If you are planning on investing in cryptocurrencies here is some useful information on the risk involved in investing in cryptocurrencies
Remember: If it sounds too good to be true, it is too good to be true.
The relevant time for working out if an asset is a personal use asset is at the time of its disposal.
You must keep records of each cryptocurrency transaction to work out whether you have a made a capital gain or loss from each CGT event.
Currently the ATO has limited data on the level of cryptocurrency investments and transactions made by Australian taxpayers as there are limited obligations for taxpayers and third parties to provide this information. However, the ATO is looking to obtain data from designated service providers (DSP’s). This data will be used to identify the buyers and sellers of crypto-assets. This data will then be matched against ATO records to identify individuals who may not be meeting their reporting obligations.
Source ATO Data Matching protocol – CRYPTOCURRENCY: 2014–15 to 2019–20 financial years data matching program protocol | Australian Taxation Office (ato.gov.au)