Tax-smart tips for crypto assets investments

There’s more to cryptocurrency then just buying and selling.  It’s important you understand your tax obligations.

If you exchange crypto for goods, cash, or other cryptocurrencies then it’s likely a disposal for the purposes of capital gains tax.  Then a capital gain or loss will need to be included in your income tax return.

To make it easier at tax time, remember the following tips:

• Keep good records
• Report crypto in your tax return
• Report capital gains, losses, rollovers and exemptions
• Rollover and exemptions
• Personal use assets
• Calculate CGT correctly

Download a copy of the factsheet for more information of tax-smart tips for crypto assets investments.

For more information go to the ATO website.

Source: www.ato.gov.au