Suppose I get money from a friend who doesn’t live in Australia, I buy crypto for him and send it to his account right after using Binance pay feature. No capital gain or loss, do I still need pay tax? Can I send him every day as well?
Hi @Shehroz_Sarwar !
Sending, gifting or paying for a service in crypto is generally considered to generate capital gains in Australia according to our ATO guide Your Ultimate Australia Crypto Tax Guide 2022 | Koinly
So, in effect if you just deposit fiat to an exchange, buy crypto and send it to a friend, normally this should be reflected like a trade, with minimal gains and losses if you send it to him right away, but I would assume you still need to declare them.
Tax agencies aren’t often very forthcoming with clear information, but we have have a few contacts for Australian crypto-savvy accountants here Cryptocurrency Tax Accountants in Australia | Koinly if you need
Have a good one!
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