxed once - not taxed to oblivion. Yes I agree with tax, however taxing money over and over is theft and should be made illegal.
@DavieMach
2 жыл бұрын
If he gifted it. It will mean he will have to pay the tax on the profit he made on the market value. His mum only declares the profit she made on it. She works out the profit based on the increase in value after receiving it as a gift. The tax is on the profit so I don’t see what you mean how it gets taxed over and over. It’s just on the increases of value once it’s sold or gifted. It’s just like how businesses make money and get taxed. A wholesaler will make a profit on a good and on sell it to a retailer. The retailer will also make a profit selling it to a consumer. Same concept and both will need to pay tax on the profit they make.
@dYanamatic
2 жыл бұрын
@@DavieMach If she receives this, it becomes part of her income. If a car dealer sells a car, they pay tax on the profit they make. If I sell that car later, I didn't make a profit - but it's income from selling something. The USA is worse - you need to pay tax on items if you even have a garage sale. So you paid tax on the money you earned to buy things, and after you sell it, you pay tax on anything you sell. If I get 100K as a gift, that is not profit - but it's seen as 'income'. You would think you only pay tax on the profit - but it isn't the case - yes that is logic.
@DavieMach
2 жыл бұрын
@@dYanamatic In Australia, a gift is not considered income to the recipient.
@dYanamatic
2 жыл бұрын
@@DavieMach thanks for clarifying. If I am sent 100K worth of Crypto from my relatives in Portugal, and I send it to my exchange that I use and then convert to AUD and withdraw - that 100K is not taxable, and only the amount that it increased by is?
@thelinuxloungelizard
3 жыл бұрын
Hi Davie, thanks for the info. Do we need to track transactions using FIFI or LIFO methods?
@morisabd8666
3 жыл бұрын
Following
@DavieMach
3 жыл бұрын
We recommend fifo but it’s up to you. In the end you still pay tax when you finally sell it all. Google identifying shares or units sold ato. The first link provides a good explanation.
@papercranes6886
2 жыл бұрын
Is FIFI stand for First In, First Out? and LIFO Last In, First Out?
@pandyahk2004
3 жыл бұрын
Very good info. I've a question being a trader if I make some profit by selling my half of portfolio and after some time if I book some losses on my rest of the portfolio- how will I be taxed?
@DavieMach
3 жыл бұрын
Hey Hitesh, You claim the losses against the income you make. If you have a profit by 30 June, the profit is your taxable income and you pay tax on this on your tax rate.
@fayazirubbish
2 жыл бұрын
Hi Davie.. what if I transfer crypto bought from another country/exchange/currency and then transfer it to Australian exchange and withdraw it in AUD... will I have to pay tax?
@DavieMach
2 жыл бұрын
Yes you do
@fayazirubbish
2 жыл бұрын
@@DavieMach Thank you for responding. How would the capital gains be calculated in this situation? What would be the cost of acquisition?
@DavieMach
2 жыл бұрын
@@fayazirubbish the cost is from your original purchase in that exchange or currency
@DavieMach
2 жыл бұрын
@@fayazirubbishprobably best to book a consultation with an accountant to take care of it. It’s quite complicated
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