Given that Celsius was operating legally within Australia while the business existed, it’s likely that the company reported to the ATO as well as other government agencies to prevent financial crimes, money laundering, and tax evasion.
The ATO has used data matching to crack down on crypto tax fraud. The ATO uses information provided by exchanges like Celsius 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.
Yes. In Australia, your transactions on Celsius or other platforms are subject to capital gains tax and ordinary income tax.
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.
Yes. During its existence, Celsius operated legally within 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.