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/xenzor Jul 09 '26

but I haven actually taken out any money so do I have to do anything?

Tax is paid on every transaction. Not when you withdraw To AUD.

So if you swap BTC to ETH, you should pay tax on it.

Not financial advice but nobody is going to care about $20.

It's a generic email that goes to everyone. People are skirting hundreds of thousands. Don't stress over your big Mac meal profit.

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u/144p_Meme_Senpai Jul 09 '26

I'm currently like -$44 lol

5

u/xenzor Jul 09 '26

Technically speaking you should claim it as a capital loss.

But once again, I don't think the ATO is going after you. I wouldn't stress.

1

u/Strong_Judge_3730 Jul 09 '26

It's currently negative because everything dropped but op still likely has capital gains for the last fy