Lukket

RE: Australian registered accountant on help with Taxation on gifted cryptocurrency and capital gains + cost basis

Hi to all Australian accountants

(paid job)

I do advocacy work and sometimes receive cryptocurrency as a gift from friends

From discussions with the ATO and reading on the ATO forum, it is my understanding that I still have to declare the gift on my tax return when converted from the gifted crypto into AUD currency and as crypto is a capital asset, a capital gain/loss event is triggered when I do that conversion and sell my cryptocurrency gift for AUD.

My understanding is the tax liability falls with my friends who gift the cryptocurrency and they have to handle it with their overseas respective tax authorities. In regard to tax implications on my end, my understanding is that the market value of the cryptocurrency gift given to me at the time becomes my cost basis and when I sell it, if I make a gain that's the only tax I pay on that gain, and if I make a loss then its a capital loss.

My only question is record-keeping so I can prove to the ATO, should they ask, that it was a gift and not payment or transactional. What records I'd need to keep on hand beside my cost basis. thank you

See forum that I am referencing my knowledge on: [login to view URL]

[login to view URL]:~:text=If%20you%20gift%20a%20cryptocurrency,capital%20loss%20on%20the%20transaction.&text=It's%20viewed%20that%20cryptocurrency%20is%20neither%20money%20nor%20foreign%20currency.,-Cryptocurrency%20is%20considered

Evner: Regnskab, Bogholderi, Skat, Finans, Skattelovgivning

Se mere: charter accountant india taxation, canadian australian tax accountant, australian chartered accountant, i need an australian writer to help with my screenplay, a govt registered co offers you data entry form filling and paid survey work get paid on daily work online from home cyber cafe, a govt registered co offers you data entry form filling and paid survey work get paid on daily work online from home or cyber ca, australian tax accountant freelancers, help company to marketer product on the internet and get paid, help where to find civil engineer 2 years experience to my construction own work, how much does an accountant for a freelance designer sole trader cost per year, https www freelancer com projects accounting accountant bir taxation bookkeeping html utm_campaign latest_project_contest&utm_ m, i need help with writing an email to ask a principal for a job, outsource australian registered auditor, registered accountant, australian tax accountant, australian freelance computer help jobs, australian tax accountant london, how can an accountant help with small business, how can an accountant help me, australian registered tax agent

Om arbejdsgiveren:
( 18 bedømmelser ) Melbourne, Australia

Projekt ID: #30043760

7 freelancere byder i gennemsnit $55/timen for dette job

(164 bedømmelser)
7.8
dheerajjshetty19

Hi, I have come across your post and would like to offer my services. A bit about myself, my academic qualification is Chartered accountant. For the past seven years I have gained considerable experience using various Flere

$50 AUD / time
(27 bedømmelser)
4.9
achievers24

Hello, How are you doing.? I'm an experienced offshore accountant and expert in Virtual Accounting. I'd be happy to help you with bookkeeping and reconciliation. Let's connect and move forward to next step quickly. Flere

$50 AUD / time
(7 bedømmelser)
4.6
TaxoService

Hello Sir, We are Tax consultants of Direct Tax and Indirect Tax in all countries, we have a team to work and we will provide you with excellent service of your requirement. We are familiar with Australia Taxation and Flere

$50 AUD / time
(9 bedømmelser)
4.0
kashmeeint

I have been working as Research Assistant with a CPA Firm in Australia (on line)for the last three months. I prepare reports daily on various topics of Australian Tax Law. I can prepare a comprehensive report on "Recor Flere

$75 AUD / time
(2 bedømmelser)
3.6
dianaputri955

I have experienced work as finance , accounting and tax. more than 4 years.. I can use xero software accounting from australia.

$50 AUD / time
(0 bedømmelser)
0.0
casumitnigam

Hello there, I have understood your requirement and I can definitely help you with the same. I am a qualified and experience CA having over 10 years of experience working globally. I can comfortably do this job for yo Flere

$50 AUD / time
(0 bedømmelser)
0.0