Any Australian based ferners know about CGT/Crypto?



  • So my mate, and I stress this is my mate and not me, made a capital gain of 50k on crypto and transferred 10K into real cash and the other 40k into another crypto.

    So he has to pay CGT on that - but, his new crypto tanked and is down to 5K.

    So my question is: can he offset those losses if he sells that last 5k now - even though they're across different financial years?

    *Yes, he was an idiot who should have actually done some research about CGT before buying and selling his crypto, but he's actually having a meltdown about it and is prone to depression etc so I'm trying to do some research for him and the ATO website and forum pages haven't been that helpful.



  • I've got no idea but will provide an answer anyway. It's the Fern way after all.

    You will need to pay CGT on the investment in the financial year it was sold. You may be eligible for a discount if the invest was held for more than 12 months.

    The potential loss in the new financial year will only be able to be offset against any future CG and cannot be offset against your other income.



  • I am managing my crypto CGT in fiat terms i.e. if I put real money into Crypto this FY, and didn't take it back out this FY, its a Capital Loss until it is realised. If I take it back out in future years, it is gain accounted against that loss.

    Right now I'm down a little on crypto in tax terms - but the wife isn't aware of that 😉 - so if I get some momentum and pull out profits in future, I'm already offset from the last 2 years! 🙂



  • @Toddy said in Any Australian based ferners know about CGT/Crypto?:

    I've got no idea but will provide an answer anyway. It's the Fern way after all.

    You will need to pay CGT on the investment in the financial year it was sold. You may be eligible for a discount if the invest was held for more than 12 months.

    The potential loss in the new financial year will only be able to be offset against any future CG and cannot be offset against your other income.

    He didn't invest in for a full year so doesn't get the discount.

    So basically he's screwed and he can't even use his loss against anything.



  • @NTA So I assume you've just been letting it sit and not transferring between different cryptos.

    On the ATO forums there's all these guys who have 100s of trades in a short amount of time on exchanges who didn't realise they had to account for them all.



  • @NTA said in Any Australian based ferners know about CGT/Crypto?:

    I am managing my crypto CGT in fiat terms i.e. if I put real money into Crypto this FY, and didn't take it back out this FY, its a Capital Loss until it is realised. If I take it back out in future years, it is gain accounted against that loss.

    Right now I'm down a little on crypto in tax terms - but the wife isn't aware of that 😉 - so if I get some momentum and pull out profits in future, I'm already offset from the last 2 years! 🙂

    Now that's gambling talk mate!!!



  • “Your mate” should pay to consult an accountant.

    If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.



  • @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    “Your mate” should pay to consult an accountant.

    If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.

    I don’t think he can claim them as they’re the wrong financial year.

    He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.



  • @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    “Your mate” should pay to consult an accountant.

    If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.

    I don’t think he can claim them as they’re the wrong financial year.

    He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.

    Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.



  • @jegga said in Any Australian based ferners know about CGT/Crypto?:

    @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    “Your mate” should pay to consult an accountant.

    If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.

    I don’t think he can claim them as they’re the wrong financial year.

    He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.

    Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.

    Very true, I did try to no avail. Vegan Gains also got him into the Messiah (Jordan Peterson) but has been negative about him recently ... which is like having his parents fight to my mate.



  • @jegga said in Any Australian based ferners know about CGT/Crypto?:

    @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    “Your mate” should pay to consult an accountant.

    If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.

    I don’t think he can claim them as they’re the wrong financial year.

    He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.

    Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.

    Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy



  • @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    @jegga said in Any Australian based ferners know about CGT/Crypto?:

    @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    “Your mate” should pay to consult an accountant.

    If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.

    I don’t think he can claim them as they’re the wrong financial year.

    He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.

    Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.

    Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy

    He’s an Arab trying to get Australian citizenship so he can move to the US. I never claimed he was smart. Plus, he’s in IT. 😏



  • @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    @jegga said in Any Australian based ferners know about CGT/Crypto?:

    @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    “Your mate” should pay to consult an accountant.

    If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.

    I don’t think he can claim them as they’re the wrong financial year.

    He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.

    Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.

    Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy

    Exactly, takes advice from a nutcase who mocks terminally ill cancer patients but not an actual professional.



  • @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    @jegga said in Any Australian based ferners know about CGT/Crypto?:

    @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    “Your mate” should pay to consult an accountant.

    If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.

    I don’t think he can claim them as they’re the wrong financial year.

    He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.

    Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.

    Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy

    He’s an Arab trying to get Australian citizenship so he can move to the US. I never claimed he was smart. Plus, he’s in IT. 😏

    Is this the Palestinian? If he's this easily influenced by garbage he sees on the internet you should probably consider moving out.



  • @jegga said in Any Australian based ferners know about CGT/Crypto?:

    @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    @jegga said in Any Australian based ferners know about CGT/Crypto?:

    @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @SammyC said in Any Australian based ferners know about CGT/Crypto?:

    “Your mate” should pay to consult an accountant.

    If he’s planning on claiming 35k of losses then odds are it’s going to get looked at.

    I don’t think he can claim them as they’re the wrong financial year.

    He consulted some weird online crypto advisors - it’s been never ending head slapping since he first watched vegan gains on YouTube who told him to invest in crypto and it’s been a spiral ever since.

    Oh ffs. That was the point you should have organised an intervention . Vegan Gains ffs.

    Takes advice from vegan gains but won’t for out for an hour with an accountant about his tax return. Sounds like a smart guy

    He’s an Arab trying to get Australian citizenship so he can move to the US. I never claimed he was smart. Plus, he’s in IT. 😏

    Is this the Palestinian? If he's this easily influenced by garbage he sees on the internet you should probably consider moving out.

    Yep, he doesn’t live here anymore though.

    He’s actually fairly normal outside the YouTube rabbit hole and the love of USA, if slightly depressive.

    I’m just going to tell him to get a loan and pay it, although I suspect he probably has the cash tucked away TBH.



  • @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @NTA So I assume you've just been letting it sit and not transferring between different cryptos.

    On the ATO forums there's all these guys who have 100s of trades in a short amount of time on exchanges who didn't realise they had to account for them all.

    A mate of mine who is balls-deep (close to divorce) in crypto was shitting himself about that.

    I treat it like cash accounting i.e. it's only profit when you actually realise it into cash.

    The fluid value of crypto has a lot to do with this. Trading between different types might involve profit or loss so tracking that is a fucking nightmare in actual dollar terms.

    I've made a couple of little trades between cryptos, but don't bother tracking it until it his my bank account.

    Put cash in, take cash out. Profit or loss, taxed accordingly.



  • @NTA said in Any Australian based ferners know about CGT/Crypto?:

    @Nepia said in Any Australian based ferners know about CGT/Crypto?:

    @NTA So I assume you've just been letting it sit and not transferring between different cryptos.

    On the ATO forums there's all these guys who have 100s of trades in a short amount of time on exchanges who didn't realise they had to account for them all.

    A mate of mine who is balls-deep (close to divorce) in crypto was shitting himself about that.

    I treat it like cash accounting i.e. it's only profit when you actually realise it into cash.

    The fluid value of crypto has a lot to do with this. Trading between different types might involve profit or loss so tracking that is a fucking nightmare in actual dollar terms.

    I've made a couple of little trades between cryptos, but don't bother tracking it until it his my bank account.

    Put cash in, take cash out. Profit or loss, taxed accordingly.

    Your way makes sense, my mate didn't even do any background research about the tax implications but I think he honestly believed he wouldn't have to pay tax on it. He bought into the anti govt shtick of the pro crypto YouTubers/websites.

    It took him at least two weeks to track down all his transactions and one of the exchanges, in NZ actually, went belly up so he was actually lucky to get the info on those transactions.



  • @Nepia the Christchurch one that got hacked/looted?

    Vegan gains for crypto advice!!? Oh dear



  • @Paekakboyz said in Any Australian based ferners know about CGT/Crypto?:

    @Nepia the Christchurch one that got hacked/looted?

    Vegan gains for crypto advice!!? Oh dear

    I'm not sure, he said bankrupt, but I know nothing about it so not sure.

    I think Vegan Gains led him to crypto youtubes and sites and they're the ones I presumed he used for advice.


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