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Cryptocurrency: trading on foreign crypto exchanges

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If an individual is classed as trading cryptocurrency as a business and they use multiple exchanges, some of which are based in other countries - does the profit/loss attributable to trades using the foreign exchanges constitute 'Foreign Income'? Or does the trading activity all get put together and processed as ordinary income?

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Hi @paige,


Thanks for posting!


Community forums are public spaces where anyone can join in to ask and answer questions. We often do jump in and provide answers where no one else has replied, but we don’t always answer every post – particularly where the original poster has asked the same question on other threads. 


Since @Imbroglio asked this question back in January, we’ve updated our content on ato.gov.au, created a separate Cryptocurrency board and published a number of knowledge base articles on crypto here on Community. Hopefully you can find the information you’re looking for on another post or in our existing content.


If you have the answer you think @Imbroglio or other members may need, we would love for you to post a reply! If your post is well-written, answers the question, provides the right information and links to relevant Australian government content, we can certify your answer and maybe even use it as the basis for a new article.

 

Thanks JodieM

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Such a simple question - why hasn't it been answered ten months later??!


@Imbroglio wrote:

If an individual is classed as trading cryptocurrency as a business and they use multiple exchanges, some of which are based in other countries - does the profit/loss attributable to trades using the foreign exchanges constitute 'Foreign Income'? Or does the trading activity all get put together and processed as ordinary income?


 

Best answer

ATO Certified

Community Support

Replies 0

Hi @paige,


Thanks for posting!


Community forums are public spaces where anyone can join in to ask and answer questions. We often do jump in and provide answers where no one else has replied, but we don’t always answer every post – particularly where the original poster has asked the same question on other threads. 


Since @Imbroglio asked this question back in January, we’ve updated our content on ato.gov.au, created a separate Cryptocurrency board and published a number of knowledge base articles on crypto here on Community. Hopefully you can find the information you’re looking for on another post or in our existing content.


If you have the answer you think @Imbroglio or other members may need, we would love for you to post a reply! If your post is well-written, answers the question, provides the right information and links to relevant Australian government content, we can certify your answer and maybe even use it as the basis for a new article.

 

Thanks JodieM

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