Crypto tax in AUS

Tax Questions
#1

Hi,
My question is do I have to pay tax in AUS when I have bought BTC and ETH on an exchange and then transferred this to a cold wallet?

How does the AUS Tax system work for crypto?

#2

Hi @vexyvek

I am not a tax advisor to answer this but taken from our Australia Tax Guide, purchasing crypto with fiat and transferring crypto between two wallets that you own are tax-free transactions.

Of course, the fee paid (transfer fee is a disposal and taxable in most cases). You should make sure you have added both wallets (exchange and cold wallet) in Koinly though.

Here is our Aussie tax guide: https://koinly.io/guides/crypto-tax-australia/

#4

I had a read through and yeah thought the same thing, however i was a bit confused as my Koinly report is saying i owe taxes when i didnt sell for fiat?

#3

interesting topic about AUS

1 Like
#5

@vexyvek

This may mean that there are transfers between wallets that need to be reviewed or there is staking/liquidity activity that needs to be looked into.

I suggest you follow the steps in the How to ensure your Tax Report is accurate guide to make sure everything in your account is accurate.

#6

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