Long haul flights are never fun... however, the actual trip itself is not the worst of it. The dreaded jet-lag is, for me, the most terrible part. The part where you are wide awake in the middle of the night and deadly exhausted in the middle of the day. It is even worse when you have little kids who just keep falling asleep in the middle of the day out of sheer exhaustion!
Anyway, what I have found is that the jet-lag is best combatted by forcing yourself into the correct time zone with eating and sleeping habits. Of course, if you can start to do that whilst in flight that does make things quite a bit easier.... but who can do that, with all the movies that are begging to be watched?
So, today was the first full day in Australia for our little family. We all tried our best to keep ourselves occupied with various little tasks that needed doing. The little one needed to test out her new scooter, the oldest needed to build some models and her Sylvannia families house... my wife needed to unpack and store the clothes, and I needed to set up the electrical stuff...
...well, the electrical stuff was less important than the setting up of the desktop computer... in order to tackle the highly exciting task of porting over the crypto accounting from the Netherland to Australia in Cointracking. Now, I have mentioned before that the tax accounting of crypto in Netherlands is really simple, it is just a single snapshot at tax time (turn of the year)... and so, I have been pretty slack with the entering of accounting in Cointracking. Basically, I only ever needed to know the totals, and Cointracking would just handle the pricing at the actual time that I needed the snapshot to be taken. I didn't need to take into account any trades or drops or cost basis or anything annoying like that... It was tax reporting heaven!
However, on our return to Australia... all of our assets (including the digital ones) become part of the Australian taxation ruleset. And for crypto, that is the Capital Gains ruleset... which is pretty poop to keep track of. It means that you need to keep track of all trades, and the cost basis at which you acquired each token... Thankfully, all of our crypto transferred at the time of touchdown in Australia... with all the cost basis being calculated at that instant of time.
In Cointracking, it wasn't possible to change the way that I had previously accounted for our crypto. I had just listed everything as a simple deposit... however, that didn't have any cost basis and couldn't easily be changed to a different format. So, I fired up a new account, linked it to the same Cointracking plan (you can link up to 10 accounts with the same paid plan!) and started manually importing everything...
... needless to say, it is pretty damn tedious work. But I needed a snapshot start for cost basis at touchdown in Australia. There wasn't any other way to automate it easily.
However, once the starting snapshot was taken, the automation of trade and tracking could be started. I will have to monitor it a bit to see if it goes too far out or needs some gentle guidance. I've noticed that some of the blockchain transaction automation can be a bit strange! It isn't the fault of Cointracking, as there is a million and one things being developed every single day across multiple blockchains.
In the end, I'm not sure if it will be perfect... but I am doing my best to keep with the tracking of everything for tax purposes. I'm hopeful that if I do get audited, the auditor will have seen that I've done my best to try and track everything in such a rapidly changing and developing ecosystem with inconsistent and unclear tax guidance!
... and if you were wondering, nope... doing crypto tax accounting wasn't riveting enough to keep me awake... it is a necessary evil, and something that is best set up immediately whilst I have nothing better to do than just keep awake. Otherwise, when life starts to take over... I can see that this would get completely out of hand and then be a huge stress out when tax time comes around!
I would advise others to play on the safe side with crypto accounting... it is also a good way to track your portfolio as well, I do find that Cointracking is my preferred tracking software, it does produce some really nice tax reports and also some pretty useful visualisations and data from the information that you provide it, and it does pretty well with most exchanges and blockchains. Plus, it has an active development team behind it that is racing to keep up with all the newest fads out there! Remember, unless you are a cyber-ninja that will NEVER slip up and make a mistake with your IRL identity and your digital one, you will likely be linked at some point... so, better to play it safe... plus, if you have made tidy profits, it doesn't hurt to pay up to make sure that you don't get into some serious future troubles (PS: I'm not going to debate the merits/rights of taxation... if you have strong ideas about that, let's just say you win and save ourselves any angst!).
I can also be found cross-posting at:
Hive
Steem
Publish0x
Handy Crypto Tools
Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
Kucoin: My second choice in exchanges, many tokens listed here that you can't get on Binance!
FTX: Regulated US-based exchange with some pretty interesting and useful discounts on trading and withdrawal fees for FTT holders. Decent fiat on-ramp as well!
MXC: Listings of lots of interesting tokens that are usually only available on DEXs. Avoid high gas prices!
Huobi: One of the largest exchanges in the world, some very interesting listings and early access sales through Primelist.
Gate.io: If you are after some of the weirdest and strangest tokens, this is one of the easiest off-chain places to get them!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
Stoic: A USD maximisation bot trading on Binance using long-term long strategies, powered by the AI/human system of Cindicator.
StakeDAO: Decentralised pooled staking of PoS assets.
Poloniex: One of the older regulated exchanges that has come into new ownership. I used to use it quite a lot, but have since stopped.
Bitfinex: Ahhh... another oldie, but a goodie exchange. Most noted for the close affiliation with USDT and the Basic "no-KYC" tier!
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So glad to hear that you have landed safely and all is sort of well. :) Long haul jet lag pretty much stinks, but, you are right. I force myself to stay up and try to model myself after the current time. I did it with young kids too and it is a bit more of a pain, but, I did make them stay up too. It was worth the whiny stage.
The quarantine is a great time to adjust and by the time it is over, you will probably be right-side up. Taxes can be a nightmare and at first, I wasn't sure what to do, but, as you said, once it is out there and visible, I don't need them backtracking on me, so it was easier to come clean from the beginning.
Happy New Year 2022! May this be a happy, healthy, and prosperous year for all!
Heh... we have one whiny one and the other is doing fine. However, the whiny one also has a stomach ache that doesn't seem to go away. A couple more days, and we will visit a doctor to see if it is serious or just something mundane.
How old is she? Could be a urinary trac infection. Some people get tummy aches from changes in water, it doesn't even have to be contaminated, just different. So I have one of mine drink bottled water.
I guess it depends if it is localized or her whole tummy. Good luck with that. :)
Thanks, in the end it appears to be a combination of gastro and stress...
Glad you got that all settled!
Ready for the next crisis...
Yeah good one. Only this works I find with the long flights. Keeping yourself busy and then the day afterwards will be sort of normal..sort off!
Sort of... but sadly, my children aren't co-operating... they fell asleep, and now they are wide awake!
ooohw boy good luck with that! And all the best in the new year in your new/old country!
Good to hear you have landed safely in Australia, starting to sort things out for different requirements.
At least with jet lag you can sleep when you need to being in quarantine, by the time the week is over you will be good to go.
Taxes in each country still gray area something most are not thinking about at this time of year.
Have a wonderful New Year if I miss you tomorrow or the next day.
Yes, I'm definitely looking forward to one week from now! There is nothing more frustrating than a foggy mind! Happy New Year to you as well!
Wow, being taxed on every trade seems worrisome, I hope what you are being charged is not too much though.
Regards to your family and I am happy you had a safe landing.
Well, it is not quite taxes on every trade... it is the taxes on the profits of a trade, which is why there needs to be so much tracking of what you bought and sold at!
However, the benefit is that if you HODL, you don't get taxed until you sell... and you can offset your losses against your profits. So, there are some advantages against the single year snapshot (which is taxed if you hold). Just I prefer the lazy tracking rather than the overly detailed one....
Oh... That's fine then, enjoy Australia with all the good things it offers.
Happy holidays and congrats for finally setting foot on warm australian land🥰
Thanks... these days it is a bit touch and go with the PCR tests and cancelled flights and all. I'm a little bit surprised that that part ended up being the least eventful part!
The heading took my attention (crypto accounting) nice article n I quickly repost for hives members to have knowledge abt it
Oh crypto accounting is a right pain in the arse... but with the right software and a good intial setup, it is less troublesome. Still annoying though.
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