Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
In 2018 my best mate and I signed up with a company called USI tech we invested roughly 14/16 k into bitcoin buying packages. 4/5 months in the company just disappeared and myself and friends lost our investments and were left searching for answers. They claimed to be doing maintenance on the website and eventually it vanished.(ponzi scam)
not only myself and probably close to a million others have no way of tracing our losses, we have accepted the fact it’s completely gone. My question is do I need to declare these loses as they were bought through a third party company who then in return gave us bitcoin packages?
Before making the purchase we had to transfer the money from our CoinJar wallet. I’m still struggling to find the transactions and I think the only way possible is through bank statements.
There were no capital gains or losses it was basically money stolen from us and the millions of others
Will the ATO be chasing me up for capital losses ?
Also if I bought directly into alternative crypto coins and ran at a major loss when I sold them do I still need to declare the loses ?