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本帖最后由 Hetbert 于 2019-7-15 14:49 编辑
1.What information do you need to record to accurately estimate your taxes in relation to crypto?
You need to keep records of the date of the transaction, the currencies involved and who you traded with.
You’ll also need to convert it to Aussie dollars at the time of the transaction.
The ATO accepts csv records from exchanges, and digital wallet records.
2. How can I accurately work out the value of a coin in Australian dollars, when it isn’t traded on any Australian exchanges?
You can use any reputable online exchange to work out the value.
If you have to, you can convert it into Bitcoin or US dollars first, and then convert that to Aussie dollars (at the time of the transaction).
3. Some cryptocurrencies like VeChain and Neo provide dividends in the form of Gas or Thor. How is capital gains calculated on this?
The tax office treats this like dividends from shares or interest on a bank account. It’s assessable income and needs to be declared as such on your tax return.
HOWEVER: you’ll also need to record the market value at the time you receive it, in order to work out capital gains when you sell it.
4 .I’ve made 100,000 trades over the past year and don’t have any accurate records – what should I do?
You’re going to have to recreate records for every one of those 100,000 trades – talk to your exchange.
A tax agent specializing in crypto can help.
If you honestly can’t work it out, contact the ATO.
5. If I’ve bought and sold a cryptocurrency almost immediately, do I still need to calculate capital gains?
Yes, unless it was worth less than $10k and you immediately bought something with it.
it won’t be seen as a ‘personal use asset’ if you exchange it for Aussie dollars first, or if you use an intermediary like a payment gateway or bill payment service rather than buying stuff with crypto directly.
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