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 Withdraw Money From Crypto To Bank Account

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salakiest
post May 23 2022, 05:57 PM

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QUOTE(Koalatea234 @ May 23 2022, 08:28 AM)
Yup, paid on the income tax return. I filled in Form B and just put down self-employed crypto trading as the business name.

I’m personally a daytrader/scalper on futures (i.e. seldom hold a position for more than a day) so I’m 100% categorised as trading frequently.

LHDN doesn’t seem to define what they mean by trading frequently though, so for example if you hold for 1 month then sell, is that trading frequently? Can’t really comment on that. Would be best to call LHDN and discuss your individual case with them if you really want to do things by the book.
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Yeah, that's suck LHDN just couldn't get that "Frequency" defined. How many percent did you pay for your crypto tax?
Koalatea234 P
post May 23 2022, 08:59 PM

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QUOTE(salakiest @ May 23 2022, 05:57 PM)
Yeah, that's suck LHDN just couldn't get that "Frequency" defined. How many percent did you pay for your crypto tax?
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Yup, very annoying that they don’t have a hard clear rule for that. For 2021 I’m at the 24% tax rate, which is definitely a lot. But the peace of mind and total freedom to spend the earnings definitely feels worth it to me.
salakiest
post May 23 2022, 09:12 PM

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QUOTE(Koalatea234 @ May 23 2022, 08:59 PM)
Yup, very annoying that they don’t have a hard clear rule for that. For 2021 I’m at the 24% tax rate, which is definitely a lot. But the peace of mind and total freedom to spend the earnings definitely feels worth it to me.
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damn, you make our government rich. That really paid for your good night sleep.
danieln
post May 23 2022, 09:22 PM

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QUOTE(Koalatea234 @ May 23 2022, 08:59 PM)
Yup, very annoying that they don’t have a hard clear rule for that. For 2021 I’m at the 24% tax rate, which is definitely a lot. But the peace of mind and total freedom to spend the earnings definitely feels worth it to me.
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But how do you define the profits and principles amount?
Koalatea234 P
post May 23 2022, 10:08 PM

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QUOTE(danieln @ May 23 2022, 09:22 PM)
But how do you define the profits and principles amount?
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I trade futures, so it is very easy to just export the profit & loss figures into a spreadsheet and tally up the net earnings each month. For example:

user posted image

For spot trading (i.e. just normal buying and selling), there will be more work involved for sure since most exchanges won’t calculate the net profit/loss automatically for you. Especially if you buy at lots of different price points and sell gradually at lots of different price points. But still doable, same principle just need to export the data from the exchange to a spreadsheet and calculate manually.

 

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