the definition of bullshit:
nostr:note1wuvkezpr98y35jyfydzdnrjcrc657fgep8mmrjgf07c4whe9a5mqhrv04x
Discussion
Thankfully it's a personal use asset in Australia.
You only have to pay taxes on Bitcoin if you treat it like a stock and "invest" in it.
Not an Australian here, so asking out of curiosity: how does the govt discern between bitcoin sitting in a wallet as an investment vs sitting in a wallet for spending? Is the differentiator whether or not it was purchased on an exchange?
Why would you even need a de minimis exemption on a stablecoin? That's like a de minimis exemption for exchanging a dollar for four quarters...
I would assume if you're wanting to earn yield? I don't know, I don't mess with these things.
De minimis exemption is for asset appreciation; capital gains if held long term, regular income if held short term. Yield is taxed as regular income unless it's a "qualified" distribution. Doesn't make any sense for stablecoins. I'm not saying he's lying, but it's bullshit either way.
Really crazy
