Cryptocurrency Tax Returns
Declaring Cryptocurrency to the ATO
The ATO have announced they are strictly targeting crypto traders to check their compliance with the tax standards. It is now more than ever, crucial to be aware of your responsibilities and know the consequences of getting it wrong.
Whilst the anonymity of the crypto world is largely unregulated, tax obligations are still mandatory. The ATO are able to track where the online world intersects with the real world, through assessing your digital movements in banks and other financial institutions and cryptocurrency online exchanges.
If you have traded crypto in the 2020-21 financial year, the ATO wants to know about it. If you are unsure on how to accurately declare this on your return, give the professionals at Greenhalgh Pickard a call today.
What is Capital Gains Tax (CGT)?
Capital Gains Tax (CGT) applies to income earned when disposing of cryptocurrency through selling, trading, exchanging, converting to fiat currency or using crypto to purchase goods and services. However, the taxable amount differs based on the purpose you use cryptocurrency for.
Whether you engage in crypto as a personal asset, or use it within your daily business trading, the tax payable differs. There are various types of transactions and purposes within crypto trading and we can help differentiate your circumstances.
If you are unsure how to correctly declare your cryptocurrency, chat to the team today for simple and easy to understand advice. Don’t risk tax evasion penalties for failing to accurately declare your income.
Prices start from $55.00 p/hr. and vary depending on your crypto involvement. Give us a call for a quote or to answer any of your tax and cryptocurrency questions.
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