Your intention at the time of purchasing a Cryptocurrency is essential to determine that whether it would be treated for taxation purposes or not. Moreover, in case of a change in the intention for buying a Cryptocurrency, it may either alter the initial applicable tax treatment or create a tax event.
The ATO holds the authority to review any suspicious or unusual activity. If you don’t cooperate with the tax authorities, they will issue an amended assessment on their own. In this scenario, you will have to prove that the assessment is not correct.
Hence, make sure to maintain a perfect record of purchasing Cryptocurrencies including the date, price and the intention for which you are buying them. For this purpose, you can contact a professional Cryptocurrency Tax Accountant Australia.
Crypto Tax Australia provides Australians with pro-active tailored advice and quality service for their taxation of Cryptocurrency.
Address: Level 13/114 William Street
Melbourne, VIC. C.P.: 3000
tel:
0490xxxxxx View Phone numberWeb: http://https://cryptotaxaus.com.au/