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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.
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.