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declaring crypto trades/profits if not withdrawn from exchange

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Replies 1

Hi,

I do not have a regular annual income ( supported by my partner), so I don't submit any tax declarations. I have bought and are trading crypto via an Australian exchange. At this point my initial investment is worth more but I have not withdrawn any of it from the exchange. My intention is to trade it for a few years. If I leave this investment in the exchange, do I need to declare any change in the value (profit or loss) of the crypto at the end of this financial year?

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @Conr,

 

You do not need to declare the change in value of the crypto each financial year. You will however need to work out your capital loss or gain once you dispose of the crypto. To help you work out your capital gain or loss, you can download all of your purchase trades and calculate the cost subtracting sale price. 

 

More information for transacting with cryptocurrency can be found on our website. Check out similar post with great information. 

1 REPLY 1

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @Conr,

 

You do not need to declare the change in value of the crypto each financial year. You will however need to work out your capital loss or gain once you dispose of the crypto. To help you work out your capital gain or loss, you can download all of your purchase trades and calculate the cost subtracting sale price. 

 

More information for transacting with cryptocurrency can be found on our website. Check out similar post with great information.