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Hello @MelissaD83
Have you conducted your cryptocurrency trading activity through a business entity with an ABN? For example, are you a sole trader with respect to your crypto investments?
If so, then you need to complete the Net income or loss from a business section to record your staking rewards income.
If not, then its likely we will consider you as an investor and your crypto assets are treated as capital assets. In this case you need to record the gains you makefrom staking rewards but you don't need to declare the capital gain until you sell or exchange your cryptocurrency. This is when the CGT event occurs and the capital gain (or loss) is made.
The gain is then declared in the Capital gains or losses section of your ITR.
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Hello @MelissaD83
Have you conducted your cryptocurrency trading activity through a business entity with an ABN? For example, are you a sole trader with respect to your crypto investments?
If so, then you need to complete the Net income or loss from a business section to record your staking rewards income.
If not, then its likely we will consider you as an investor and your crypto assets are treated as capital assets. In this case you need to record the gains you makefrom staking rewards but you don't need to declare the capital gain until you sell or exchange your cryptocurrency. This is when the CGT event occurs and the capital gain (or loss) is made.
The gain is then declared in the Capital gains or losses section of your ITR.
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