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How NOT to do your crypto tax in Australia

There’s a lot of good advice on how to do your crypto tax this year. There’s also some astoundingly bad advice.

1. If you have under $10,000 in Crypto, it’s for personal use and isn’t taxed.

2. You only pay tax when you take money out of crypto, back to fiat

3. You can claim a loss on crypto against your income tax

4. You can sell all of your crypto before end-of-financial-year to claim a loss, and buy it all back in the new financial year.

5. You shouldn’t do a tax return on your crypto if you made a loss.

6. Airdrops and forked tokens — I’m confused.

7. You only generate a Capital Gains Event once you receive your tokens from an ICO, not when you initially invest

8. I can gift my crypto and it won’t be taxed

9. The ATO can’t track crypto transactions and if I don’t declare, I’m safe

Still confused?

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