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Frequently Asked Questions

Taxable Income

Will I Be Penalised for Lodging My Return Late?

  • There may be Failure to Lodge (FTL) on time penalty. The ATO can issue you with one or more default assessments especially, if you have several years outstanding.

How Long Will My Refund Take?

  • CDG Accounting will review your ITR and lodge your details quickly with ATO, once is all valid and verified, it will take between 5-12 working days and no more than 21 days.

Can I Prepare Multiple Years Returns at The Same Time?

  • Yes, we are going to prepare a file for each year separately. You will just need to upload your transaction history from these years, and we can handle the rest.

Can I Claim Any Deductions If I Have No Receipts?

To claim a deduction for a work-related expense, you must meet the 3 golden rules:

  1. You must have spent the money yourself and weren't reimbursed.

  2. The expenses must directly relate to earning your income.

  3. You must have a record to prove it (usually a receipt).


How is crypto tax calculated in Australia?

  • The ATO (Australian Taxation Office) consider cryptocurrency as a property, they don’t see it as money. They consider an asset for Capital Gains Tax (CGT) and Income Tax.

  • How you’re taxed will depend on the circumstances and transaction you are making.

How do I pay taxes on my cryptocurrency investment?

  • If you invest in cryptocurrency, you pay CGT on each disposal. The amount of tax you’ll pay on your cryptocurrency income is dependent on your income levels during the current tax year. This is calculated based on the difference between the amount you paid for the cryptocurrency and the amount you disposed of it for.

How can CDG Accounting help with crypto taxes?

  • CDG Accounting are specialised in all taxation outcomes and our team are pleased to explain and assist with cryptocurrency implications.

  • You just need to import your transaction history and we will help you categorize your transactions and calculate realized profit and income.

Do I need to pay taxes on my crypto losses?

  • They are normally not taxed, but if you have a profit, due to crypto having increased in value, you may be able to deduct them against CGT on that profit. And if you have loss from crypto decreasing value, then you have capital loss and won't need to pay tax.

Can the ATO track my cryptocurrency?

  • Yes. The ATO has declared that they have received transaction data, including, trading, deposit, and withdrawal history as well as identifiable information relating to you such as your name, date of birth, address and contact information related to cryptocurrencies activities.

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