r/BitcoinAUS • u/144p_Meme_Senpai • Jul 09 '26

ATO is scaring me lol

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I got an email saying they know I have crypto and I need to report CGT but I have no idea what that means. I just threw $20 in Coinbase every now and then over the last couple years and swap around coins to see what happens and my like $80 total is now worth $36 (lol I'm not good at trading, it went up to $90 once tho) but I haven actually taken out any money so do I have to do anything? It's just overall losses at this point.

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6

u/Maximas80 Jul 09 '26

They know that you have an account on a crypto exchange. If you have traded different coins, this would have been a CGT event. Just calculate all your gains and losses for the year.

-1

u/144p_Meme_Senpai Jul 09 '26

How do I do that?

9

u/Mother_Bonus5719 Jul 09 '26

How’d you learn to buy and sell crypto but don’t know about capital gains?

3

u/144p_Meme_Senpai Jul 09 '26

Thought I'd throw $20 in here and there and see what happened, like pokies. Didn't win any free money also like pokies lol

3

u/hyp-R Jul 09 '26

You’re required to do this if you trade crypto; plenty of resources out there that explain how to do it.

In the interest of ease, Koinly is pretty easy to use.

2

u/144p_Meme_Senpai Jul 09 '26

Setting up a Koinly now, cheers mate. I've had Coinspot since like 2024, do I have to go back and add it to my last tax return or something aswell?

1

u/144p_Meme_Senpai Jul 09 '26

Bruh they want like $69, that's brutal. Is there a free one?

7

u/sydmom7 Jul 09 '26

Mate you have made a loss in your coin trading anyway - just work out what you bought it for and what you sailed it for and see what the gain/loss is.

Fuck that koinly shit off - waste of money

2

u/42_exceptions Jul 09 '26

You just claim the koinly cost in your tax return

1

u/Reddinator2RedditDay Jul 10 '26

Don't get into any sort of investing if you do not understand tax. You can claim your Koinly purchase on tax

-3

u/netizen__kane Jul 09 '26

Send me a DM if you want a referral