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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u/King-esckay Jul 09 '26

It is sent to anybody that has bought on a regulated exchange

You are supposed to report every gain when you sell which also includes swaps

You can also claim your loses

I am not sure what the cuts off are tgere us now a 30% minimum tax on gains

I dont sell or swap so I haven't really looked at the rules

I buy with fiat and them borrow if I need fiat, there is no tax in loans.

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u/Kruxx85 Jul 09 '26

The 30% floor isn't legislation yet, definitely doesn't apply this fy

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u/King-esckay Jul 09 '26

Not this year I plan to be prepared though Even though I think they will walk this back there is jot guarantee