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A tax expert’s tips on claiming crypto losses on tax, and how to work out capital gains
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theconversation.comSo, you’ve bought crypto. You’re not alone. Though the statistics are inexact, some surveys suggest as many as 21% of Australian adults now own crypto assets (and that a further 8% have owned them in the past).
If you managed to make gains in the past year, you may need to pay extra tax. Or you may be able to use losses to offset other gains you have made.
The tricky part is working out those gains or losses. This isn’t based just on when you convert your crypto assets into Australian dollars.
Every transaction – or what the tax office calls a “disposal” – triggers a taxable point. So you need to keep track of these.
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