Welcome to our latest Australian Crypto Tax Guide! Please drop any questions or comments below if you need more help or guidance on how to file your crypto taxes with the ATO.
Thank you for publishing this! Hoping for some advice: My Safe Wallet has some USDT trx, and I possess the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. What’s the best way to go about moving them to another wallet on Binance?
I can’t find an answer this scenario anywhere and really want some clarification. I buy 2 BTC at $30,000 per and then 3 months later I buy another BTC, this time for $45,000. 2 months later BTC has dropped to $40,000 and I decide to sell 1 BTC. How is this sale calculated tax wise? Is it a loss of $5,000 from the 1 BTC I bought at $45,000 or is it a capital gain of $10,000 from one of the BTC I bought at $30,000? PLEASE HELP!
If a token changes contract address does the 12 month CGT discount period start from when you bought the token initially, or from the date of the address change?
Hi mate, I asked my accountant that question. She doesn’t understand the complications associated with different addresses, and brought it back to who actually owns the assets and when were they bought. If you bought them and are reporting them as part of your tax return it doesn’t matter if you change where you store them, just the same as if you bought a physical block of gold or collectible trading cards and changed where you were storing them. Seriously tho - how challenging is it to track? Even with Koinly you have to manage your own spreadsheet or you have no idea if Koinly is correct (because often it is not). Good luck dude.
So if I buy say 1 btc 20k and it goes up to 100k I then open a SMSF and transfer it into that. Do I have to pay taxes at that point ? or only when I sell it in the SMSF ? if so what rate of tax would that be in the super fund?
Koinly does not categorise NFT bids correctly. I am having issues with these transactions as they are messing up the cost basis of my crypto (i.e. crypto going out and back into my wallet due to NFT bid being rejected). Koinly is recognising this as a taxable event, which is incorrect as there was no purchase/trade made.
Thanks, question please, if i buy 1 Btc at $30k (cost basis) and sell the very next day for $30k worth of Ethereum (approx. 15 eth). Do I need to pay any tax on this transaction please? Thank you and your response is much appreciated.
minor correction: there is one case where the CGT tax rate IS different. SMSFs have flat tax rate of 15%. Complying SMSFs are entitled to a CGT discount of 1/3 if the relevant asset had been owned for at least a year.
Would be lost without Koinly excellent service
Welcome to our latest Australian Crypto Tax Guide! Please drop any questions or comments below if you need more help or guidance on how to file your crypto taxes with the ATO.
Thank you for publishing this! Hoping for some advice: My Safe Wallet has some USDT trx, and I possess the seed phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. What’s the best way to go about moving them to another wallet on Binance?
Koinly is a lifesaver
I can’t find an answer this scenario anywhere and really want some clarification. I buy 2 BTC at $30,000 per and then 3 months later I buy another BTC, this time for $45,000. 2 months later BTC has dropped to $40,000 and I decide to sell 1 BTC. How is this sale calculated tax wise? Is it a loss of $5,000 from the 1 BTC I bought at $45,000 or is it a capital gain of $10,000 from one of the BTC I bought at $30,000? PLEASE HELP!
Hey there, can you reach out to our support team so we can assist you. koinly.io/contact/
Is it a tax event if you move your crypto to a trust account?
No. Moving around your crypto is not a taxable event
@@koinly ok thanks for that.
I'd argue if an expense was incurred, then yes.
If a token changes contract address does the 12 month CGT discount period start from when you bought the token initially, or from the date of the address change?
Hi mate,
I asked my accountant that question. She doesn’t understand the complications associated with different addresses, and brought it back to who actually owns the assets and when were they bought. If you bought them and are reporting them as part of your tax return it doesn’t matter if you change where you store them, just the same as if you bought a physical block of gold or collectible trading cards and changed where you were storing them.
Seriously tho - how challenging is it to track? Even with Koinly you have to manage your own spreadsheet or you have no idea if Koinly is correct (because often it is not).
Good luck dude.
So if I buy say 1 btc 20k and it goes up to 100k I then open a SMSF and transfer it into that. Do I have to pay taxes at that point ? or only when I sell it in the SMSF ? if so what rate of tax would that be in the super fund?
SMSF? We've got a guide on that! Check this out, let us know if you still need a hand? koinly.io/blog/crypto-smsf/
You make it sound so easy..
it should be! if you are still having issues, contact our support team: koinly.io/contact/
Koinly does not categorise NFT bids correctly. I am having issues with these transactions as they are messing up the cost basis of my crypto (i.e. crypto going out and back into my wallet due to NFT bid being rejected). Koinly is recognising this as a taxable event, which is incorrect as there was no purchase/trade made.
Thanks, question please, if i buy 1 Btc at $30k (cost basis) and sell the very next day for $30k worth of Ethereum (approx. 15 eth). Do I need to pay any tax on this transaction please? Thank you and your response is much appreciated.
14:45 he literally goes through events that are taxable
minor correction: there is one case where the CGT tax rate IS different. SMSFs have flat tax rate of 15%. Complying SMSFs are entitled to a CGT discount of 1/3 if the relevant asset had been owned for at least a year.
Great information. Shame Australia sucks ass lol
"promosm"
Most of us are beginners! Please talk a bit more slowly and clearly mumble less and remember we do not know as much as you do.
You can slow the play back speed in TH-cam
Maybe check your ears for too much wax mate. The audio is perfect audible to me.