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Swyftx, along with other major cryptocurrency exchanges, reports to the ATO. Since 2019, the ATO has had a data sharing program with Australian exchanges. The agency has used this program to send warning letters to Australian investors.Â
Yes. In Australia, your transactions on Swyftx or other platforms are subject to capital gains tax and ordinary income tax.Â
If you’ve earned or disposed of (ex. sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the ATO.Â
For more information, check out our complete Australia guide to cryptocurrency taxes.
Yes. Swyftx is a trusted exchange that serves more than 800,000 investors in Australia.Â
Remember, there is no way to legally evade your taxes in Australia.
However, you can consider using cryptocurrency tax software to find your biggest tax-loss selling opportunities and help you save thousands of dollars legally. Remember, cryptocurrency losses can offset capital gains in Australia.