Hi guys, im new here.
Im from Japan, migrating to Australia soon. Still confused about cryto tax laws and such, wondering if I can get clarification from the experts here.
When I move to Australia, I plan on moving my money from JP to AU via crypto. Plan is to purchase XRP and send it from my JP wallet bitflyer, to my then AU crypto wallet in Binance, and withdraw there.
My question is, would I be taxed for this? (Id need to sell the XRP when I transfer it).
Is it generally a good move or should I just do this the old fashion way and carry my money with me, go to forex and do it there?
Is there a most optimal way to do these things now??
I keep searching about crypto tax on transferred assets but i cant find a definitive answer.
Thanks in advance.
You’ll only be taxed on any profit that is made between the time you buy the xrp in Japan and the time you sell to fiat in Australia. Presumably, there will be very little change in price in that time, so little to no tax liability.
What about stablecoins? Surely there are stablecoins that are pegged to the Australian dollar, aren’t there?
Koinly has a write up about crypto tax in Japan
https://koinly.io/guides/crypto-tax-japan/
Just transfer it all to a self custodial wallet. No need to go through buying and selling on multiple exchanges or whatever.
You only get taxed on profit/loss. If you trade 100 JP and get in the end the exact amount in AU you have 0 to pay.
1. You will always pay taxes.
2. Always double check the address.
3. HODL bro
Yes, there are a few events that generate tax, and selling to convert to fiat is one of them. Another taxable event occurs when exchanging one crypto for another. If you are only doing one transfer, it shouldn’t be too bad.
As for learning about the tax laws, Koinly has a great guide for both Japan and Australia which I recommend checking out. They are both posted below. They are comprehensive and super easy to understand.
– Japan: https://koinly.io/guides/crypto-tax-japan/?=ces1
– Australia: https://koinly.io/guides/crypto-tax-australia/?=ces1
Do you think this is better than doing it in old ways
Still laughing at the “experts here” line.
Jokes aside that is going to be some fairly niche knowledge to make sure you’re covered in both countries.
Why the need to use crypto, it sounds like you want to withdraw as fiat anyway? Typically the fewer exchanges the less you will lose on spreads.