In this video, I’ll show you how to complete your Australian Income Tax Return when you’ve sold crypto assets (Bitcoin, Ethereum, etc) using myTax once you have linked your ATO account with your myGov account.
In the examples I’ll cover, you don’t have any other capital gains tax, or CGT events and didn’t hold any of your crypto assets for more than 12 months, so there’s no discount to apply.
Common questions I get ask are "What's myGov" and "How to connect ATO to myGov?" and "how do i link ATO to myGov ?"
LINKS
💰 Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/
(BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to advanced plan and I may get a small my commission at no extra cost to you, so we both win!)
💰 The Excel Template that I use to track my taxes can also be purchased at my online store here: www.etsy.com/au/shop/MoneyWit...
💰 Capital Gains Tax (CGT) on Shares and ETFs for Beginners | Australia 2022 Tax Return • Capital Gains Tax (CGT...
💰 PAYG Withholding Variation for beginners • PAYG Withholding Varia...
OTHER VIDEOS
✔️ Link a MyGov Account to the ATO in 2 minutes! • Link a MyGov Account t...
✔️ Crypto Taxes in Australia | 2023 TAX RETURN
✔️ Capital Gains Tax (CGT) on Shares and ETFs for Beginners | Australian 2023 Tax Return • Capital Gains Tax (CGT...
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✔️ Higher WORK FROM HOME deduction in your 2022 Australian Tax Return • Video
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ATO LINKS
🔗 my.gov.au/
🔗 www.ato.gov.au/Individuals/Ca...
🔗 www.ato.gov.au/Individuals/Ca...
🔗 MyGov help login.my.gov.au/mygov/content...
🔗 Work from Home Expenses instructions and COVID-19: www.ato.gov.au/general/covid-...
🔗 Carry forward unused concessional contributions www.ato.gov.au/individuals/su...
🔗 Claiming deductions for personal super contributions www.ato.gov.au/individuals/su...
DISCLAIMER: it is important to note that the information in this video is for general information and entertainment purposes only and is not a replacement for professional advice. Money with Dan is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this video relates to your unique circumstances.
When you sell or dispose of Crypto you may make a capital gain or loss.
A capital gain or loss is the difference between what it cost you to obtain and improve the property (the cost base) and the amount you receive when you dispose of it.
If you make a:
net capital gain in an income year, you'll generally be liable for capital gains tax (CGT)
net capital loss, you can carry it forward and deduct it from your capital gains in later years.
How to link ATO with myGov
Sign in to your myGov account then Select the Services tab on the myGov home page.
Under the heading Link a service select Australian Taxation Office and choose Questions specific to you and answer two questions about information relevant to your tax record.
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5 фев 2023
