Crypto donation

Question

Crypto donation

 · Accepted Answer

Taxduck · Answer

You only declare the sale of the crypto. This is done on your tax return for the year in which the crypto was sold. Cost base (deemed purchase price) is market value of the crypto on date you received it. Keep records of the date received and it's market value. To get the 50% discount on any gain you have to hold the crypto for at least 12 months before disposal. Gain is sale price less cost base. (market value on date received). Held for at least 12 months this gain is discounted by 50%. Gain (or net gain after discount) is added to other income on the tax return and taxed at normal tax rates. Capital losses (or brought forward losses) can reduce any gains (apart from collectable and personal use assets). Link to further information Capital gains tax | Australian Taxation Office (https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax)

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