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What happens if you exchange a crypto asset for another crypto asset?

When you exchange or swap one crypto asset for another crypto asset, you dispose of one CGT asset and acquire another. Therefore, a CGT event happens to your original crypto asset. Because you receive property instead of money, you need to work out the market value of the crypto asset in Australian dollars.

How does CGT apply when exchanging or swapping a crypto asset?

How CGT applies when exchanging or swapping one crypto asset for another. When you exchange or swap one crypto asset for another crypto asset, you dispose of one CGT asset and acquire another. Therefore, a CGT event happens to your original crypto asset.

Can the ATO track cryptocurrency wallets in Australia?

Yes, the ATO can track cryptocurrency wallets. If you’re using cryptocurrencies in Australia, especially through any major crypto exchange that requires identity verification, your transaction data is likely already accessible to the ATO.

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