Author: _ara23(I'm new)I'm new 19 Aug 2021
Hi
@Jodie_ATO wrote:Hi @fordfocus,
The website advises - A capital gains tax (CGT) event occurs when you dispose of your cryptocurrency. A disposal can occur when you:
- sell or gift cryptocurrency
- trade or exchange cryptocurrency (including the disposal of one cryptocurrency for another cryptocurrency)
- convert cryptocurrency to fiat currency (a currency established by government regulation or law ), such as Australian dollars, or
- use cryptocurrency to obtain goods or services.
You mentioned there were transactions via the custodial wallet. Were any of these due to you transferring, disposing or selling any of the crypto? In order to declare these when a CGT event occurs, we would advise you to keep records of all transactions you have made. We have relevant information about transacting with cryptocurrency via this link.
If you have other questions please let us know.
All the best.
Hi Jodie So what about the borrowed amount using collateral? Is it taxable income? Actually, we are paying interest on top of the collateral amount. and finally, we have to pay the loan back. So "borrowed amount using collateral" is it going to be considered as a taxable income ?
Could you please clear this doubt for us ?
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