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How does the CGT applied in my case?

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Newbie

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Hi, last financial year (2017) I purchased some cryptocurrencies and made some gain on it, the gain was roughly around 12k AUD. The coins were purchased and hold for less than one year and I didn't use them to buy any goods. There were many mini transactions in which exchanges between different coins and different selling and buying transactions happened before my final gains were reviewed and summed up. My income in the last financial year was around 25k AUD. I want to know how do I declare this capital gain? In which section should I declare it and any supported documents required? I have made contact to an accountant but he said that it was so complicated for him and he refused to help me with the case, so I'm kinda lost atm. Thank you for your help.

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ATO Certified Response

Former Community Support

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Hi @maxb512,

 

Welcome to our Community!

 

Check out our guide on How do I calculate capital gains tax on cryptocurrencies? on our Community, to help you calculate any capital gain on cryptocurrency.

 

Hope this helps, JodieH.

 

 

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Taxicorn

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You calculate OVERALL gain/loss by calculating the gain/loss from EVERY transaction between currencies.

So every time you traded Coin A. for Coin B there will be a AUD value from and to.

You also look at buying & selling costs to add back to the "Cost Base' of each transaction.

 

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @maxb512,

 

Welcome to our Community!

 

Check out our guide on How do I calculate capital gains tax on cryptocurrencies? on our Community, to help you calculate any capital gain on cryptocurrency.

 

Hope this helps, JodieH.