HOW TAX ON CRYPTOCURRENCY IN AUSTRALIA WORKS




I can’t even tell you how many times I get asked this question EVERY SINGLE DAY! So by popular demand, in today’s video, …


34 Comments

  1. Wow I think I need to see a tax accountant, only new to this and all I know is that I use Binance to and changing from Aus to usd then transfer to ftx using Trc20, started with $250aus and now have 16000usd in ant miner. Also receive message to buy up or buyfall and make profits.
    Do I keep records of exchange rates from Aus to usd.

  2. Thank you so muuuuch very valuable info 👏 I'm currently on tourist visa which doesn't allow me to work (hence I don't have TFN) but I started to trade on Binance P2P. Do you know if I should declare taxes or not? Thanks

  3. If I'm mining and that income goes straight to an external wallet, then how would the government know I have crypto? Giving those thieving dogs any of my crypto is never going to happen! I'll move to Portugal before I let them rob me…

  4. Hello brother
    thank you for a nice explanation

    I have a question

    I am a daily trader
    I buy and sell in a day about five to ten times and I make small profits or losses every time

    and sometimes I withdraw some money to my personal expense and sometimes I deposit some money to the Binance trading platform

    I want your advice please

    how are the taxes calculated in this case (Does every trade I made during the year need to be calculated)?

  5. Love your videos! If I’m staking crypto? Is that the same as lending? And I need to pay tax on the profit I make? But it’s better if I stake the crypto for a year so I get a 50% discount????

  6. Hey Mate thank you so much for this.Really Helpful!!
    A couple of questions on NFTs:
    1) I buy a NFT for 1ETH (first taxable event, depending on the value of the ETH when I first got it and at the moment of the NFT purchase). Then I transfer (just transfer, not selling) the NFT to someone else wallet . Is this event going to be taxed? If so how? and what's the cost basis for who receive the asset?

    2) Is the airdrop of NFTs a taxable event? what's the cost basis? if you transfer the airdropped NFT what happens?

    3) When the NFT has the utility to give you access to an event (let's say a business event) can it be claimed as a cost ?

    thank you so much in advance.

  7. Very informative. In Regards to selling cryptos and tax, is inflation weighted against it. Eg. Fuel is $20 a litre and I sell 1 million in btc. In relative value it's like $50grand but does the tax department see this?

  8. Good video thanks, you quickly brushed over the mining part. NiceHash for example isnt mining is people renting your computers power and you are paid for this power in BTC. How would this work?

  9. G'day would love to hear about gifting crypto in Australia . As I wanted use AUD to buy USDC and immediately send to my son's Metamask wallet .Then he would instantly change it to RFOX . Would I pay any tax if the USDC had not gone up , would he pay tax if the USDC has not gone up ?.

  10. 06:22 Original investor pays CGT because he gave the coin to his mum. His mum then has to declare all that money and gets taxed on that as well. Can anyone see a problem here with the ATO rules?? How can you wake up in the morning working for the ATO and supporting a legislation that taxes the same money over and over again? Money should be taxed once – not taxed to oblivion. Yes I agree with tax, however taxing money over and over is theft and should be made illegal.

  11. Hi Davie, if I transfer crypto from one wallet to another ie:
    Swap eth into bitcoin or visa versa as I understand it I will not be liable for income or cg tax as it's only transferred in its value from one to another and not cashed out, regards Reid.

  12. hi Davie ,i don't know how to go about this but hope you can shed some light on what I've been doing with bitcoin with a lady in miami florida since the start of last year just as covid19 struck the world .Ive never been sure if i was being scammed or not ,i hope you can help me out or give me some sound advice ?

  13. Hello is a cross chain exchange's classed as a sale example ; Rfox on ethereum swapped to Rfox on Binance smart chain and would this effect the original purchase date .

  14. I'm new to forex/Cryptocurrency and I find it difficult using these strategies well. Where can I find a legit broker? than will manage my account and also teach me how to trade.

  15. It would be super helpful to have a comprehensive video explaining how a crypto MINER needs to do taxes.
    I have a medium-sized mining operation earning about $70 AUD per day worth of bitcoin.
    The areas of confusion mostly revolve around unrealized gains and whether we need to pay income taxes on coins we mine that we have not yet sold.

  16. You know, I had the full summary of ATO rules on crypto in an ATO Community article… Then they took it down.
    It would be a whole lot easier for us to be tax compliant if they would just keep their information straightforward and not remove it from the web.
    Thanks for making videos explaining things. Hopefully some of this will come in handy.

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