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 🙂
@@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).
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.
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!
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.
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?
Do you want me to cover anything else when it comes to Crypto Taxes?
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 🙂
@@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).
@@EthanRooshock thanks so much
@@supersuppscc1121 No worries!
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.
Also move to a crypto friendly country 😅
These rules are the same as the US.
Yeah if you're planning this, you want to do this typically BEFORE you make your investments.
Structuring is a good topic!
Yep that is very true!
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!
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.
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?
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.
Do you still like crypto tax calculator?
Yeah it still does the job just as good as any other tax software out there that I've used.
🙏🙏🙏🙏🙏
Thanks!
So what's your fav crypto of the moment and are you all in given you probably have the A+ structure in place Sensei
I avoid investment advice sorry haha
guess we making crypto tax videos again 🤣
Yep the questions are flowing again!