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Slothless(Initiate)Initiate
8 Aug 2023

Hi ATO Team,


I'm currently having visa 485. I have some questions about tax:

  1. Do I need to declare when trading crypto currency? I sell and buy a lot in USDT. However, I see that temporarily residents don't need to pay for CGT for crypto currency.
  2. Do I need to register AUSTRAC? I read that only companies need to do this, but I'm not quite sure.
  3. When I sell and buy crypto currency. Should I use my banking account? Because I saw lots of people noted that "No write words related to crypto when transferring". If someone transfer me and write "binance transfer" or something like that, what will happen to me?

Thank you very much.

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Most helpful reply

CatherineATO(Community Support)Community Support
10 Aug 2023

Hey @Slothless!


Special rules apply to foreign and temporary tax residents, and only capital gains or losses involving taxable Australian property need to be reported. Crypto doesn't fit within that category, so doesn't need to be declared.


To check if you need to to complete a registration with AUSTRAC you would need to get in touch with them.


We're not sure why they'd say not to write crypto, it doesn't sound right. You might want to ask them why.

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Most helpful reply

CatherineATO(Community Support)Community Support
10 Aug 2023

Hey @Slothless!


Special rules apply to foreign and temporary tax residents, and only capital gains or losses involving taxable Australian property need to be reported. Crypto doesn't fit within that category, so doesn't need to be declared.


To check if you need to to complete a registration with AUSTRAC you would need to get in touch with them.


We're not sure why they'd say not to write crypto, it doesn't sound right. You might want to ask them why.

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Crypto currency tax | ATO Community