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14514447 No.14514447 [Reply] [Original]

Is crypto to crypto a taxable transaction in Australia? I've been keeping logs of all me trades, but I only know the true dollar value of what I deposit and withdraw, since the market is moving every fucking second.
I wanna be 100% clear with the tax man, I'm just HODLing link and not sure if I have to report the rough value of my crypto yearly or if I only have to report the tax on the year I cash out.

>> No.14514557

Not only is it a taxable event they want you to have recorded the AUD value of every trade at the time it happened.
It's a completely nonsensical system that 1% of crypto holders will be able to comply with.

>> No.14514562

And do I have to pay tax when I buy?
>inb4 ngmi

>> No.14514628
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14514628

glad i'm not an aussie

>> No.14514832

>>14514557
So long as you are consistent in how you arrive at the AUD value, it is fine. You can use daily exchange rates and something like the average AUD coin value for the day or the value at open or close. Just use the same methodology year after year and no court will find fault.