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Does Bybit Report to the ATO?

ByBitAustralia
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Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze ByBit’s tax reporting policies within Australia. We’ll also break down a simple way to report your ByBit taxes in minutes.

Does Bybit report to the Australian Taxation Office (ATO)?

Bybit is not registered with AUSTRAC. AUSTRAC is a government agency specifically designed to prevent financial crimes like money laundering and tax evasion. As a result, it’s unlikely that Bybit reports information to the Australian government at this time.

What does the ATO do with the information provided by cryptocurrency exchanges?

Since 2019, the ATO has used data matching to crack down on crypto tax fraud. The ATO uses information provided by exchanges like Bybit to track crypto transactions and identify individuals who have not met their tax obligations. 

In the past, the ATO has used this information to send warning letters to hundreds of thousands of cryptocurrency investors. 

Do I have to pay taxes on my Bybit transactions?

Yes. In Australia, your transactions on Bybit or other platforms are subject to capital gains tax and ordinary income tax. Even if your exchange doesn't report to the ATO, you are still responsible for reporting related income from platforms like Bybit. 

If you’ve earned or disposed (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the ATO. 

For more information, check out our complete Australia guide to cryptocurrency taxes

Is Bybit legal in Australia?

At this time, Bybit is not licensed within Australia.

How do I avoid Bybit taxes in Australia?

Remember, there is no way to legally evade your taxes in Australia. However, there are tools like tax-loss selling and cryptocurrency tax software that can help you save thousands of dollars legally.

Get a Bybit tax report today

Looking for a simple way to report your ByBit taxes? With CoinLedger, you can import your ByBit transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with ByBit and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

You can get started with a free preview report today.

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