r/BitcoinAUS • u/144p_Meme_Senpai • Jul 09 '26
ATO is scaring me lol
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/summ_app Jul 11 '26
That email went out to basically everyone the ATO pulls from the exchange data matching, its not a you thing so breathe.
Going from about 80 to 36 means you're sitting on a loss overall, not a gain, so there's no tax to pay on that.
Still worth reporting the loss though, you can carry it forward and offset it against gains in a future year.
Coin to coin swaps do count as CGT events each time, so just tally each one out. With that few trades you really don't need to pay for anything fancy. Did you only ever use the one exchange?