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xr6digga(Newbie)Newbie
9 Mar 2025

Hello, I was unfortunately scammed online several hundreds of thousands of dollar. The money lost occurred on the Binance platform. Everything was reported to Australia Government Cyber security and the Qld Police. Binance have recovered approximately $60,000 for me however a friend of mine said I'll be subject to CGT if I recover it to my bank account as AUD.

If this true? If there anyway of getting a waiver since I lost my money through a criminal activity?

293 views
3 replies
293 views
3 replies

Most helpful response

Most helpful reply

YellowPotato(Taxicorn)Taxicorn
10 Mar 2025

I'll be subject to CGT if I recover it to my bank account as AUD

  • Most likely, recovering the crypto invest as AUD is a CGT event
    • Would most likely be CGT event C1

If there anyway of getting a waiver since I lost my money through a criminal activity?

  • If made a gain, the net gain is added to your taxable income, if it's a loss it can used to offset current year capital gains or can carry it forward to offset future capital gains
  • Generally capital gain/loss is calculated by
    • Proceeds - Cost base = (+)Gain or (-)Loss

All replies

Most helpful reply

YellowPotato(Taxicorn)Taxicorn
10 Mar 2025

I'll be subject to CGT if I recover it to my bank account as AUD

  • Most likely, recovering the crypto invest as AUD is a CGT event
    • Would most likely be CGT event C1

If there anyway of getting a waiver since I lost my money through a criminal activity?

  • If made a gain, the net gain is added to your taxable income, if it's a loss it can used to offset current year capital gains or can carry it forward to offset future capital gains
  • Generally capital gain/loss is calculated by
    • Proceeds - Cost base = (+)Gain or (-)Loss

xr6digga(Newbie)Newbie
11 Mar 2025

Thank you for your reply. There will definitely not be a capital gain. I was scammed for over usdt 175k and Binance has only recovered about usdt 40k.

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