A friend has bought crypto in 2015, permanently left Australia in 2016, and sold crypto 2017 for a significant profit.
Unfortunately she was completely unaware of the exit tax until recently - deemed disposal would've been just a minor amount, whereas the alternative a lot.
What's the recommended course of action?
She has always paid her taxes loyally before, but is worried about getting accused of tax evasion now.
Hello @Koipi,
If you want to inform us of something you have missed in your return and its outside the amendment periods you usually have two choices. One you can lodge an objection with an amendment attached explaining to us why we should allow it. The other way is to complete a voluntary disclosure with the information and we will guide you in what you will need to do to meet your obligations.
Hello @Koipi,
If you want to inform us of something you have missed in your return and its outside the amendment periods you usually have two choices. One you can lodge an objection with an amendment attached explaining to us why we should allow it. The other way is to complete a voluntary disclosure with the information and we will guide you in what you will need to do to meet your obligations.
Thanks for the info. It's probably a tough one to answer here, but can you give any indication about how the ATO would decide in a case like that?
The deemed disposal (which she certainly would've done had she known about it) would've been just like 10k in taxes, whereas the taxes at the time of selling, without 50% discount more like 500k.
If I understand correctly, she could've even amended her tax return at the time of selling to opt for deemed disposal as it was just a year after emigrating.
Would the ATO still go for the 500k scenario as a baseline though, or the 10k deemed disposal one?
21 May 2026 · 4 min read time
15 Apr 2026 · 8 min read time
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