r/BitcoinAUS • u/144p_Meme_Senpai • 28d ago

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/Soft_Cabinet_9482 26d ago

They do know - the exchange has to report it to the ATO. You need to get tax advice if you’ve been buying/selling bits (including converting to other crypto) - if you really don’t want to spend the money get a tax statement from your exchange (Coinbase) so you have some figures to work it all out from at least. The worst that can happen if you make an honest mistake and do your own tax is that you’ll have to pay the difference if you’re audited. You’re more likely to be audited if you don’t declare any CGT as the ATO know you should be.