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mpy999(Newbie)Newbie
24 Oct 2022

In this financial year, my trading platform Swyftx sold all of my BitTorrent (BTT) tokens and bought the equivalent amount of BTTC tokens. Apparently, BTT went through a token migration, redenomination and renaming plan where BTT turned into BTTC. I can see in my trading platform that there is a sell transaction of all my BTT - so my question is can I claim this as a loss on my tax return this year?


Looking under the ATO tax return crypto page it says I am able to claim when I swap one crypto token for another. Does this apply to my case?


Thank you!

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1 replies
500 views
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Most helpful reply

CaroATO(Community Support)Community Support
27 Oct 2022

Hi @mpy999,


What you've described is a sell and buy scenario.


Are you a crypto trader or investor?


As a trader you can claim the loss from the sale of crypto as a deduction against income.


If you're a crypto investor, a capital gains tax, (CGT) event occurred when the tokens were sold. When this happens the capital gain can be offset against a capital loss. Keep in mind a capital loss can't be used to reduce your income.


Check out the information on our website where it talks about share investing versus share trading and using capital losses to reduce capital gains.

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Most helpful reply

CaroATO(Community Support)Community Support
27 Oct 2022

Hi @mpy999,


What you've described is a sell and buy scenario.


Are you a crypto trader or investor?


As a trader you can claim the loss from the sale of crypto as a deduction against income.


If you're a crypto investor, a capital gains tax, (CGT) event occurred when the tokens were sold. When this happens the capital gain can be offset against a capital loss. Keep in mind a capital loss can't be used to reduce your income.


Check out the information on our website where it talks about share investing versus share trading and using capital losses to reduce capital gains.

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Can I claim a loss on my crypto token (BTT) which was sold/swapped for an equivalent token? | ATO Community