Crypto Tax Transfer to Other Party

 Author: cashgeorge33(Newbie)Newbie

3 Nov 2021

Hello. A relative provided me with AUD to purchase a crypto asset on their behalf. At that time, they were unfamiliar with the workings of the crypto wallets/exchanges and preferred this to be done by someone they trust. The asset has now appreciated and I am preparing to send the asset to their wallet as they are now more comfortable with using wallets/exchanges. Generally, I would be obliged to pay CGT on the asset after transferring, however the funds used to purchase the asset were from my relative, and the asset is being sent to my relative. Therefore, can the tax obligations be transferred to my relative if: - I can prove the initial AUD used to purchase the asset was provided by my relative - I can prove that the recipient wallet of my relative is linked to a CEX wallet that has their details (as they be withdrawing the funds from a CEX) - I can provide a contract to the ATO signed by myself and my relative explicitly stating that the asset was purchased by my relative's money, held by myself, and transferred back to them and that they will handle the Tax obligations related to that cryptocurrency Thank you.

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