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an1960(Newbie)Newbie
16 May 2023

Hi,

My enquiry is about my tax obligation with regards to trading online with Cryptocurrency and Shares:


  1. I am using Binance [removed by moderator] and Coinjar [removed by moderator] as an wallet for depositing AUD$ from my personal bank account.
  2. Then converting it into BTC or USTD and trading using the following platforms for crypto and shares:
    1. [removed by moderator]
    2. [removed by moderator]
  3. When I am withdrawing any money, I am bringing that back to Binance or Coinjar, converting to AUD $ to transfer it into my same Bank account as in No. 1 above.

My question is:

  1. As far as my Tax obligation is concerned, do I only use my transactions in Binance and Coinjar as to how much AUD$ I deposited into it and how much AUD$ I have withdrawn from it? I asked this question to [removed by moderator] and they said this is all I need to do as the trading is happening in international market and until I bring the money back to my wallet after the trading is done, I don't need to worry about that (as there is profit/loss happening in the accounts all the time).
    1. Is there any other requirement in addition to above?


1,824 views
3 replies
1,824 views
3 replies

Most helpful response

Most helpful reply

AriATO(Community Support)Community Support
18 May 2023

Hi @an1960


You need to record each individual trade and convert the amounts to AUD at the time of the transaction. Take a look at the info we have about crypto records.

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Most helpful reply

AriATO(Community Support)Community Support
18 May 2023

Hi @an1960


You need to record each individual trade and convert the amounts to AUD at the time of the transaction. Take a look at the info we have about crypto records.

an1960(Newbie)Newbie
15 June 2023

Hi,

Thanks for your reply.

I think I have been scammed.

In one of the exchanges, when I tried to withdraw the amount (sitting in USDT) and bring that back into my bank account by converting to AUD, they asked me to pay 15% "Tax" (in USDT) on the profit, before any withdrawal. They said it is a requirement to pay this at the place of registration of the exchange. I did not doubt this as the very customer service of the exchange was asking this and I paid the so called "tax". I had to make this payment separately without being allowed to withdraw any money from the account I already have with them.

Then I asked them to send me the receipt for this payment so I can use that in my tax return this year.

They have not given me any receipt yet and does seem like they will. It happened about 10 days ago.

Then after paying the "tax", I tried to withdraw the USDT from the account again but it did not work. I asked the customer service why this is happening? They said my account has been "frozen" because I was not withdrawing the money to right "wallet"!

Now they are asking me to pay another 20% account "unfreezing" fee before I can be allowed to withdraw any money!

Very strange!

I asked them to send me an invoice for the amount I need to pay as "unfreezing" fee. They are not sending me any invoice like they did not send me any receipt for the "tax", I already paid. They are saying all the documents will be sent once my account is unfrozen, after paying the fee!

I asked them to unfreeze the account first, so I can withdraw the money to pay any fee. They are not unfreezing the account and are asking to pay the fee separately before withdrawing any money from the account!

It is at this stage I got suspicious, and I said I will have to consult someone before I make any further payment, especially when they are not sending me any paper works or documents substantiating their demand to pay the fee.

I have USDT sitting there in my account, but I don't see any chance of getting that back. Plus, I am not sure how I can include that in my tax return not knowing when or if at all I will get the money back.

I would like to know; is there any place I can report this apparent scam and how I should be dealing this so called "frozen" amount in my tax return.

Thanking you for your time.


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