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on 20 September 2018 07:07 PM - last edited on 10 January 2019 05:44 PM by JodieH
Views 2056
Replies 2
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
Most helpful response
ATO Certified Response
on 21 September 2018 05:22 PM
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.
You don't have to declare 'holding' it only if you sell or convert it to another digital currency.
Most helpful response
ATO Certified Response
on 21 September 2018 05:22 PM
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.
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