How to add Cryptocurrency in Tax Returns for Australians 🇦🇺

[@disneydatney8751]

I've only used Kraken to send to or receive money from overseas what would I do in this situation? Idk anything about crypto so i dont even understand what the ATO wants from me. Please help 🙏

[@MoneywithDan]

The ATO has an easy to read guide that should answer your questions here: www.ato.gov.au/individuals-and-families/investments-and-assets/crypto-asset-investments

[@dewanusman]

Thanks for this man. Much appreciated

[@MoneywithDan]

Glad you liked it

[@andrejvujicic9416]

Super clear video, but something in my research escapes me. Say I bought $1000 worth of the same crypto over a month between, so two seperate purchases $500 each. However, more than a year later I have sold all of it for a capital gain. I dont want to double up with two CGT events, should I average it using a model like FIFO? What is the correct method here?

[@MoneywithDan]

Thanks for watching. If you sold all of it in one year there aren’t many options if understand you and you need to calculate CGT. I explain more about calculating CGT in this video How Capital Gains Tax is Calculated in Australia kzbin.info/www/bejne/qaHIfaWPpKqmm9k

[@PlongSamedy]

That's a great video. However, I wonder in the section add asset, do we have to add all kinds of Cryptos we played individually (one by one separate)? Thanks

[@MoneywithDan]

Depends on what you mean by ‘played’

[@TraderG1234]

Is the loss from last year automatically transferred over or do you have to put it in manually?

[@MoneywithDan]

It’s always best to check prior year tax return either way and make sure any rollovers are correct. In the past it didn’t rollover some items including losses.

[@ro7an636]

Thanks for the detailed video. What should we do in cases such as: Price of crypto went very low but you still own it and have not sold it. Do we just record the price we bought it ?

[@MoneywithDan]

Thanks for watching. It sounds like there is no CGT event, so just maintaining records should be enough until you make a transaction.

[@ro7an636]

Thank you. I also bought NFT , its value is reduced to 0. And I cant sell it either. What can I do in this case?

[@MoneywithDan]

@@ro7an636 it’s a little complicated. I don’t have a video on that topic but this other Aussie tax creator has a video about it that may help you which you can find here kzbin.info/www/bejne/kGrVZWSVi82Cl80si=TRuDJEQZn869tBve

[@wattosacrim]

I moved 30k Chainlink to my ledger for safety coz I dont trust the exchanges in a bust, is that taxable?

[@MoneywithDan]

Good question. For a complete answer the ATO guides taxable transaction here www.ato.gov.au/individuals-and-families/investments-and-assets/crypto-asset-investments/transactions-acquiring-and-disposing-of-crypto-assets/crypto-asset-transactions

[@justanopinion7029]

@@MoneywithDan Ok i suck at this but long story short bought and lost 1600 dollars (classic rugpulls got me)worth so all at a loss would i still get a amount owing from them you think?..Im not an accountant i dunno this tax crap

[@justanopinion7029]

@@MoneywithDan bought and lost 1600 would i still get a bill from them?

[@maniac-69]

Thank you very much. You saved me. One question though, under CGT gains and losses, where do you add fees for buying crypto? Is that just part of your losses or minus from your gains?

[@maniac-69]

Actually your CGT gain would be the amount minus your fees already wouldn't it.

[@MoneywithDan]

Yes that’s right for CGT assets. It reduces the capital gain by increasing the cost of purchasing and holding the asset.

[@maniac-69]

@@MoneywithDan great thank you 🙏

[@MoneywithDan]

Thanks

[@KSwanny]

thanks!

[@MoneywithDan]

No worries