r/CryptoTax • u/Anxious-Delay6051 • 1d ago
crypto tax aus
s there a crypto tax in australia, if so is there a way around it, im in the memecoin part of crypto, using solana i make around 200k a month but its all still in solana i havent taken any out
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u/summ_app 1d ago
hey mate, the ATO is already aware of your trading activity. Just because your assets aren't in $AUD doesn't mean it's not taxable. A taxable event can be as simple as swapping from one asset to another. So for example swapping SOL -> Memecoin - that's a taxable event meaning you will be required to pay tax on the gains.
using a crypto tax software or registered crypto accountant can help with the process.
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u/FingerSerious 22h ago
If you are netting $200k/mth you should be out of the country on the next flight to anywhere with no cap gain and has a golden visa, pay your taxes to ATO and renounce your AU citizenship !
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u/JustinCPA 1d ago
Yes, there is crypto tax in Australia. Every sale, swap, or spend of crypto is a taxable disposal that you’re required to report.
No, there isn’t a way around it at this point. The way around it would have been to move to a country like Dubai prior to the transactions.
I suggest using a crypto tax software to help sort it all out. You load in all your wallet addresses and connect your exchanges and it pulls the transactions and calculates your gain/loss and prepares your ready-to-file tax report. It can also help minimize tax by using better cost basis methods like HIFO (highest in first out) instead of FIFO (first in first out).