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What are the tax consequences (for me) if I give cryptocurrency to someone as a gift?
Our view is that cryptocurrency is neither money nor foreign currency. Cryptocurrency is considered to be a kind of property and an asset for capital gains tax (CGT) purposes.
If you own cryptocurrency, and you transfer it to another person, you’ve disposed of a capital asset and a CGT event has occurred. You've made a disposal, even if you haven't received any consideration for the transfer. If you gift a cryptocurrency, you're taken to have received its market value at the time of the disposal as capital proceeds, and you'll need to work out whether you have made a capital gain or a capital loss on the transaction.
This is a similar scenario to the transfer of shares – if someone transfers shares to you, you become the owner of those shares. If you transfer the shares back or on to someone else, you disposed of the shares and a CGT event occurred.
Find more information on the CGT consequences of disposing of cryptocurrency at Cryptocurrency as an investment.
You can still lodge your 2020 income tax return even if you have returns for prior years outstanding.
2020 has been difficult but your tax return doesn’t need to be.
From 1 March until 30 June 2020, claim a rate of 80 cents per work hour for all work from home running expenses.
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