The worst kind of superyacht guests, according to many of those that have worked in the industry, are the nouveau riche. This is because they “don’t know how to be rich” and have much higher expectations than ‘richers for life.’

Superyacht guests are like stink bugs. They look cool and glittery, but sometimes they suck… Though that may be an unfair summation of an entire category of guests, according to many people in the superyacht industry, there may be something to it. Introducing: Greg Newby, director of Superyacht Crew Academy.

Mr. Newby, who worked on superyachts for a good 15 years (before becoming the director of an academy that teaches people how to become top notch superyacht crew), recently shared what it’s really like to work on a superyacht with DMARGE. As well as sharing some of the wildest and most glamourous tales (like the chief stew jumping into bed with a rapper, or getting to see the Athens Olympics for free because the guests never showed up) he also told us what the not-so-glamourous side of superyachting was like.

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A post shared by Superyacht Crew Academy (@superyachtcrewacademy)

On the expectations of some guests, Mr. Newby told DMARGE: “There’s only so much a human can do and these yachts, although they are glamorous, the upkeep is huge. The amount it costs just to keep the thing afloat is millions of dollars every year and I don’t think the nouveau riche realise you have to spend millions to keep these things running.”

“If you want the crew, you have to spend millions on them. A lot of them, when they buy, they see a price tag and think well, ‘I’ve got a billion in the bank; this thing is 24 million dollars; I’ll just buy it.’ They don’t really get sold on the whole ‘what it actually costs to run.’ One of the reasons I dislike charter boats is because generally, you’re getting rich people but not the super-rich that are chartering.”

“They just expect right from all day all night it’s a 24 hour operation. It’s 2am, we want pizzas made, 6am I want to go waterskiing; 9pm have a last minute party – we just met people on another boat.”

“It’s just ‘now, now, now.’ Whereas when you work on a private yacht with billionaires, generally it’s a lot more structured – there is definitely a difference between the rich and the super rich.”

Mr. Newby also told us that – painting with a broad brush – the nouveau riche are the worst because “they don’t understand how to be rich” and they “expect everything rather than just trying to chill out.”

There you have it. Read it and weep. And keep the knowledge tucked away in the back of your brain for next time you’re applying for a job on a superyacht…

• How Much Superyacht Crews Really Get Paid
• Superyacht Captain Shares ‘Unbelievable’ High Sea Stories

The post The Worst Kinds Of Superyacht Guests, According To Crew appeared first on DMARGE Australia.

Elon Musk has taken to Twitter to share his plans to empower citizen journalism and to prevent people from having hateful experiences. How? By allowing Twitter users to choose their desired experience “ranging from all ages to mature.”

Elon Musk, the self-described “chief twit” of Twitter, has taken to the social media platform with a message for advertisers. The entrepreneur and billionaire who recently bought (then decided not to buy, then decided to buy again) Twitter claimed that buying Twitter wasn’t something he did for fun (or advertising) but something he did for “the future of civilization.”

A beautiful thing about Twitter is how it empowers citizen journalism – people are able to disseminate news without an establishment bias

— Elon Musk (@elonmusk) October 26, 2022

Musk wrote: “There has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong.” He added: “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”

“There is currently great danger that social media will splinter into far left and far right wing echo chambers that generate more hate and divide in our society.”

“In the relentless pursuit of clicks, much of traditional media has fueled and catered to these polarised extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost.”

“That is why I bought Twitter. I didn’t do it because it would be easy.”

Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS

— Elon Musk (@elonmusk) October 27, 2022

Musk then attempted to address the concerns of those who fear his free speech ideals. He said: “Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences! In addition to adhering to the laws of our land, our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature.”

Now that’s some serious shade. And not everyone seems to be happy with it, with one social media user responding with: “Lies about the election are not ‘a difference of opinion.’ Rape and death threats are not ‘a difference of opinion.’ Deliberate science misinformation is not ‘a difference of opinion.’ Hate speech is not ‘a difference of opinion.'”

Lies about the election are not “a difference of opinion.”

Rape and death threats are not “a difference of opinion.”

Deliberate science misinformation is not “a difference of opinion.”

Hate speech is not “a difference of opinion.”

— Ethan Sacks (@ethanjsacks) October 27, 2022

Though Musk didn’t provide further details on what the nuances of this ‘maturity setting mode’ might look like (and when it will be implemented), it’s all some serious food for thought.

• Is Joe Rogan A Public Health Menace Or A Modern Version Of Plato? An Investigation
• Elon Musk Is Planning To Replace All Social Media With ‘Everything App’

The post Twitter To Introduce ‘Maturity Settings’ So People Don’t Get Upset appeared first on DMARGE Australia.

Australia is great at many things, but one of the most well-known is its output of craft beer. According to Statista, there are over 300 independent brewers that call Australia home, and the overall craft beer market is valued at over AU $150 million and is increasing by five to 10 percent each year.

With such a huge number of craft beer breweries outputting all manner of creative concoctions each year, how do you decide which ones to buy each time to step into a bottle shop? Well, we’ve put together this list of our favourite craft beers to help you get started.

This is by no means a ‘definitive’ list since there are simply far too many incredible craft beers to choose from – you can check out GABS’ hottest 100 beers as voted for by Aussie drinkers here – but it should help serve as a perfect place to start, whether you’re new to craft beer or are in search of something new.

But first, in case you weren’t too sure, what exactly is a craft beer?

What is craft beer?

Craft beer shouldn’t be a new term to you, but have you ever wondered exactly what it means? The traditional definition says it’s a beer that has been produced in limited quantity by small-scale, independent breweries, i.e. those that aren’t owned by larger corporations.

Essentially, it’s a beer that has been produced with craftsmanship.

The post 20 Best Craft Beers Australia | Tried & True Blue Tested [2022] appeared first on DMARGE Australia.

Nedd Brockmann, the Australian hero who ran from Perth, Western Australia to Bondi Beach, Sydney in just 47 days, didn’t go without his fair share of (expected) injuries on his journey. But maggot-infested toenails could be too much to stomach for some.

Speaking recently on The Inspired Unemployed Podcast, Nedd Brockmann left no detail unspoken when talking about how he came to find maggots on his feet part way through his mammoth marathon run.

WATCH: Nedd Brockmann Explains How He Found Maggots Under His Toenails

Explaining to the comedic duo that the discovery happened “along the Nullarbor,” the huge, 200,000 square km expanse of arid land in South Australia, Nedd adds that there were “a lot of flies.” These flies, mixed with the fact “my toenails obviously fall off when you’re banging the pavement each day,” is a recipe for vomit-inducing disaster.

Unbeknownst to Nedd, at least one bastard fly got into his shoes and the rest, as they say, is history. “Somehow, when I was sockless, a fly flew into to my toenail and laid in some eggs.”

Jack, one half of The Inspired Unemployed, was done already, just responding with “Nup.” Us too, to be honest.

“Four days later,” Nedd continues, “I’m in the Nullarbor Roadhouse, in the middle of the night, I thought I had a bit of an ingrown toenail. So I’m pulling it back, it was keeping me up at night. I was like, ‘this is not good’.”

“So I woke up, clipped a bit of the toenail away, tried to fix it.” Matt Ford, the other member of The Inspired Unemployed, chimed in with “so it’s under your toenail?” referring to the aforementioned maggots, to which Nedd confirms

“It was under the toenail, like in between the skin and toenail.”

Nedd Brockmann

At this point, we’re probably all siding with The Inspired Unemployed boys when they simply exclaim, “Yuuuuuck.”

But, Nedd wasn’t going to let it get in his way. He knew he had a run to finish, which he not only wanted to complete for charity – he raised money for We Are Mobilise, a charity that supports homelessness in Australia – but he was also aiming to become the fastest man to complete the race.

“I got into the caravan to spray it with some alcohol, and I saw something moving, and I’m like ‘ohhh!’ And then, yeah there was five maggots, just feasting away. Then we got the cotton bud and scraped them out and then, we were good to go.”

Naturally, the admission of such a horrific ordeal has had the comments section of the post churning out comments faster than our own projectile of sin. Comments include,

“I feel physically ill,”

“This is f***ing rank,”

and,

“New fear unlocked oh my f**k.”

There were also plenty of comments in, admittedly deserved, praise for the young guy from Forbes, NSW. “Who’s going to carry the boats and logs? Mental toughness is next level. Unbelievable.”

“Aaaaand he just kept running!,”

and,

“How bloody resilient is he. I would’ve fainted.”

If anything, Nedd’s story more than deserves yet more donations for his chosen charity. Upon crossing the finish line at Bondi Beach, Nedd had raised $1.5 million for his charity. That figure has since increased to $2.5 million. Let’s hope he can get it to at least three.

• Nick Kyrgios Explains The Reason Behind His Emotional Outbursts
• Woman Proves You Don’t Need An SUV To Drive All Around Australia

The post Nedd Brockmann Injury Details Include Maggot-Infested Toes appeared first on DMARGE Australia.

We all hate the middle seat – whether it’s the claustrophobia, the inescapable smells or the fact that you have to clamber over someone every time you want to relieve yourself. But now one Australian airline has introduced a lottery system that might have you begging to submit yourself to the horrors of the middle seat. Introducing: The Middle Seat Lottery.

Flying in the middle seat is one of life’s great pains. But Virgin Australia is trying to make it a little more attractive. How? With a lottery.

Virgin Australia launched its first customer innovation this week, revealing the Middle Seat Lottery, after on Sunday announcing a new advertising campaign called Bring on Wonderful. All this comes after a two year transformation journey which returns the airline to profitability (after it went into administration during the pandemic).

Bring on Wonderful is supposed to lay a foundation for Virgin Australia to improve every part of the customer journey, beginning with the pesky middle seat – something travellers have hated ever since the Wright Brothers decided to give the middle finger to gravity.

How does it work? If you book (or are assigned) a middle seat on a Virgin Australia flight from now until Sunday the 23rd of April 2023, you will automatically go into a lottery. There will be $230,000 worth of prizes up for grabs, and Virgin Australia hopes this will change the reputation of the ill-maligned middle stool.

This initiative follows a Virgin Australia social media survey in May 2022, where the airline found that (shock!) travellers are least likely to choose the middle seat, with less than 1 per cent intentionally selecting the middle seat as their first seat preference.

“As at May 2022, 62 per cent of Velocity Frequent Flyer members who nominated their seat preference favoured the aisle, 35 per cent the window and just 3 per cent nominating ‘any seat,’ the airline said.

For each week of the competition, one winner will be chosen at random from the guests who enter the Middle Seat Lottery, winning one of 26 “unique and wonderful” prizes. These include:

• Platinum Velocity Frequent Flyer Status plus one million Points.
• A cruise in the Caribbean with Virgin Voyages, including return Premium Economy flights to the USA with United Airlines.
• Flights and tickets to your AFL team’s away games in 2023.
• Flights to Melbourne plus entry to the AFL ‘Before the Bounce’ pre-game lunch, AFL Grand Final seats, a pre-game boundary line experience, merchandise and entry to the AFL Grand Final after party.
• A helicopter pub crawl extravaganza, including return flights to Darwin.
• Cairns adventure package including accommodation, return flights, and a range of thrilling adventures – Bungy jumping, giant swinging, river rafting or tubing in the great Barron River.

The lottery is also designed get people signing up to Virgin Australia’s frequent flyer program and downloading their app – to enter, you have to satisfy the following three criteria:

1. Be a Velocity Frequent Flyer member, aged 18 years or older;
2. Fly in any middle seat on a Virgin Australia-operated domestic flight by Sunday 23 April 2023;
3. Open the Virgin Australia app and tap the Middle Seat Lottery tile to find your flight and enter your details. Entrants must enter the competition within 48 hours of their flight’s scheduled departure time.

A bunch of middle seat flyers have already been given an unexpected reward, with Virgin Australia Group CEO Jayne Hrdlicka surprising an entire flight of unsuspecting travellers flying on VA219 from Melbourne to Adelaide on Monday, with each guest seated in a middle seat receiving a Virgin Voyages sailing valued at up to $5,999 USD (with the airline claiming the total value given away had been USD $350,000+).

Since November 2020, Virgin Australia says it has really got its shit together, restructuring its cost base and completely transforming the commercial function of the airline, removing over $300 million in annual costs.

According to Virgin Australia, “The transformation program has enabled the airline to increase its fleet size by over 60 per cent, as well as hire thousands of new team members, refresh its catering offering, reimagine its brand and customer experience to provide more value and choice, forge significant partnerships, restructure its costs to enable great value airfares, commit to target net zero emissions by 2050 and more.”

May the odds be ever in your favour…

• Virgin Australia Could Look Like This In Five Year’s Time
• Points Hacking Expert Reveals WTF Is Going To Happen To Your Velocity Account Now

The post Virgin Australia To Turn Next 6 Months Of Flights Into ‘Hunger Games’ appeared first on DMARGE Australia.

The Socceroos are heading to the FIFA World Cup in 2022 for just the sixth time. But before they jump on their plane for Qatar, the squad has spoken out against the country’s poor human rights record, with the hope being their words (and the world cup) can help incite change.

A select few members of the Socceroos squad have recorded a video statement highlighting their opinion of the situation regarding conditions for migrant workers in Qatar and the treatment of the LGBTI+ community.

WATCH: The Socceroos Take A Stand Against Qatar’s Human Rights Record

They have become the first World Cup team to post a protest against the host country.

Ever since Qatar was announced as the host of the 2022 FIFA World Cup, the world’s eyes have been on the country, and it quickly became clear that conditions for the labour force hired were far from safe. The Guardian reported in 2021 that some 6,500 migrant workers have died in Qatar since it won the right to host the biggest tournament in world sport, as the country had to essentially build entirely new infrastructure in order for it to be successful.

The Australian men’s soccer team do point out that the Kafala System, used by a number of Gulf Cooperation Council states has “largely been dismantled,” in Qatar, at least “working conditions have improved and a minimum wage has been established.” But, whilst these may be steps in the right direction, “their implementation remains inconsistent and requires improvement.”

The Kafala System has regularly been condemned by human rights campaigners, and has been likened to “slavery 2.0.” Under the system, migrant workers are required to be sponsored by their in-country employer, who then essentially assumes control of them.

The employee must seek approval from their employer to change jobs, leave the country and even other basic duties such as rent a home or get a driver’s license. In a lot of cases, employers would refuse to grant their employees permission to return to their home country, even after their employment contract had come to an end.

Another area of concern is Qatar’s stance on LGBT+ rights and the Socceroos maintain that the “decriminalisation of same sex relationships,” must occur in the country. Homosexuality is still deemed illegal in Qatar and comes with a prison sentence of up to three years and a fine.

Qatar has responded to criticism, especially in the wake of the World Cup, by saying everyone is welcome to visit the country, but they would have to refrain from any public displays of affection. Australian footballer Josh Cavallo, who is currently the only top-flight male footballer in the world to have come out as gay, feared for his safety ahead of the tournament if he were selected as part of the World Cup squad.

But, for all the awareness surrounding Qatar’s human rights record, even the Socceroos admit that actually “addressing these issues isn’t easy, and we don’t have all the answers.”

Boycotting the tournament may seem like an obvious approach – as many Australians on this Reddit thread suggest – but for a team such as Australia, not turning up to the World Cup, they probably won’t be missed.

Instead, Australia is using its fortunate platform to shine a light on the situation in Qatar and to raise awareness of the organisations that are making it their mission to improve things for everyone in the country.

• Lewis Hamilton’s Opinion On Racing In Saudi Arabia Sparks Debate
• World Cup Kits 2022: Our Favourite (And Not So Favourite) Jerseys On Show In Qatar

The post Socceroos Call Out The Hypocrisy Of Hosting The World Cup In Qatar appeared first on DMARGE Australia.

An Australian influencer’s Bali “meat market” video briefly shocked TikTok (before being deleted), sparking debate over dietary ethics and cultural relativism.

Mikaela Testa, a TikTok vlogger, has posted an apology video after posting a clip to TikTok where she explores the squeamish delights of a “secret” Indonesian meat market.

The controversial video in question involved Mikaela visiting a meat market in Indonesia, which she says she visited on her taxi driver’s recommendation.

“We were in a taxi and we were on our way home. We were driving past a lot of local areas and there were lots of markets and we wanted to… have a look and we asked our taxi driver to take us to the best one.”

“Then the taxi driver started talking about rats and we were listening… we said take us to the best shop that you know of and he did. I knew before I went in that there was going to be monkey meat in the store. I know that a lot of warungs have monkey because that’s what Indonesians eat.”

“Although I don’t agree with that I would never want to disrespect anybody’s culture. I would never want to argue and start drama at these warungs because that’s what they eat. I don’t know what I can do and I feel like a lot of people are angry at me.”

“It’s just culture. I don’t want to disrespect anyone and I don’t want to say anything wrong and I’m really sorry to people that I offended. What makes me really upset is that there’s this narrative that I knew there was dog meat at this market…I had no idea and I never would have gone to this market if I knew there was dog meat.”

In the now deleted video, Mikaela said the market sold all sorts of meat, including monkey, crocodile, rabbit and frog. In the clips she appeared to purchase a bunch of products, before leaving and calling the experience traumatising.

Mikaela also shared her thoughts on sticking to your own morals while travelling, while also being respectful of other people’s cultures. She also spoke about how sometimes travelling can make you a bit numb to things you might have previously found shocking.

RELATED: The ‘Ugly Truth’ About Staying In An Instagram-Famous Treehouse

“I like to see other cultures. I like to be part of other cultures. I like to learn about things and I understand that my audience may be very sensitive and not used to seeing things like this and I understand that in travelling I can become very insensitive to that because I’m so used to seeing stuff like this and so used to seeing different things all the time.”

“I definitely was not thinking straight and I definitely shouldn’t have posted the video at all and I am very sorry for that.”

In the comments below her deleted video, TikTok users argued over the extent to which it was bad to eat monkey and dog meat, and the extent to which it was bad Mikaela made a video about the meat market.

RELATED: ‘Stop Deifying Tourists’: Bali Urged To Make Big Change

According to news.com.au, one social media user said: “Going there just to film a video to profit off of, and buying the illegal meat just to toss it out, is WORSE than someone going there to eat.”

Another reportedly said: “Everyone saying she ‘didn’t eat it’ so what was the literal point of going to the location just to throw the meat away? She knew what meat they sold.”

There were also allegedly unimpressed comments like: “You knew what the place was and went there saying it traumatised you” and “The country isn’t as developed as others. Be respectful.”

Other comments included: “Ppl are acting like we don’t eat chickens and cows… Besides its Indonesian culture let them eat what they want” and “The people hating are so stuck in their own Western norms.”

Local media outlet Coconuts said that though this incident is proof influencers may not always be the most informed people, Mikaela may have actually done some good.

RELATED: Tourists Share Their Craziest Bali Travel Stories

Coconuts reports: “Indonesia is a Muslim-majority country so it is actually not common for the people here to eat monkey meat, which is forbidden for consumption by the religion. While Bali itself is not a Muslim-majority island, eating monkey meat is generally frowned upon – in fact, monkeys are actually deemed sacred animals by Balinese Hindus as you can see by how they are protected at the Ubud Monkey Forest and other areas, such as in Uluwatu.”

“There is one region in the northern part of Sulawesi where people regularly eat monkeys, but it definitely represents a tiny minority of the whole of Indonesia,” Coconuts adds.

“That said, the island does have a complicated relationship with dogs. In the grand scheme of things, Testa actually managed to point out a dark side of Bali – dog meat trade – that animal rights defenders have long been fighting against.”

Coconuts

“While she may have done some good in Bali, perhaps this is a reminder that influencers may not be the most informed of people and that we shouldn’t believe everything they say.”

WATCH: Mikaela Testa talks about learning to be culturally sensitive in the Cocos Islands

This isn’t the first time Mikaela has gone viral after uncovering a cultural crevice that makes people uncomfortable – in March this year she made headlines for wearing a questionable outfit on the Cocos Islands, saying: “The lady who owns the Airbnb that we’re staying in received some calls from some locals [saying] that I should be wearing something more culturally appropriate.”

Mikaela was also reportedly slammed for her involvement in a cheeky Bali stunt in 2020. As Yahoo reported at the time: “An Instagram couple is getting slammed online following a selfish stunt that saw them bragging about tipping their Bali taxi driver $200 in cash just a week after one of them was reportedly sick with coronavirus.”

• Instagram Confirms Australians Are Still The Worst Humans In Bali
• Bali’s ‘Other Side’ Instagram Doesn’t Want You To See

The post Influencer’s Bali ‘Wet Market’ Video Sparks Debate Over Animal Cruelty appeared first on DMARGE Australia.

Over the last two years, there’s been a dramatic increase in the number of men seeking Botox and other cosmetic injectable treatments… And it seems male celebrities aren’t immune from this trend either.

DMARGE spoke with Jelena Vucica Shah, cosmetic injectable expert and founder of The Cosmetic Lounge, who’s shared that just as she’s seen a spike in men in her clinics seeking Brotox, she’s noticed a few high-profile male celebrities have decided to get up, close and personal with some needles lately too.

“I have noticed in some of his videos Justin Bieber doesn’t have much movement in some areas of the face, which suggests he’s had some fine-tuning with anti-wrinkle injections. It just goes to show that no matter how young you are, people including men still feel the need to tweak their face,” she relates.

“Another favourite man of mine is Brad Pitt. No doubt he’s been blessed with some good genes, but I do think he has had a tweak of filler and anti-wrinkle treatments to help the ageing process. It’s just been done so subtly you wouldn’t pick it.”

Australian celebrities have been getting on board with Brotox, too: “Keith Urban, Jack Vidgen and Anthony Callea are obvious fans of cosmetic procedures but I’ve always wondered if celebs like Chris Hemsworth or Hugh Jackman have it done on a regular basis or have ever tried it,” Jelena speculates.

“Most clients that work on TV have often asked for it to be natural looking so it’s not obvious. They just want that fresh glow but still want movement… To be honest, I think most male celebs have had it done.”

Jelena Vucica Shah

We asked Jelena why she thinks so many male celebs are pursuing cosmetic procedures these days, and for her, it’s a bit of a no-brainer:

“Having non-invasive procedures that work so well in such little time, take little effort and have no down time, gives male celebs more reason to have these treatments done.”

Jelena Vucica Shah

“It gives them the confidence to compete in such a highly glamorous industry. Looks (aside from talent) is everything when it comes to Hollywood. People idolise beautiful people and there is increasing competition among men to look good.”

It’s not just Hollywood where there’s increasing competition. We spoke with Dr Josh Wall, one of Australia’s best-known cosmetic doctors and Medical Director at Contour Clinics, who explained how the rise of video calls thanks to COVID has meant there’s more pressure on men than ever to look their best in the workplace.

“We have patients seeing us before a job interview – specifically for the interview – and they are driven by that reason, particularly if they are middle-aged and beyond… It seems as though ageism is on the rise in the workplace. People are more aware now than ever before of how they present physically, no matter how qualified they are to do the job.”

Dr Josh Wall

RELATED: Australia’s ‘Brotox’ Boom Shows How Men Are Struggling In The Workplace

While some male celebrities are open about getting work done (take Jimmy Carr’s candour about his hair transplant, for example) and cosmetic procedures have never been more acceptable in society, most male celebs are still not very forthcoming when it comes to talking about cosmetic procedures.

At a time when so many men struggle with their body image and we’re being held to increasingly unrealistic body image standards, this is actually rather harmful.

“I think celebs often don’t tell the truth when it comes to cosmetic procedures. I’ve seen so many deny it, but it’s obvious they’ve had it done – especially when it comes to blokes,” Jelena says.

“I think if more men were honest about what they have done, it would encourage other men to have more and more treatments and not be so shy about it. Fortunately, social acceptance [for Brotox] is continually increasing.”

Jelena Vucica Shah

“Being honest about cosmetic procedures allows men to understand that it’s ok to get a little help as you age. It inspires men to look their best which makes them feel better about themselves. We not only want women to feel good in their own skin but men also.”

“It can be deceiving when celebs aren’t honest about having treatments done because we can compare ourselves to them without knowing they’ve actually had stuff done,” she concludes.

• Turns Out ‘Scrotox’ Is Actually A Thing
• How To Age Ungracefully And Look Awesome Doing It

The post Celebrities Are Jumping On The ‘Brotox’ Bandwagon appeared first on DMARGE Australia.

The Australian tax office is now rooting around your Bitcoin draw with a (more official) fine-tooth comb, with the 2022 budget confirming your gains are now officially written into the statutes as taxable.

The Australian Tax office is (presumably) sharpening its axes and whittling its spears now that Labour has revealed it will put the tax treatment of Bitcoin into the tax law. In budget 2022 the Albanese government has confirmed Bitcoin will be taxed as an asset and not as a currency. This comes after El Salvador adopted Bitcoin as a legal currency in 2021.

Though you’ve had to pay capital gains tax on crypto for some time, budget 2022 has made it official.

What is the implication of Bitcoin being taxed as an asset and not a currency? Essentially, investors will have to pay capital gains tax when they sell their crypto assets via an exchange as well as when they trade digital assets for other digital assets (for instance, if you were to trade Bitcoin for Ethereum). If you make a profit, either of these moves will trigger the “capital gain” definition and you will need to pay tax (regardless of whether or not you have ‘cashed out’ to the Aussie dollar).

Of the news, Tim Brunette, co-founder of Australian company CryptoTaxCalculator, told DMARGE: “It’s great to see the government and ATO working in tandem to provide clarity on the taxation of cryptocurrency, especially in a document as visible as the 2022 Budget.”

“The more definitive guidance that can be provided to Australian taxpayers, the higher the likelihood of compliance. At CryptoTaxCalculator, our software is kept updated with new guidelines such as this to ensure our users can do their crypto taxes as painlessly as possible.”

According to the Albanese government’s budget 2022, the usual capital gains tax discount will also apply (to crypto gains) and any government-issued digital currency or central bank digital currency will continue to be taxed as a foreign currency.

According to the AFR, “Central bank digital currencies…are under review by governments, and central banks around the world are examining how programmable fiat currency might be of use in the digital economy.”

“The Reserve Bank of Australia is undergoing a pilot program exploring how an Australian dollar-backed CBDC might be developed and its use cases,” the AFR adds.

Though this is believed to be the first time digital currencies and central bank digital currencies have appeared in Australia’s budget papers, there is still a way to go in Australia (and worldwide) when it comes to cryptocurrency regulation, with the Australian government being yet to share any comprehensive regulations about the sale, development and usage of Web 3 assets.

Treasury has, however, been working on this, with the AFR reporting that “Treasury has strengthened its internal teams working on digital asset research over the past 12 months.”

As for the retail investors, awareness is increasing, but there is still a way to go also.

As Shane Brunette, the other co-founder of CryptoTaxCalculator, told DMARGE in 2021, “Generally there is not a lot of awareness in the market around paying taxes on cryptocurrency.”

“The general theme is that you only pay taxes – maybe – if you cash out for a positive amount than you put in.”

“But actually, when you trade a cryptocurrency for another cryptocurrency, that triggers a capital gain – and you’re expected to keep all your records in your local currency.”

“This means if you’re trading on an overseas exchange, which is actually pretty common, you’ve got to try to work out what the Australian dollar was at the point of sale, and you don’t have any reference prices there. Things like that are catching a lot of users off guard.”

“It’s like stocks – if you traded Apple for Tesla stocks directly you’d be triggering a capital gain and that’s no different to crypto.”

Though not many of us have made any gains in crypto lately, if and when there is another bull market, this official new language around crypto tax law may well come into play for many.

Watch this (digital) space…

• ‘Costly’ Tax Mistake Catching Australian Cryptocurrency Investors Unaware
• Crypto ETFs: Safe Bet Or Flaming Disaster Waiting To Happen?

The post The Australian Tax Office Is Now (Officially) Coming For Your Crypto Gains appeared first on DMARGE Australia.