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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.

Jack Baldwin
Jul 19, 2018 · 9 min read

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?

everycapital

Every Capital is Australia's first retail cryptoasset hedge…

Jack Baldwin

Written by

everycapital

Every Capital is Australia's first retail cryptoasset hedge fund. We allow every Australian to safely and simply invest into cryptocurrencies, ICOs and blockchain technology.

Jack Baldwin

Written by

everycapital

Every Capital is Australia's first retail cryptoasset hedge fund. We allow every Australian to safely and simply invest into cryptocurrencies, ICOs and blockchain technology.

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