What an absolute mess this tax season is going to be

Every man and their dog has gotten into crypto in the last few months. Everyone's balls deep in Bitcoin, Eth, Doge and a thousand more shit coins. The thing I've noticed too as that few people are looking to hold their coins long term, maybe their top 10 coins, but thanks to the endless shilling on YouTube and Reddit, a lot of people are swing trading across a hundred coins, across a dozen exchanges, and sometimes in a matter of days.

The thing is most people don't know that each trade is a taxable event. Personally, to me it makes the most sense that tax should came into play once profits are actually taken back in AUD. Seems like the common sense thing, but then again we are talking about the ATO here.

When you take into account how many people are in crypto now - a lot of them young and just YOLOing and FOMOing - plus the fact people are trying to swing trade on short to mid term holds, buying up tiny alt coins on some obscure Asian exchange, then people are going to have a nightmare on their hands come July. Even just people with OCD trying to round out the endless decimal points are gonna be forking up for something they haven't actually earned anything from. Without a doubt, a lot of people won't be paying their crypto taxes correctly more out of ignorance than deceit and it's going to be an absolute cluster fuck for the ATO trying to chase up everyone, from people who've made a killing to even the average larrikin who's traded $50 of Doge for Chiliz, went up to $100, then traded it a couple more times and maybe sitting on $500 now, but tax on all them trades are just gonna devour a lot of the profits.

I feel like a lot of people are gonna have a really horrible awakening come tax time and it's gonna leave a sour taste in a lot of people's mouths about crypto, maybe even leave them feeling like they don't wanna be in it anymore. I get the ATO are all out of touch boomers, but I dunno. Rant over. Just pisses me off. God fucking forbid us plebs try and make a bit of extra money while major corporations get away with paying less tax than your grandma.