How Does Tax Work on Crypto Mining? | Crypto Mining Taxes Explained Australia
Have you started mining crypto? Then you need to have an understanding on how tax works on crypto mining. In today’s video I explained Crypto Mining Taxes in Australia. I talk about the difference between a business of crypto mining and a hobby. I also explain how you will pay tax on your crypto mining income.
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📖 Chapters
0:00 Intro
0:33 Basics of Crypto Mining
0:59 Hobby vs. Business
3:00 Tax Treatment of Crypto Mining as a Business
6:56 Tax Treatment of Crypto Mining as a Hobby
8:25 Summary of Crypto Mining Taxes
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Ethan ‘Rooshock’ (Rucioch) is an Australian business owner in his mid 20’s. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling as well as watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even some social media marketing content.
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Disclaimer
The information in this video and on this YouTube channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks Pty Ltd or any other related party may receive a commission through these.
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#cryptominingtax #bitcoinminingtax #cryptotax
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Have you ever mined any crypto?
I have one in my garage,it's a mini miner and doesn't consume much Electricity.
Can a miner under the sole trader structure claim electrical and capital depreciation expenses?
@ethan'rooshock' I would like to get involved in mining in Australia and I would really like to connect. I have some capital I can put in if the project is effective. Is there some way to reach you?
what if im mining at home only mining 30 doge every month and convert that to some other crypto and holding long term?
👆👆👆 Hi, If you need any antminers or GPU (NON LHR). We offer best miners for cryptocurrencies. We have more thank 1000+ happy customer and work with 100+ resellers. MINE FOR THE FUTURE.⛏⛏⛏
As a hobby what happens when swap coins you have mined? For example nicehash pays in bitcoin but you swap out for the alt coin you want it in. Does that class as disposing of it?
Good stuff, thanks man
I TRUSTED HACKERLULZSEC ON TELEGRAM 100% BECAUSE THEY PROVED GENUINE AND DEPENDABLE,,, IM SO HAPPY WORKING WITH YOUR SOFTWARE THAT GENERATES 0.5BTC ON MY WALLET.. THANK YOU SO MUCH
For some reason this video seems to be getting attacked by spam comments! If anyone sees any, please ignore or report them!
I have tried using others people software on YouTube but always ended up getting the same results,,, it was a cousin of mine from India who told me about hackerlulzsec on telegram and when I finally tried using their software it came out way better than my expectation
GOD BLESS YOUR COMPANY HACKERLULZSEC oN TELEgram JUST SURPRISED ME AGAIN WITH ANOTHER 0.5BTC THANKS..
GOD BLESS YOUR COMPANY HACKERLULZSEC oN TELEgram JUST SURPRISED ME AGAIN WITH ANOTHER 0.5BTC THANKS..
After trying series of hackers on youtube the only real and working service that mine BTC to all kind of wallet with 3/3 confirmation is hackerlulzsec on telegram, This guy is 100% guarantee
After trying series of hackers on youtube the only real and working service that mine BTC to all kind of wallet with 3/3 confirmation is hackerlulzsec on telegram, This guy is 100% guarantee
MY RESPECT FOR HACKERLULZSEC ON TELEGRAM CAN NEVER BE COMPARED TO OTHERS ON YOUTUBE, YOU PROOF YOUR WORTH FOR ME BY THE 0.5BTC GOT ME I’M HAPPY FOR THAT
MY RESPECT FOR HACKERLULZSEC ON TELEGRAM CAN NEVER BE COMPARED TO OTHERS ON YOUTUBE, YOU PROOF YOUR WORTH FOR ME BY THE 0.5BTC GOT ME I’M HAPPY FOR THAT
NOW I SEE THE REASON WHY PEOPLE ARE TALKING ABOUT HACKERLULZSEC ON TELEGRAM FOR THE GREAT JOB HE DID FOR ME, FRIENDS AND FAMILY IMMEDIATELY WE CONTACTED HIM ON TELEGRAM APP. THANKS SO MUCH FOR THE 0.5BTC YOU JUST FUND MY WALLET💯 💯 💯 REAL AND LEGIT TESTED&TRUSTED
NOW I SEE THE REASON WHY PEOPLE ARE TALKING ABOUT HACKERLULZSEC ON TELEGRAM FOR THE GREAT JOB HE DID FOR ME, FRIENDS AND FAMILY IMMEDIATELY WE CONTACTED HIM ON TELEGRAM APP. THANKS SO MUCH FOR THE 0.5BTC YOU JUST FUND MY WALLET💯 💯 💯 REAL AND LEGIT TESTED&TRUSTED
NOW I SEE THE REASON WHY PEOPLE ARE TALKING ABOUT HACKERLULZSEC ON TELEGRAM FOR THE GREAT JOB HE DID FOR ME, FRIENDS AND FAMILY IMMEDIATELY WE CONTACTED HIM ON TELEGRAM APP. THANKS SO MUCH FOR THE 0.5BTC YOU JUST FUND MY WALLET💯 💯 💯 REAL AND LEGIT TESTED&TRUSTED
It's definitely interesting trying to explain to others how mining crypto works (especially to those who have a basic understanding of technology).
I STILL IMAGINE WHY IT TOOK ME SO LONG TO COME ACROSS HACKERLULZSEC ON TELEGRAM THIS GUYS SOFTWARE ARE SUPER 100% REAL AND LEGIT KUDOS TO HIM.
I STILL IMAGINE WHY IT TOOK ME SO LONG TO COME ACROSS HACKERLULZSEC ON TELEGRAM THIS GUYS SOFTWARE ARE SUPER 100% REAL AND LEGIT KUDOS TO HIM.
Geez I don’t get how a centralised entity can force you to pay extra to them just because you own decentralised assets