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Trading before 2014 Aug also need to be taxed?

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

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Newbie

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The crypto taxing rules were announced in 2014 Aug. What about the trading happened before that. Are they also applicable to the rules?

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ATO Certified

Devotee

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Hi @lvplshyd,

 

Great question! Tax Determination TD 2014/26 Income tax: is bitcoin a 'CGT asset' for the purposes of subsection 108-5(1) of the Incom... paragraph 2 states "this determination applies to years of income commencing both before and after its date of issue (see paragraphs 75 and 76 of Taxation Ruling TR 2006/10 for situations where this may not be the case)."

 

If you were trading in cryptocurrency prior to 2014 and haven't reported this income in your tax returns, you may need to send us an amendment to update your records.

 

If you're not sure whether this applies to you, or you aren't able to find all of the relevant records, contact our early engagement team to discuss your situation and get advice on how we think tax law applies in your situation -  fill in our online form to request a follow up email or call back.

 

Thanks.

 

1 REPLY 1
Highlighted

Best answer

ATO Certified

Devotee

Replies 0

Hi @lvplshyd,

 

Great question! Tax Determination TD 2014/26 Income tax: is bitcoin a 'CGT asset' for the purposes of subsection 108-5(1) of the Incom... paragraph 2 states "this determination applies to years of income commencing both before and after its date of issue (see paragraphs 75 and 76 of Taxation Ruling TR 2006/10 for situations where this may not be the case)."

 

If you were trading in cryptocurrency prior to 2014 and haven't reported this income in your tax returns, you may need to send us an amendment to update your records.

 

If you're not sure whether this applies to you, or you aren't able to find all of the relevant records, contact our early engagement team to discuss your situation and get advice on how we think tax law applies in your situation -  fill in our online form to request a follow up email or call back.

 

Thanks.