Hi,
I have 2-3 exchange accounts and do my investing on them. I also have my own non-custodial wallet for storage/defi transactions.
My parents live overseas and have their own non-custodial wallet.
This year, I have sent and received cryptocurrency to/from my exchange to/from my parents non-custodial wallet (they live overseas).
For tax purposes, assuming that :
1.I only declare any CGT event when I transferred tokens from my exchange to their wallet. Generally I immediately purchased the token on exchange and sent it, so negligible CGT I guess (gifting topic)
2.I don't need to declare any received gift until I sell it in which I calculate difference from price of the day i received the gift minus price when I sold the cryptocurrency
3.I declare all other transactions in my wallet/exchange as per ATO guideline
My questions are:
1. How can I prove ownership of the wallet is my parents if they are overseas (will a written letter/email agreement suffice?) and how do I lodge this in tax given that we did a few transactions between my exchange and their wallet.
2. I did initially help my family setup the wallet and buy currency, would I be responsible for transactions made at that time?
3. If we send/receive USDT which is stable coin, does this still incur CGT event?
Thanks
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