Swyftx is registered with AUSTRAC, a government agency specifically designed to prevent financial crimes like money laundering and tax evasion. As a result, it’s likely that Swyftx reports relevant information to the Australian government.
Since 2019, the ATO has used data matching to crack down on crypto tax fraud. The ATO uses information provided by exchanges like Swyftx 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 Swyftx 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. Swyftx operates legally 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.