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Enthusiast

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If I've made many trades throughout the year, and I'm finding it difficult/impossible to work out tax obligations due to (foreign exchanges not linked to AUD, exchange rates on any given day/minute etc, dodgy exchange records that are extremely difficult to interpret).

 

Would a solution simply be to sell everything now, get it into one currency like BTC, get the AUD value to determine how much I've made up until this point (so I can report this to ATO), then buy back in, making sure to keep records on something like cointracking.info?

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Devotee

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According to the ATO's rules, no this is not a solution as you need to report on all trades, not just the last ones where you convert to AUD.  I think you should get an accountant, preferably one who is already versed on cryptocurrencies and the related tax rules, and start working out a strategy with them.  

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Best answer

Devotee

Replies 0

According to the ATO's rules, no this is not a solution as you need to report on all trades, not just the last ones where you convert to AUD.  I think you should get an accountant, preferably one who is already versed on cryptocurrencies and the related tax rules, and start working out a strategy with them.