Cryptocurrency debit card cashback and tax reports with the zero cost basis.

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hodl_l00t · Answer

Hey RatePayer, You should always be careful using overseas-based tax tools in Australia, as the tax logic may not directly apply to our tax law. It's in your best interest to determine the cost base of your assets, as it will lead to a lower capital gain. The basic calculation is capital gain = proceeds - cost base. If there is no cost base, then you'll end up declaring the full proceeds from the sale as a capital gain. I would say it's a very safe assumption to assume the cost base is zero, as it can only result in you overpaying more tax than necessary, not less.

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