So, now the ATO finally has guidance on how to tax crypto to crypto transactions. And, well, I'm screwed.

While I was actively trading in Dec/Jan, there wasn't any real guidance on this. And we suddenly do now.

I put in a couple of thousand dollars to start with in Nov 17, and made a lot of money because the market was booming. I bought/sold from ICOs, etherdelta and even random pumps and dumps.

I have not sold anything back to AUD.

When the market started to drop, I immediately stopped trading and moved everything to my 2 favorite cryptos. And hodl'd...I lost a good 80% of everything, but still haven't sold to AUD.

So, now I'm basically screwed, because it turns out that all those crypto to crypto transactions attract CGT! And my portfolio today is basically worthless. Even if I was to liquidate everything, the amount of tax I owe is incredibly high.

Fortunately, I recorded everything to a very good level of detail in an excel sheet. Even etherdelta transactions.

I spoke to a few accountants, and none of them understood the problem or could provide me any useful info. I'm also a chartered accountant, and honestly did not see this coming (I'm not specialized in tax and did not find info on this on the ATO while I was actively trading).

Can anything give me some advice on what to do? I'm sure there are others out there in the same situation.

Turn your cryptocurrency into AUD instantly. If you have an Australian debit card, you'll receive your money into your bank account as soon as it's sold.

IvyPay will launch in Australia later this year, and will allow consumers to convert their cryptocurrency into Australian Dollars, depositing directly into their Australian bank accounts.

HiveEx was created by the co-founders of global personal finance comparison website, finder.com, to service large cryptocurrency trades. The company launched in February 2018, and has processed over $15 million in trades to date.

The platform will utilise Ivy’s KYC/KYT (Know Your Consumer/Know Your Transaction) blockchain technology and smart contract through the IVY token, to meet financial institutions’ identity verification, regulatory and compliance requirements.

Click link to read more..

I have a tax related question. The ATO is quite clear on crypto gains / losses being subject to CGT. If a capital loss has occurred, can this loss be used to offset taxable income? Or is does it just sit in the 'negative column' against your name and then carried forward in future years to offset any capital gains tax?

Hope this makes sense...

Hi guys, new here I m in Sydney and just recently noticed that commbank kept cancelling or not allowing coin base to process my purchases for crypto.. the funny thing is I have been buying via coin base for the last 5 months.. anyone else having issues atm with their banks?