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Crypto bought before becoming an Australian Resident

Newbie

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Hi ATO Community,

 

I had invested in crypto currencies back in 2017-18 before I became an Australian resident for tax purposes. Now I plan to transfer it to an Australian exchange and possibly withdraw some or all of it into my bank account. 

 

Can you please advise if CGT will be applicable on this as the purchase was made when I wasn't an Australian resident.

 

Thanks !

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Most helpful response

Taxicorn

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@imran311 

 

The cost base should be the market value when you became an Australian Resident for Tax purposes.

 

Transfering from wallet to wallet is not a CGT event but between any currencies is.

 

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Most helpful response

Taxicorn

Replies 0

@imran311 

 

The cost base should be the market value when you became an Australian Resident for Tax purposes.

 

Transfering from wallet to wallet is not a CGT event but between any currencies is.