Hi!
In the past financial year I have on four separate occasions used the Bitcoin exchange at bitcoin.com.au in aid of purchases made with online retailers who either preferred or offered discounts with the use of Bitcoin. In each instance, I made a payment in AUD from my bank account through a verified payment method (PayID and Visa), which was then delivered into the wallet of the individual/business specified in the order placed. I do not have a cryptocurrency wallet of my own due to not currently being interested in the ins and outs of speculation. Receipts of each transaction involving my bitcoin purchase on the blockchain were recorded and emailed to me by the bitcoin.com.au exchange.
Considering the above circumstances, for the purposes of accurate reporting how do I treat these transactions when lodging my tax return? As far as I am aware there were no capital gains or losses made, but going by the ATO tax treatment of cryptocurrency page the closest I can guess is that these fall under cryptocurrency as a personal use asset, with the total of the four transactions falling well below $10,000. I am confused by the point that I do not have a wallet of my own, and each transaction was made through an intermediary exchange into the wallets of the businesses from which I purchased goods, so I am unclear if I was in 'ownership' of the bitcoin at any point in time.
Thank you for any help you can provide!
Kind Regards,
Daniel
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