cryptocurrency tax

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cryptocurrency tax

 · Accepted Answer

SandraATO · Answer

Hey We can't tell you where to trade, you may need financial advice for that part. What we can tell you is, you should work out if you're an investor or a trader? This would help determine how you'll be taxed, CGT v Income Tax. Transferring to another exchange may have tax implications. Most activities are classed as a transaction and incur CGT (https://www.ato.gov.au/individuals-and-families/investments-and-assets/crypto-asset-investments/transactions-acquiring-and-disposing-of-crypto-assets/crypto-asset-transactions#ato-TransactionsamountingtoaCGTevent) if you're an Australian resident. Check out our info about Crypto and your taxes (https://community.ato.gov.au/s/article/a079s0000009GmxAAE/crypto-and-your-taxes) which is full of tips, tricks and advice. For more specific advice about the treatment for your situation, you can get in touch with us for tailored technical assistance (https://www.ato.gov.au/about-ato/ato-advice-and-guidance/tailored-technical-assistance).

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