Why the ATO Doesn’t Care How Complex your Crypto Tax Is

The ATO simply doesn't care how complex your Crypto Tax is. In today’s video, I go through the ATO’s current view on crypto tax. I explain why the ATO simply doesn’t care how long it takes you to complete your crypto tax, they still expect it to be done correctly.
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💼 How I Track My Crypto Investments for Tax Time
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📖 Chapters
0:00 Intro
0:24 ATO & Crypto Taxes
2:16 Solutions to Your Crypto Tax Nightmare
2:42 Doing it Yourself
4:14 Outsourcing
4:34 Summary
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his mid 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling as well as watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even some social media marketing content.
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Disclaimer
The information in this video and on this YouTube channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
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#atocrypto #cryptotax #cryptotaxes

[EthanRooshock]

What are you finding to be the most challenging aspect of your crypto taxes?

[Auslifee]

Hi mate, if i m investing the money and dont withdraw then still i have to tell the ato about capital gains? At the end if the financial year? And how about to make the deductions? Can we do it that when lodging tax returns?

[stephencummins]

Not financial advise but very good financial advise, thank you Ethan

[nogvdub]

Can the ATO track activity on binance? Ive moved everything to Coinbase a few months ago to make things abit easier for myself come tax time as Coinbase recognizes AUD. So didnt have to swap from AUD-USDT- whatever crypto coin.

[timothygurung]

I did bought some crypto worth $3k and lost some money and I withdraw my all money ?
I don’t know if I will be charged on that because I have no money .

[Unholy_Warcry]

Gotta love the aus gov :D The best is how you pay income tax on staking rewards and it immediately drops then becomes a CGT loss when selling and an absolute joke to when you have thousands of dollars of income tax but don't have the money because you have thousands of dollars of loss that you will never make back.

I also don't understand why it's not treated the same as personal items or collectables when it comes to cgt its different to stocks and some are used as collectables such as nfts.🤦‍♂🤦‍♂🤦‍♂🤦‍♂🤦‍♂🤦‍♂🤦‍♂🤦‍♂

[Johnny]

They themselves won’t get it right. The best way to have done it, is to sell every single crypto so your loss is what you put in versus what you pulled out.

[MrRinseandrepeat]

They really should fix it up and make it easier...Otherwise other countries that have little to no tax on crypto will be laughing and welcoming Australians with open arms