It is crazy that there should be any taxes on crypto. I mean its like money.. don't they have their fiat for that?!
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It is crazy that there should be any taxes on crypto. I mean its like money.. don't they have their fiat for that?!
Governments are always going to try and grab what they can and as great a quantities as they can. I'm no expert, but I also think governments fear the rise of crypto and the decline of fiat currency, the devaluing of it, and that's probably got a lot to do with it also. I'm not very switched-on with all this tax and crypto stuff but I know those who are in positions of power have always tried to take advantage.
Sadly you are right. I guess we need to try and keep as much of our crypto in the defi space as we can.
I plan to use my crypto in the real world eventually so it is an issue that is going to come up. Plus, with the prospect of the ATO assessing crypto held in exchanges? If that's the case there will be no way to hide it.
Sorry for jumping in here. I don't think within the realms of Australia, the government is not scared of crypto. In fact I think they have been looking on it as another form of income the whole country. Now as for the thinking that why should there be taxes on crypto since it is money after all. I think we should look at it as being if it is money, if you are earning money then there will be tax on it so I would say it would mean it is just natural to be paying your tax. If you want to have a functioning country.
You're right, it is "money" which is why the ATO is taxing it.