Announcements
We understand 2020 has been difficult and we're here to try and make it easier during tax time. Search posts, read articles or ask a question.

ATO Community

Taxable Event Between Crypto Trades

This post is archived and may not be up-to-date.

Highlighted

Enthusiast

Replies 0

"It’s more like putting a $20AUD note into an change machine and getting $30USD in quarters."
No. Due to the cost of low liquidity in Australia, you won't get an equivalent value in USD (not that 30 is). You lose value immediately. That's part of the problem in determining actual value of anything in AUD when on a foreign exchange.
Highlighted

Megastar

Replies 0


@Jack1 wrote:
“ike putting a $20 note in a change machine and receiving ten $2 coins.”

It’s more like putting a $20AUD note into an change machine and getting $30USD in quarters.

No. It's not. For a start crypto is non-jurisdictional. You can spend it all over the world, unlike AUD and USD.

 

Please though, tell me where this machine is that dispenses $30 USD for $20 AUD. I'd like to be a billionaire before the weekend!