Disposing of crypto to AUD

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Generally, you need to report the outcome of your capital gains tax (CGT) events for the relevant financial year if the transaction resulted in a capital gain or loss. Disposal of cryptocurrency is a CGT event, and includes situations where 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'd need to calculate your CGT loss or gain for the year as a result of any of the above disposal activities to determine your possible tax obligations. Our Community Knowledge base has a page to help work this out, and the link is further down for you. If you need to change any previous year tax returns to show a capital gain or loss, then you can do so through your myGov ATO online services (as the fastest way) or lodge an amendment form. However, there's typically a time limit to amend lodged tax returns, which in most cases is 2 years from when you receive the notice of assessment (NOA) from us. If more than 2 years has passed, you may be able to lodge a request for extension. Please take a look at the page 'Time limits on amendments' for how to do this. It's important to keep record of your crypto transactions, (such as the date of the transactions and the Australian dollar value of the cryptocurrency at the time of transaction) as this will help you calculate and meet any related tax obligations for the financial year. Hopefully this all helps! LinksATO website- Transacting with cryptocurrency ATO Website- Guide to CGT Community Knowledge Base- How do I calculate CGT on cryptocurrencies? ATO website- Correct (amend) an income tax return ATO website- Time limits on amendments ATO website- Record keeping for cryptocurrency RachATO

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