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
For more information go to the ATO website.
Source: www.ato.gov.au
