Crypto Tax: Everything You Need to Know

Tuesday 11 July 2020, 11:52 AM AEST - 1 month ago

If youve engaged in any sort of cryptocurrency transaction over the last year, its highly likely that youre going to have to report it in your tax return. Transactions include, but are not limited to, buying, selling, trading, mining, staking, giving and/or receiving cryptocurrency, and this applies whether the transaction happened in Australia, America or some nameless tax haven in the middle of the Pacific. Basically, if you used crypto, the Australian Tax Office (ATO) wants to know about it.

But actually working out your cryptocurrency tax can be difficult and there are a lot of different facets you need to consider when preparing your tax return. Yet with the ATO keeping Australian crypto investors squarely in their spotlight, its more important than ever that you know what youre doing and how to report your tax obligations correctly.

To help you on your way, weve compiled a comprehensive guide to the current rules surrounding cryptocurrency and tax in Australia. While this guide is based on the latest information from the ATO, were not tax experts and the information youll find below shouldnt be considered a substitute for professional advice. If you need more specific guidance, visit the ATOs guide to cryptocurrencies or contact them directly on 13 28 61.

Am I an investor or a trader?

First t ...

Read full story on CoinJar Blog