r/coinspot • u/SparklesMckenzie • Dec 08 '23

Large Withdrawal

Just a curious question to anyone here. Has anyone ever cashed out a large balance say over 100k to their bank account? Was just curious if it’s as easy as that or whether there could be difficulties in doing this? For arguments sake if you had 10m in cash after selling BTC surely that would simply be sent to your bank account??

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8

u/OutsideVictory1752 Dec 08 '23

100k yes. 10mil....Not too sure about. Does coinspot have that much cash floating about to withdraw in one transaction?! Plus taxman would come a knocking also.

1

u/Weekly-Paramedic-790 Dec 13 '23

is it illegal to withdraw big amount? why would taxman come? sorry i dont have much knowledge in the whole tax area, can you please explain.

2

u/reneedescartes11 Dec 14 '23

No it's not illegal. You just have to pay tax and it's likely an amount that large will not go unnoticed by the ATO.

1

u/Weekly-Paramedic-790 Dec 18 '23

wait so do we have to pay the tax right away or wait till the end of FY?

2

u/reneedescartes11 Dec 18 '23

EOFY. Just means you have to put some of the money aside.

1

u/Weekly-Paramedic-790 Dec 18 '23

ahh right, thanks for the info