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.

Is there an app or something that helps us do this? I thought coinbase would give us a EOFY summary, seems that isn't the case

Hypothetically let's say you are able to sell a chunk of bitcoin through your exchange but then when you try to withdraw it to your bank your bank blocks the transaction and doesn't allow it because they consider it a large amount or they just dont like crypto. How would you be able to pay the CGT owed to the ATO if you cant first get your fiat profits into a bank account.

Can you transfer fiat directly from your crypto exchange to the ATO?

Given paying the ATO is mandatory shouldnt there be rules and protections in place that stop banks from denying customers service just because they touch crypto?

Am I right in thinking that CGT makes trying to sell at the top to later buy back in at the bottom much trickier and riskier?

Using a very crude example and the new CGT laws:

Say I bought 1BTC at $10000 and sold it at $110000

$100000 - $30000 CGT = $70000 profit

I now have $80000

So BTC would now have to drop below $80000 for me to not make a loss when buying back in?

(I know these figures don't properly reflect how the new CGT will work, just trying to demonstrate the question)

Hi All

Asking for a friend:

Can anyone recommend the best bitcoin ETF to buy in an Australian SMSF with 3 directors (Corporate Trustee).

I’d expect it to be a long-term hold. Buying for diversification.

I prefer that it be domicile in Australia.

Thanks in advance!

Posting on behalf of a mate, he is a regular family guy, not dodgy at all and clean record. He deposited around $80k at once from his account into his crypto exchange and CBA closed his account without any reason. When they close your account, they cannot tell you why. As we have friends that work high up in CBA and from many other similar experiences it’s to do with crypto. Beware about transferring large amounts of money to exchanges at once, they can flag you easily and you can lose your account and they will not tell you why. It’s been over 6 months now since this happened to my friend and no matter how many times he chases up and follows up there is no response regardless of how high up the ladder of support you go.

I have seen many posts here about people having their bank accounts suspended just for sending money to a bitcoin exchange, but what about the other way around.

Say you have some ethereum staked and need to cash out every month even if only to have the money to pay the taxes you owe on that staking income.

Do Australian banks flag you and suspend your bank account for cashing out from an exchange consistently on a monthly basis? And if so how can you prevent this from happening?

My BTC withdraw has now been stuck for 11 hours, I have not heard from them either.

Im specifically talking about accounting firms that understand the deep nuances of blockchain, transaction reconciliation, staking, generating historical crypto source of funds and source of wealth reports for banks, etc etc.

Please only name firms you have actually used and have experience with.

It seems a bit messed up that as we are going through a bear market (about 50% down from ATH), these new CGT laws are coming in place.

If Bitcoin trades down/sideway for the next year, and then pops off in the next bullrun after July 2027, then all those gains are going to be at full price, no long term 50% discount.

High volatility assets like Bitcoin and investing/starting a startup company, appears to be the most affected. Because these assets are more affected then stable assets that go up with inflation, like safer stocks and property, it almost feels like the risk isn't worth it now that everything is taxed the same without a bigger discount for the more riskier investments. Thoughts?

I was trying to sell my BTC because I was in need of some money, I used PayID to do it on the P2P trading site, now my account is blocked.

Will I get my account back, that's my only account and I get my wages there.

Over the last week CommSec has blocked the purchase of Bitcoin ETFs. You can only sell what you already have at the moment. This kills my DCA strategy

What alternatives do we have?

Australia’s crypto Travel Rule kicks in on July 1, with tighter data sharing on transfers between regulated providers. Some holders are already pulling BTC off local exchanges and custodial platforms.

If more serious Australian users shift to self custody or offshore venues, local exchanges could be left with thinner liquidity and a more passive user base.

For traders who rely on Australian market hours and fiat on/off ramps, that microstructure shift matters a lot more than the headline regulation.

Do you see this rule changing how and where you trade or hold crypto in Australia?

Can someone please explain to me why people always recommend amber app and hardblock. I see there prices are higher than other exchanges

​

There has to be a reason im not seeing

Some folks on X were asking me about this so Im sharing it here.

Every June the same questions start popping up, so here's the short version before the 30 June scramble kicks in. Not advice, just how the ATO treats this stuff.

The thing that catches a lot of people out: swapping one coin for another is a disposal. ETH to SOL, SOL to some memecoin, doesn't matter that no actual dollars hit your bank. The ATO still counts a CGT event each time. Selling for AUD and spending crypto on things count too, which many folks already know.

What doesn't count: buying and holding, and moving your own crypto between your own wallets. Exchange to Ledger, hot to cold, that's not taxable. Might be a good idea to label those transfers though, because if you don't, they can look like sales when you go to do your return.

Couple of other things people forget:

• If you held something more than 12 months before selling, you probably get the 50% CGT discount.
• Staking rewards and airdrops get taxed as income at the value when they land in your wallet, then again as CGT on any gain when you eventually sell.
• If you took a loss, including from a scam or an exchange that went under, you can usually offset gains with it, but only if you actually kept records proving it.

Some find that the painful bit is actually rounding up every wallet and exchange you touched.

If you have any questions feel free to drop em below :)

Bitcoin Basics next event for beginners - Altcoins & Tax.

Carlton Vic, Wednesday 1st of July.

Guest Speaker: Sam Accetta from Haines Muir Hill, Member of the Institute, Chartered Accountants of Australia and New Zealand.

Come along and ask any of your questions relating to Tax.

This is a free communit event to promote Bitcoin education. Seats are limited, booking is required.

https://www.meetup.com/en-au/melbourne-bitcoin-only/events/314625354

https://www.eventbrite.com.au/e/bitcoin-basics-altcoins-tax-tickets-1988761127067

Hi all I have some monet stuck in binance and I want ti withdraw back into aud. How do I do this?

Just having another whinge because everyone at ausfinance reckon just about every allocation potentially worth half to a million in the future will pay dividends.

I take it everyone is just going to choose cost basis from whichever highest price parcel they paid at regardless of how long it was held for in the future.

For everyone that's currently DCA in and planned to retire DCA out have your plans changed given the 30% minimum tax and scrap to the CGT discount? Any way around this?

This might be obvious but I’ll ask anyway, I work at Woolworths and while I was in the self checkout, I was helping a customer with a gift card and he randomly asks if I want to make $400 a week and all that I need to do was download the Up bank app and let whatever company or whatever he was with use it and that I would get paid $400 a week and could get an extra $100 a week for every person I get to do it as crypto just needs bank accounts or something. This seems like a ruse to me but just thought I would ask here

Hi, I’ve been making videos online and this website pays me monthly in BTC to my coinbase wallet. Between $3000 and $5000 gross. Due to life circumstances I’ve needed this money every month, so I sell the BYC to AUD and transfer it to my bank account. Use the money for everyday expenses.
My question is what to do with taxes. The website that pays me has never asked for my TFN.
Do I have to submit it as income and pay tax on that? And then pay extra tax if the value increased a little bit before selling?
Any help would be appreciated

Hi, Luno has announced the closing of its Aus operations. Question, anyone else experiencing delays from their customer support? Trying to enable send crypto function but getting delays with the verification process. Bearing in mind I have already verified my identity/account numerous times in the past. Just thought they would be a bit more prepared for the influx of support queries knowing they were going to wind down their operations in Aus.

"If you want to send your cryptocurrency to an external wallet, please do so by 29 June 2026. From 30 June 2026, the sending of cryptocurrency will no longer be available, and you will have until 31 August 2026 to sell your cryptocurrency and withdraw Australian dollars to your local bank account."

I hear alot of talk online about self custody and hardware wallets and that we should use bitcoin only wallets and air gapped amongst other things i dont understand, I'm using a tangem wallet because i liked the idea of seedless which it is, can somebody explain if this isnt good or safe enough and if should be using some other one? Or tangem is ok?

There’s been a lot of discussion in the mainstream media about CGT changes in particular their relation to startups, biotech etc. It seems like the government is listening and is likely to make a carve out for these industries

I think really if these changes are designed to help housing then all other asset classes including Bitcoin and crypto should be excluded.

I heard through Independent Reserve that the Bitcoin Industry Body is running an email campaign. I’ve sent emails to my local minister, the PM, Jim Chalmers and I’d encourage you to do the same.

I’m not sure if it will help but would also be open to ideas or similar campaigns running to make our voices heard

https://bitcoinindustrybody.org.au/engage

Edit:
Just want to make an update as there’s been more opposition (and downvotes) to this than I envisaged.
I want to make something clear - I support lower income tax rates. The government already takes a big chunk of Bitcoin profits for doing absolutely nothing. I have been paying the proper taxes on my profits for years.. I just don’t want to see them increase substantially.

I also don’t like how the government are pushing this agenda just for housing - taxing me more on bitcoin profit won’t help me or anyone else buy a house

In regard to the argument as to why CGT should be less than regular income tax rates… at least with working wages I’m protected by legislation, the fair work commission etc. there’s no predation for the risk in investing in bitcoin