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Cryptocurrency for tax return

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Newbie

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Hello everyone,

My name is Max and I'm new to this. I just have a question in relation to cryptocurrency and tax return. I have read on the myGov website that, if you hold more than $10,000 worth of crypto, you need to declare it. I have called the ATO and asked. There response was, "since it's a grey area, you don't really have to". I was wondering if anyone could assist me? I'm holding less then $10,000 worth and it's all personal use, long term.

Kind Regards,

Max

1 ACCEPTED SOLUTION

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Best answer

ATO Certified

Community Support

Replies 0

Hi @MaximilianB

 

Welcome to our Community!

 

@macfanboy is right - you only need to declare information if you've dispose (sold, gifted or traded) cryptocurrency. You can find more information in our guide on How do I calculate capital gains tax on cryptocurrencies?. Alternatively, you can find information on our website

 

Thanks, JodieH. 

2 REPLIES 2
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Taxicorn

Replies 0

You don't have to declare 'holding' it only if you sell or convert it to another digital currency.

 

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Best answer

ATO Certified

Community Support

Replies 0

Hi @MaximilianB

 

Welcome to our Community!

 

@macfanboy is right - you only need to declare information if you've dispose (sold, gifted or traded) cryptocurrency. You can find more information in our guide on How do I calculate capital gains tax on cryptocurrencies?. Alternatively, you can find information on our website

 

Thanks, JodieH.