Cryptocurrency for tax return

[#1]

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

[#2]

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

[#3 · Accepted solution]

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.