Crypto currency trading

Sam Martel Tuesday, 06 April 2021

The ATO are watching the rise in crypto currency trading and have issued a warning to taxpayers that there can be tax consequences. Although the reporting of this type of trading is limited, we have seen an instance where a transaction was caught by the ATO and appeared on their annual pre-filling report. If you have sold crypto currency for a profit, you may be up for capital gains tax when you prepare your tax return. If you have made a loss, this amount can be carried forward to offset any future gains.

Bitcoin is not the only crypto currency. Here are the names of some real ‘coins’:

  • Litecoin
  • Shitcoin (we’re not making this up, it increased 43,504% in 2 days and reduced drastically a week later)
  • Sushi
  • Dogecoin
  • PancakeSwap
  • Uniswap (up 720% in 3 months)
  • Curve DAO Token (up 658% in 3 months)

We are not encouraging crypto currency trading – we just find this interesting.