As more and more of us are now dabbling in crypto, do you know how it is taxed in Australia?
If you buy, sell or trade crypto, you need to be aware of your tax obligations and how to report it. If you are buying under your business or personally, it is vital you keep detailed records of dates - purchase or sale, purchase price, sale price, type of investment and its value in Australian dollars. Sales records and receipts must be kept as well as all other related costs such as Accountant fees, software licenses and legal costs.
Below are a few useful links from the ATO website to assist you with further.
https://www.ato.gov.au/General/Gen/Cryptocurrency-2014-15-to-2022-23-data-matching-program-protocol/