Sunshine Coast Region, Queensland
Tax Accountant in Tanawha
A crypto swap is a sale, even when no dollars change hands
Capital gains, investment records and super deductions for Tanawha investors and sole traders, from a CPA practice.
At the 2021 Census, 25.6% of working residents were Professionals and 18.7% Managers, and computer system design ranked third among local industries. Median weekly household income was $2,542. For an investor, crypto falls under the capital gains rules, and the ATO requires records of every transaction.
Tanawha in brief
The old highway and the botanic garden.
The Bruce Highway ran through Tanawha until 16 November 1989, on the route now called Tanawha Tourist Drive. A maze, Bellingham Maze, followed in 1993, and the bushland botanic garden for the Maroochy region opened on 1 December 2001. Of the 1,312 people counted in 2021, 21.9% of those with jobs worked from home.
Crypto and super: three questions
Swapping one coin for another
Why it happens
An investor trades one crypto asset directly for another on an exchange.
Why it matters
A swap is a disposal: a CGT event happens to the crypto you gave up, and the capital proceeds are the Australian dollar market value of what you received, or of what you gave up if that can't be valued. Each crypto asset is a separate CGT asset. If you held the asset for at least 12 months, the CGT discount may reduce the gain.
How we help
Export the full transaction history from every exchange and wallet you used during the year.
Records the ATO expects
Why it happens
An investor relies on the exchange's own reports, or uses an exchange that has since closed.
Why it matters
You must keep your own records of every crypto transaction in Australian dollars, including swaps; relying on an exchange's records isn't enough. Moving crypto between your own wallets, while you keep ownership, isn't a disposal and doesn't need to be reported.
How we help
Download your records now while the exchange is still operating.
Sole traders claiming personal super contributions
Why it happens
A self-employed consultant pays into super from after-tax money.
Why it matters
To claim the deduction, send your super fund a notice of intent and get its acknowledgement before you claim. The notice must reach the fund by the earlier of the day you lodge that year's return and the end of the following income year.
How we help
Send the notice before you lodge, and keep the acknowledgement.
Frequently asked questions
Is swapping crypto taxable for a Tanawha investor?
Yes. A crypto-to-crypto swap is a disposal for capital gains tax, valued in Australian dollars at the time.
Do I pay tax when I move crypto between my own wallets?
No. A transfer between wallets you own isn't a disposal.
Can I claim the CGT discount on crypto?
If you held the crypto asset for at least 12 months before the disposal, the 50% discount may apply.
Where to next
Have a question?
Before you lodge
Bring the exported transaction histories and your notice of intent acknowledgement.
Lomandra Accounting is a CPA Practice, registered with the Tax Practitioners Board and an SMSF Specialist. Emma, the Director, is a Certified Practicing Accountant (CPA) with extensive experience in commercial business management, and specialises in Self-Managed Super Funds (SMSFs).
- 07 5234 9201
- admin@lomandraa.com.au
- Sunshine Coast, QLD
- Monday to Friday, 9am to 4:30pm