Announcements
We're doing scheduled maintenance on ATO Community to bring you a bigger, better and brighter online community.
You may see us go into read-only mode every now and then while we do this. Don't worry! You'll still be able to search the site to find your answers

ATO Community

sent crypto gift to family in another country

Newbie

Views 152

Replies 2

I deposited AUD into an Australian crypto exchange. Bought a certain cryptocurrency and immediately sent that cryptocurrency to my family in another country. There was probably less than 5 minutes between me buying the cryptocurrency and sending it. 

I recently got an email from the tax authorities asking about those transactions.( 4 times in the past year) I havent ever dealt with something like this before.

I am not an Australian citizen. Its my first year of working in Australia after graduating and havent submitted a tax return yet. 

Would appreciate if anyone can guide me on how to proceed on this and what I need to do.

Thanks.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Dynamo

Replies 1

Doesn't really matter if it was less than 5 mins. I think if you bought crypto, then gave it away, you're liable for capital gains tax.

 

If you dealt with a foreign exchange there may also be taxation consequences for your transactions in that country. There's some crypto pros on here who might jump in with more detail.  

2 REPLIES 2

Most helpful response

Dynamo

Replies 1

Doesn't really matter if it was less than 5 mins. I think if you bought crypto, then gave it away, you're liable for capital gains tax.

 

If you dealt with a foreign exchange there may also be taxation consequences for your transactions in that country. There's some crypto pros on here who might jump in with more detail.  

Newbie

Replies 0

hey @BlueBubblegum16 
thanks for replying. from what i have read/understood from the tax guidelines on this website, the transactions will incur a capital gains tax or loss as due to volatility crypto prices vary within seconds. 

i want to know how to proceed with reflecting/stating it in the tax return filing.