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Holding a Crypto asset for more than 12 months then selling it for another asset for fiat exchange

Newbie

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Hello, I was just looking for some clarification on this case scenario.


As the ATO states that the trade or exchange of cryptocurrency (including the disposal of one cryptocurrency for another cryptocurrency) is classed as an CGT event.

 

Scenario case: most crypto exchanges only allow for specific alternative coins to be withdrawn for AUD fiat, with some exchanges offering a larger withdrawl compacity compared to other coins.

 

In this scenario if someone had multiple ALT coins (alternative coins from BTC) that they've held for multiple years, and are eligible for the CGT discount, if they decided to trade these assets to a ALT coin such as Tether, or lets just say BTC as a way to sell this as part of a cash out process back into AUD fiat.

 

Even though you had previously been holding those assets for years, and now holding these new assest temporarly as part of the cash out process, does this affect you from receiving the CGT discount? and reset the holding of the original asset for being held for more than a 12 month peroid?

 

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Devotee

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This site is for general advice only and your question sounds pretty complex. You might be better off seeking professional advice on your situation? All the best

2 REPLIES 2

Most helpful response

Devotee

Replies 0

This site is for general advice only and your question sounds pretty complex. You might be better off seeking professional advice on your situation? All the best

Community Moderator

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Hi @Crypto,

 

Please contact our early engagement area for assistance.

 

KylieS