The "When to declare crypto" section of https://www.ato.gov.au/General/Gen/Video-Transcripts/Crypto-myth-busting-with-Tim-Loh---interactive-video-transcript/#Lovevish___Video_1 has this question and answer:
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Tim Loh: I heard you only have to declare crypto if you earn over $10,000 in profit. Is this true?
No. That is a myth. All capital gains have to be declared. Even if it's only a small amount.
Crypto is treated for tax purposes, just like other investment assets. When the total of all your capital gains are over $10,000, you have to complete a capital gains tax schedule in your tax return. But don't worry, my tax or your registered tax agent will guide you through that process.
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To me that answer is confusing. It seems to be saying that all capital gains have to be declared, but only if the gains are over $10,000 does a CGT schedule have to be prepared.
If so, what does that really mean? Does it mean capital gains below $10,000 have to be declared, but tax is not payable? Please explain, and if necessary replace the above explanation with something clearer.
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