No capital gain or loss on Binance pay to a friend

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 :sunglasses:

Have a good one!

This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.