Hi there,
I've presently bought crypto through an exchange and I imagine all of these transactions are available to the ATO. The sum is around 2,000 AUD
However I have made a loss of the entire balance due to a wallet exploit and theft. Unfortunate but glad it was not more. So before I have another go
How do I treat this for my upcoming tax return in one of two ways -
The full balance is lost - do I even bother to declare it as the sum is so small, for the purpose of captial loss to carry forward. I imagine it is of no use to deduct my taxable income. Do I need to register this loss with the exhange? Or do I need to report it to the police?
Or at some stage the funds are returned by the Police or other reputable body manages to return the funds to my wallet. What then happens - I am assuming my loss carried forward is negated and if I sell the crypto at a profit I declare captial gains?
Appreciated
5,462 views
3 replies