• 250 Online
  • 15602 Members
  • 18283 Posts

ATO Community

Tax on crypto

Ask a question

This conversation has been closed. Please start a new thread.

Highlighted

Newbie

Views 543

Replies 4

Hi i like to know if buy bitcoin at $3000 par coin and it skyrocket to $50000 a coin do i have pay CGT on it even if i am not selling it

what i read up on online is that you only pay CGT on $47000 if you sell it to AUD

do i still pay CGT of $47000 if i have not sold it

and if bitcoin crashes to $10000 do i still have pay CGT on $47000 or only $7000

even if not sold

1 ACCEPTED SOLUTION

Accepted Solutions

Best answer

ATO Certified

Community Support

Replies 0

Hi @thesuperpro

 

Welcome to our Community!

 

We can provide general information here about tax and super laws in Australia. 

 

If you're involved in purchasing or disposing of cryptocurrency, you need to be aware of the tax consequences, which can vary depending on the nature of your circumstances.

 

If you're an Australian resident for tax purposes and have disposed of cryptocurrency, you may have a capital gain or loss which needs to be reported in your income tax return. You can find more information on our guide on How do I calculate capital gains tax on cryptocurrencies?

 

Thanks, JodieH. 

4 REPLIES 4

Devotee

Replies 3

You don't pay anything until you trade it for another coin or $AUD,

Then you pay it when you lodge your tax return.

 

Newbie

Replies 2

it look like thay are force us to withdraw  crypto just to pay tax on it even if you not sold back to AUD

 

 

Newbie

Replies 1

i find when you see new like this make you not want to invest in crypto at all 

https://bitcoinist.com/student-400k-cryptocurrency-taxes/

it look like you have buy 

https://coinmarketcap.com/currencies/trueusd/ or 

https://coinmarketcap.com/currencies/tether/

to save you for having this happen you https://bitcoinist.com/student-400k-cryptocurrency-taxes/

Best answer

ATO Certified

Community Support

Replies 0

Hi @thesuperpro

 

Welcome to our Community!

 

We can provide general information here about tax and super laws in Australia. 

 

If you're involved in purchasing or disposing of cryptocurrency, you need to be aware of the tax consequences, which can vary depending on the nature of your circumstances.

 

If you're an Australian resident for tax purposes and have disposed of cryptocurrency, you may have a capital gain or loss which needs to be reported in your income tax return. You can find more information on our guide on How do I calculate capital gains tax on cryptocurrencies?

 

Thanks, JodieH. 

Top Solution Authors