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Crypto ownership

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I've asked this already but didnt get an answer. Basically just want to know how I legally pass over ownership of crypto to another person. I've bought and traded it for them and now im giving it back. I dont want ATO to be slapping a tax bill on ME instead of them when the time comes.

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Hi @cristofjamesg,

 

Thanks for your patience whilst we received specialist information for your query.

 

In this situation you need to demonstrate who has beneficial ownership of the cryptocurrency.

 

In order to demonstrate that someone other than you had beneficial ownership of the cryptocurrency that you purchased and traded, you would need to have documentation that evidenced that beneficial ownership. This is the same whether the property in question was cryptocurrency, company shares or any other asset.

 

If you don't have any such documents that were prepared before or at the time you purchased the cryptocurrency, you can seek either Advice or an Early Engagement for further assistance.

 

Thanks, JodieH.

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Most helpful response

ATO Certified Response

Community Support

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Hi @cristofjamesg,

 

Thanks for your patience whilst we received specialist information for your query.

 

In this situation you need to demonstrate who has beneficial ownership of the cryptocurrency.

 

In order to demonstrate that someone other than you had beneficial ownership of the cryptocurrency that you purchased and traded, you would need to have documentation that evidenced that beneficial ownership. This is the same whether the property in question was cryptocurrency, company shares or any other asset.

 

If you don't have any such documents that were prepared before or at the time you purchased the cryptocurrency, you can seek either Advice or an Early Engagement for further assistance.

 

Thanks, JodieH.