Over the course of 2020/2021, I opened three Australian crypto trading accounts, as they were advertising some bonuses (and I wanted to check them out). More precisely, I used the following three exchanges:
- I opened an account with Coinspot, deposited 5 AUD and received 10 AUD as bonus. I then bought Doge Coin and Bitcoin, but never sold.
- I opened an account with Cointree, deposited 20 AUD and bought Bitcoin with it, but never sold. I then received an opening bonus of 10 AUD.
- I opened Swyftx and just for opening I received a bonus of 10 AUD in Bitcoin, which I didn't sell. I did not deposit any money.
- (I also opened a new checking account with HSBC, for which they credited me an opening bonus of 100 AUD.)
When I checked out my pre-filled tax declaration, it stated that I had held or disposed of crypto currency and may owe taxes. In total, I received 130 AUD in bonuses.
My questions are as follows:
- Should I wait longer before doing my tax return to see if ATO will autofill the correct information (i.e., do they get the exact numbers from Coinspot, Cointree and Swyftx, so that it's better to wait)?
- As I didn't sell any cryptocoins (so I also didn't realize profits or losses), do I need to declare any capital gain?
- How do I declare that I received the bonuses? Do they count as gifts, income or capital gains?
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4,061 views
2 replies