1. To claim a tax deduction for a gift or donation of a crypto asset, it must meet the gifts and donations conditions and gift types, requirements and valuation rules.

2. When considering the gifts and donations conditions, gift types, requirements and valuation rules, crypto assets are property.

3. You can only claim a tax deduction for gifts or donations to organisations that have a status as a deductible gift recipient (DGR). You can’t claim tax deductions for gifts or donations made to social media or crowdfunding platforms unless the recipient of the gift or donation has DGR status. Your clients can check the DGR status of an organisation at ABN Lookup: Deductible gift recipients.

4. Because crypto assets are property, if your clients donate crypto assets there may be capital gains tax (CGT) consequences. Donating crypto assets is a CGT event, similar to any other disposal of an asset.

For more details: https://www.publicaccountant.com.au/news/ato-advice-on-donating-crypto-assets

Source: Public Accountants