Hi ATO
I no longer want to trade crypto in the Defi space. How can I prove that I don't have access to it so I am not responsible for it according to the ato.
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Hi @alucard,
If you no longer own crypto' and have sold/disposed of it, then you'd report this on your return in the year you sold or disposed of the crypto'. If you held a wallet for the purpose of holding the crypto, there's information online in relation to removing this from your control. We look at the taxes assosciated to crypto when you sell or dispose of it. There's also information online in regards to record keeping for crypto'.
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Hi @alucard,
If you no longer own crypto' and have sold/disposed of it, then you'd report this on your return in the year you sold or disposed of the crypto'. If you held a wallet for the purpose of holding the crypto, there's information online in relation to removing this from your control. We look at the taxes assosciated to crypto when you sell or dispose of it. There's also information online in regards to record keeping for crypto'.
Hi, Thanks for replying.
My thoughts are more around receiving crypto. My understanding is if you are airdropped\sent\rewarded tokens (which could be anything) then it can be classed as income at the value of the time you receive it. However as a defi wallet is a public address these could be received at any moment in time and you as an individual have no way of knowing you have received it unless you check and even then you would need to know the exact details of what you are receiving. So how do you say to the ato that this wallet is not mine and therefor I am not responsible for anything that is sent to it.
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