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Australian tax responsibilities
Australian tax responsibilities
If you buy, sell or invest in cryptocurrency, you need to be aware of your tax responsibilities.
Your tax responsibilities vary depending on your circumstances, but you need to keep records for all cryptocurrency transactions.
If you have transacted with a foreign cryptocurrency exchange you may have tax responsibilities in another country.
Follow these 3 steps to help you manage your tax responsibilities with cryptocurrency.
Follow these 3 steps to help you manage your tax responsibilities with cryptocurrency.
1. Report disposal of cryptocurrency
1. Report disposal of cryptocurrency
2. Work out any CGT
2. Work out any CGT
3. Keep records
3. Keep records
Source and more information via the ATO: https://www.ato.gov.au/General/Other-languages/In-detail/Information-in-other-languages/Cryptocurrency-and-tax/
Keeping Records
Keeping Records
If keeping track of tax is too hard, try one of the following crypto tax tools to keep track of your crypto assests.
These tools make it easy to track of tax and is great for your local tax agent to add to your tax return.
Cointracker will allow you to track tax from income made on crypto and is easy to link to crypto exchanges.
Will the ATO know about your crypto (Instagram).pdfGoogle Sites
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