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How to put staking rewards details in tax return

Newbie

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I have invested in the Cardano cryptocurrency (I have owned my ADA for 3 years now), and have been staking my ADA with a staking pool in Sweden and have earned an amount of ADA in return.  I understand this counts as income for tax purposes.

 

I'm trying to add in the AUD value of the staking rewards into the "Salary, Wages, etc." section of my tax return, but the form cannot take the information, as I am required to supply an ABN or WPN.  What is a WPN?

Also, is there an official source for crypto prices at a certain point in time?

 

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ATO Community Support

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Hi @wardallen

 

Correct! Staking rewards is classed as assessable income and included as such on your return. It is not salary and wages, are you doing this as a trader, if so you would report it under business income.

 

If you are a trader as opposed to an investor you may need to look at applying for an ABN. A WPN is a withholding payer No'.

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Hi @wardallen

 

Correct! Staking rewards is classed as assessable income and included as such on your return. It is not salary and wages, are you doing this as a trader, if so you would report it under business income.

 

If you are a trader as opposed to an investor you may need to look at applying for an ABN. A WPN is a withholding payer No'.

Newbie

Replies 1

Hi @Jodie_ATO 

 

No, I am definitely not a trader.  Which section does it come under?  Dividends or Interest?

ATO Community Support

Replies 0

Hi @wardallen,

 

You can include this income under other income. It will still be looked at as assessable.