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Cryptocurrency Trader Income Query -- eTax form

Devotee

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"If you hold cryptocurrency for sale or exchange in the ordinary course of your business, the trading stock rules apply. This means that the proceeds from the sale of cryptocurrency held as trading stock in a business are classed as ordinary income, and the cost of acquiring cryptocurrency held as trading stock can be claimed as a deduction."

Jenny is a trader, not an investor.

Jenny has bought cryptocurrency throughout the year, and traded it for profit. Her trading stock at the end of the year is the sum of all cryptocurrency held by her business EOFY.

Jenny wants to know, concerning the portion of her trading stock she sold to australian dollars, where she would input this income on her e-tax return. 

With this filled: her income from sales to australian dollars declared, her trading stock closing value -- an increase from opening stock declared; Jenny has captured all profits her business has made in the financial year within her tax form.

She simply needs to know which field to fill in her income from sales of stock to australian dollars. 
Is 'Other business income – manually calculated' for non-primary production, the correct number field for this income?

Thank you

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Devotee

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"The website advises - If you hold cryptocurrency for sale or exchange in the ordinary course of your business the trading stock rules apply, and not the CGT rules. Proceeds from the sale of cryptocurrency held as trading stock in a business are ordinary income, and the cost of acquiring cryptocurrency held as trading stock is deductible. "

Thank you again.

1 REPLY 1

Most helpful response

Devotee

Replies 0

"The website advises - If you hold cryptocurrency for sale or exchange in the ordinary course of your business the trading stock rules apply, and not the CGT rules. Proceeds from the sale of cryptocurrency held as trading stock in a business are ordinary income, and the cost of acquiring cryptocurrency held as trading stock is deductible. "

Thank you again.