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How to declare international money transfers via Cyrpto?

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Time to time I send money to my parents since years. Previously I was using banks and they were so happy with the money they charge from but not me! Also man in the middle attacks by offshore banking system was shaving some portion of the money I transfer to my parents and I decided to use crypto since a couple of years and literally I pay no transaction fee whilst it's lighting speed (in seconds).

However I am wondering what to do in terms of ATO. Do I need to notify them? What would be the right action here?

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ATO Certified

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Hi bnesys,

 

Welcome to our Community!

 

There are a number of factors which may need to be considered with your situation. We'd suggest first checking out our guide on How do I calculate capital gains tax on cryptocurrencies? to see it this information answers your questions.

 

If you're still unsure of your obligation, you can contact our Early engagement team by submitting a request form or requesting a call back and an officer will contact you to discuss your situation further.

 

Thanks, JodieH.

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Enthusiast

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It depends whether you have made a capital gain while holding the Cryptocurrency, and whether or not it was a personal use asset. 

 

If you purchased then immediately transferred the crypto, there probably isn't any capital gain and therefore nothing to report to the ATO.

Best answer

ATO Certified

Community Support

Replies 2

Hi bnesys,

 

Welcome to our Community!

 

There are a number of factors which may need to be considered with your situation. We'd suggest first checking out our guide on How do I calculate capital gains tax on cryptocurrencies? to see it this information answers your questions.

 

If you're still unsure of your obligation, you can contact our Early engagement team by submitting a request form or requesting a call back and an officer will contact you to discuss your situation further.

 

Thanks, JodieH.

Initiate

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It's pleasant to see officers responding questions. Following link is broken whihc I believe important information in there.

 

https://www.ato.gov.au/business/income-and-deductions-for-business/reconciliation-activities/account...

Moderator

Replies 0

Hi @bnesys,

 

Thanks for bring this to our attention!

 

We've updated the link in our Tax wiki How do I calculate capital gains tax on cryptocurrencies?.

 

Thanks, NicM.

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