I am a citizen of Nigeria. I became a permanent resident last year. I want to bring my funds from Nigeria. If I buy crypto (USDT) with the foreign funds (NGN), and withdraw it via Binance as AUD into my Australian account, will I need to pay tax? I am not trading with it, only as a way to bring in my money from Nigeria into Australia.
Hey @Alemo50
Interesting plan, just be aware that as crypto currency is considered an asset you will potentially need to pay Capital gains tax on the sale of the crypto when you convert it into AUD. You would need to convert the NGN into AUD to work out the cost base of the asset and then work out if you sold it for more (capital gain) or less (capital loss) than you originally bought it for.
Check out our article Crypto and your taxes for more information.
Hey @Alemo50
Interesting plan, just be aware that as crypto currency is considered an asset you will potentially need to pay Capital gains tax on the sale of the crypto when you convert it into AUD. You would need to convert the NGN into AUD to work out the cost base of the asset and then work out if you sold it for more (capital gain) or less (capital loss) than you originally bought it for.
Check out our article Crypto and your taxes for more information.
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