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Taxing Times

The ATO are sending out letters to 350,000 people demanding they pay their crypto taxes. Here’s how to keep on the straight and narrow. Take a look at the BitcoinAUS

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The ATO are sending out letters to 350,000 people demanding they pay their crypto taxes. Here’s how to keep on the straight and narrow.

Take a look at the BitcoinAUS Reddit page right now and you’ll see one topic dominating the conversation: people panicking after the Australian Tax Office (ATO) sent them letters telling them to ‘fess up and pay up on their old crypto transactions.

For many it seems like a wake-up call to finally sort out their taxes from the 2017 bull-run, while others are being pinged for selling $50 worth of BTC four years ago. But the take-away message is simple: if you’re an Australian citizen and you have ever – and we mean ever – dealt with cryptocurrencies, then the ATO probably knows about it. 

Now, here’s an artist’s impression of the tax office coming for your crypto gains:

Surpriiiiiiiiiiise!

When it comes to the tax office, the best piece of advice we can give you is: disclose, disclose, disclose. The ATO works with dedicated crypto tracking specialists to deanonymise crypto transactions and given that they’ve discovered 350,000 Australians in potential breach of their tax reporting obligations we can assume the work is going rather well.

I mean, who would have thought that a technology which records every transaction on an immutable and publicly available ledger would make it so easy for the tax department to track…

But we understand that disclosure in crypto can be a complex and challenging beast. It doesn’t take much to find yourself trading across multiple exchanges, multiple coins and multiple currencies in a way that simply doesn’t have a parallel in any other market. So, how do you even get started?

Help is on its way

As Australia’s longest running crypto exchange, CoinJar have been monitoring developments in the land of cryptocurrency and tax for almost eight years. For this tax season, we’ve decided to finally bite the bullet and compile a comprehensive, easy-to-read guide to everything we currently know about crypto tax in Australia

For instance: what does it even mean to trade 5000 XRP for 2.8 ETH one exchange and 230 USDC on another? At what point do you stop being an investor and start acting as a professional trader? And how much money can you actually save just by HODLing your coins for longer than 12 months?

Tracking well

CoinJar have also partnered with crypto accounting software CoinTracker, CryptoTaxCalculator and Koinly to make it easy not only to track all your crypto transactions – whether they’re buys, sells, trades, gifts, donations or that half a bitcoin you lost on some shady exchange in 2015 – but to then render all of those transactions in an ATO-friendly AUD capital gains and losses worksheet.

If you are interested in signing up, you can check out special offers for CoinJar users here.

(As someone who has used CoinTracker for the last couple of years, I can say that this is a sure-fire way to impress your accountant/save you a significant amount in accounting fees.)

Doing your crypto tax can seem overwhelming at first, but it only takes a few small steps to start straightening things out – and the earlier you start the easier it will be in the long run, from both an administrative and tax point of view. 

After all, just like Santa Claus, the ATO can tell if you’ve been naughty or nice. But, unlike Santa, they have the legislative and financial resources to really make you pay.

Source: https://blog.coinjar.com/2020/07/08/taxing-times/

Blockchain

Avalanche raises $230M following sale of >1500% returning AVAX

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This season of the crypto-market has highlighted altcoins and altcoin projects that have been striving to bridge the gaps existing in the industry. Avalanche is one such project, with the same in the news today after it raised $230 million from the sale of its cryptocurrency, AVAX.

According to the foundation behind the blockchain, Avalanche received this sum of investment through a private sale to a group led by Polychain and Three Arrows Capital.

Reportedly, R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital, and a group of angel investors and family offices also participated in the investment round. The token sale was completed in June and the objectives of the foundation were to support and accelerate the growth of decentralized finance [DeFi], enterprise application, and other use cases on the Avalanche public blockchain.

Its token AVAX has recorded tremendous growth, despite the market trend being increasingly bearish. The asset, at press time, was returning 1,589% to investors year-to-date after it rallied to $63.62. AVAX also registered a strong surge of almost 30% in one 24-hour window, a consequence of the latest updates to the ecosystem.

Another reason why the blockchain surged higher was the onboarding of several blue-chip DeFi projects like Aave, Curve, and SushiSwap. On Wednesday, Avalanche Foundation asked for ‘signaling’ from the Aave community to accept a deployment of the Aave protocol into Avalanche.

Aave ecosystem could leverage Avalanche’s blockchain due to scalability, high throughput, and near-instant finality. According to the blog,

“Through the Avalanche Rush program, the Avalanche foundation has allocated up to $20M AVAX for users of the Aave protocol over a three-month period to earn AVAX rewards while using Aave on Avalanche for the first phase of the program. This program will bring new users to the platform, and reach more users from the established Avalanche community.”

It added,

“Having the Aave community embrace deployment on established chains like Avalanche will allow more users to access Aave’s offerings across the DeFi ecosystem.”

With competition between layer one protocols heating up, Avalanche has been trying to secure a top position. According to Emin Gün Sirer, Director at the Avalanche Foundation, there is “still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

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Source: https://ambcrypto.com/avalanche-raises-230m-following-sale-of-1500-returning-avax

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Blockchain

Scaramucci’s SkyBridge Capital Secures $100M For Algorand Fund, Files For Crypto ETF

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Scaramucci’s SkyBridge Capital Secures $100M For Algorand Fund, Files For Crypto ETF

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The number of cryptocurrency-focused exchange-traded funds (ETFs) applications in the U.S. has been growing as several asset management companies have shown interest in offering their clients exposure to cryptocurrencies via regulated exchanges.

In an SEC filing on September 14, SkyBridge Capital became the latest to apply for a crypto-focused ETF – the First Trust SkyBridge Crypto Industry and Digital Economy ETF. According to the filing, if approved, the ETF will invest about 80% of its assets in companies representing the crypto-industry. This also means that the ETF will not have direct exposure to cryptocurrencies.

More recently, Anthony Scaramucci, the founder of the firm and former Whitehouse Communications Director, revealed that the investment firm now had over $700 million in crypto investments and intends to increase its positions in the market even further.

He stated this during an interview with CNBC Television yesterday in the aftermath of the ongoing SALT Conference New York 2021. During the interview, Scaramucci revealed that the firm was starting an Algorand fund that will be capped at $250 million and had already raised over $100 million.

Remarkably, the firm first added Bitcoin to its portfolio last and in July revealed that Bitcoin was the largest contributor to gains this year at the firm according to a Financial Times report. The firm has previously filed applications for both Bitcoin and Ethereum ETFs.

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Another notable cryptocurrency ETF development was the report that Fidelity Digital Assets met with SEC officials privately to push for the approval of their proposed bitcoin exchange-traded fund and argued the cryptocurrency market is now big enough to support it.

According to a Business Insider report, in the meeting, the firm cited an in-house survey that showed that bitcoin exchange-traded products held massive appeal to US institutions. They also argued that institutions had a strong interest in digital assets, and a significant number of institutional investors already hold cryptocurrencies. 

This argument has been made by other companies but has so far not swayed the SEC. The crypto-industry has been applying for cryptocurrency-focused ETFs for around eight years with the first being from Bitcoin billionaires, the Winklevoss brothers. Since then the SEC has been denying the application.

In 2021, there are more than 20 companies that have filed for crypto-focused ETFs with the SEC. Some include Galaxy Digital, VanEck, and Valkyrie Investments, all notable investment managers.

The SEC is yet to approve any of the applications. Gary Gensler, the SEC chair has stated that the commission is being cautious with the industry so as to be able to protect consumers maximally. However, there are speculations that approval may arrive before the end of this year. Just last month, Eric Balchunas and James Seyffart – Bloomberg’s in-house ETF analysts – on Tuesday published an investor note that speculated that a Bitcoin ETF approval may likely arrive in October.

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Source: https://zycrypto.com/scaramuccis-skybridge-capital-secures-100m-for-algorand-fund-files-for-crypto-etf/

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News

Shiba Inu Token Is Up 25% Following Coinbase Listing

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/shiba-inu-token-is-up-25-following-coinbase-listing/?utm_source=main_feed&utm_medium=rss

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