How to Save Tax on Your Crypto Profits?

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  • Опубликовано: 9 янв 2025

Комментарии • 23

  • @EthanRooshock
    @EthanRooshock  Месяц назад +1

    Do you want me to cover anything else when it comes to Crypto Taxes?

    • @supersuppscc1121
      @supersuppscc1121 6 дней назад

      just checking - if I hold my coins for more than a year - then sell - its a 50% CGT cut on the profit but then it goes on my income tax as well? Is that right? So If I bought Ethereum at $50k and goes to $100k next year - I will pay $25k approx in CGT and then does that same $25k get added to my income and I pay tax on that too - sorry if I completely muddled that up? Thanks so much for your help, I really like your videos 🙂

    • @EthanRooshock
      @EthanRooshock  3 дня назад

      @@supersuppscc1121 No that isn't correct. There's not seperate CGT tax, you just have an extra $50K of income in that example that you will pay tax on at marginal rates (assuming you aren't eligible for a 50% discount by holding more than 12 months).

    • @supersuppscc1121
      @supersuppscc1121 9 часов назад +1

      @@EthanRooshock thanks so much

    • @EthanRooshock
      @EthanRooshock  9 часов назад

      @@supersuppscc1121 No worries!

  • @Nerdificationing
    @Nerdificationing Час назад

    Love your channel. Something to help you blow up. Do an Aus vs USA tax video. Americans are fascinated about how income tax works here in terms of PAYG etc.

  • @maximiliancrunchyroll131
    @maximiliancrunchyroll131 Месяц назад +7

    Also move to a crypto friendly country 😅

    • @pdjhh
      @pdjhh Месяц назад

      These rules are the same as the US.

    • @EthanRooshock
      @EthanRooshock  Месяц назад +3

      Yeah if you're planning this, you want to do this typically BEFORE you make your investments.

  • @peterinoz4502
    @peterinoz4502 Месяц назад +1

    Structuring is a good topic!

  • @shaneholahan4957
    @shaneholahan4957 5 дней назад

    Hi Ethan, would you be able to advise as to whether any of the Crypto Tax Calculators do a better job at reducing tax whilst ensuring ATO tax laws are met? At the moment, I am trying to choose between Syla and Koinly and the two 'estimated' tax savings are quite different between the two for the last financial year. All data is correct on both sites and settings are set for Australia but I can't see how they are calculating tax savings as I only have a free account with each. I am finding Koinly far easier to use as it seems to do a far better job at importing transactions automatically and categorising them than what Syla does. Syla is requiring more CSV import than Koinly but it is calculating higher cost bases for each coin. No one has yet done a comparison as to the actual tax perfomance / savings of each calculator. They seem to calculate quite differently even though they capture the same transactions. Some advice on this and even a video would be awesome!

    • @EthanRooshock
      @EthanRooshock  3 дня назад +1

      I wouldn't pay too much attention to how much tax they say you could save. It would depend on your tax rate, other investments etc. so a software is purely going to be an estimate, not an accurate figure.

  • @HuyLinh-r9t
    @HuyLinh-r9t Месяц назад +1

    Great tips! If I were to DCA every month, do you have any tips or recommendation of tools to keep track of which portions of the investment to sell to minimise the capital gain tax?

    • @EthanRooshock
      @EthanRooshock  Месяц назад +1

      Any of the crypto tax tools in my descriptions of the videos are good for this. You can see your cost base then and look at the impacts of sales.

  • @claudioborquez3394
    @claudioborquez3394 8 дней назад +1

    Do you still like crypto tax calculator?

    • @EthanRooshock
      @EthanRooshock  3 дня назад

      Yeah it still does the job just as good as any other tax software out there that I've used.

  • @KArtoaT
    @KArtoaT Месяц назад +1

    🙏🙏🙏🙏🙏

  • @s4lino
    @s4lino Месяц назад

    So what's your fav crypto of the moment and are you all in given you probably have the A+ structure in place Sensei

    • @EthanRooshock
      @EthanRooshock  Месяц назад

      I avoid investment advice sorry haha

  • @CollinLi
    @CollinLi 24 дня назад +1

    guess we making crypto tax videos again 🤣