I had 2 domain sales in US dollars ($9.7k) this past year, so I'm guessing the ATO will want some tax on them. I filled out the USA foreign income Tax declaration through Afternic/GoDaddy sales process. Both domains were parked with adverts, so does that mean they were 'undeveloped' assets upon sale? I owned both for more than 12 months.
I found this ATO worksheet to calculate a CGT event - how should I classify domains?
www.ato.gov.au
What happens with exchange rates used for sale price and holding costs.
Everything was purchased in USD, as well as renewals and the sale proceeds. Do I work out the final profit and then convert to AUD, or do I convert each transaction, purchase + renewals into AUD, and then calculate my profit.
Any thoughts would be appreciated, thanks.
I found this ATO worksheet to calculate a CGT event - how should I classify domains?
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What happens with exchange rates used for sale price and holding costs.
Everything was purchased in USD, as well as renewals and the sale proceeds. Do I work out the final profit and then convert to AUD, or do I convert each transaction, purchase + renewals into AUD, and then calculate my profit.
Any thoughts would be appreciated, thanks.
