Crypto Tax Basics Explained - 2022 (Australia)

Ever wondered if you're taxed for all that bitcoin you've been trading?
Short answer: Yes, In this video we touch on the basics of crypto tax everyone should be aware of in Australia when trading crypto as an investor or trader.

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[DiegoPaezMusic]

What about Defi? Wallet such as metamask? How do they track it?

[EthanRooshock]

Great topic mate! Definitely needs to be more people talking about this as there's so much confusion still!

[Apc]

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!

[FeedThemCake]

This guide sounds it only applies to plebs who use centralized exchanges. This is different from onramping via a DEX, which can be done with pretty much any payment method and in practical reality is out of the view of a country's tax authority. For example, if you live in Australia and use a South African card to onramp straight into metamask, which tax authority would follow this up? SARS is way too incompetent to be aware of the transaction without KYC, while the ATO would be completely unaware since no Australian institution, be it a bank or crypto exchange, was involved in the transaction.

[shehrozsarwar]

Suppose I get money from a friend who doesn’t live in Australia, I buy crypto for him and send it to his account right after using Binance pay feature. No capital gain or loss, do I still need pay tax? Can I send him every day as well?

[KeepingtReal]

Cheers for the video. So if investors get a 50% discount (for holding over 12 months) for their capital gains and the capital gains tax is based on their income tax bracket would someone who had an income of iver 120, 000 income pay 37 cents of each dollar which is the rate of that bracket or would it be 19.5 cents? Or would the trader pay 50% more then the income for example 56.5 cents of each dollar

[softwareyuen]

Hi. I wanna ask about taxation in Australia if I hold shares, ETF or crypto for more than 10 years, do I still have to pay tax like those who hold for more than just 12 months? I am planning on saving up some ETF for retirement. If I have to pay a lot of tax, I need to find a legal way. Thanks.

[alwayswinning]

So best time to take out your earnings Is when you going to get tax done?

Edit: I thought you only have to pay tax If you're taking money out and Into your bank account?
I've just started learning about crypto/Investing and day trading etc

[junaidsaif]

If I have purchased crypto of 10 thousand dollars and value of it is 20 thousand dollars after a couple of months. If I want to withdraw my principal amount of 10 k buy selling half and keeping half will it be taxable?

[marclarden]

Anyone knows what you do tax time with NFT's you invested in that are now worthless?

[zakiasyeda]

Is the tax paid in usdt? If a person is holding usdt.

[marclarden]

Man I hate this time of year with crypto taxes. ALWAYS A STRESSFUL HEADACHE!

[marclarden]

Anyone know of any good free apps or software to help with your tax return?

I have tried coin tracker but it's rubbish it's not updating so it's saying I have tokens I've already swapped.🤬