ATO guidance explains that exchanging one cryptoasset for another disposes of the original CGT asset and acquires another. A CGT event happens to the original asset. Work out its AUD market value at the time.
Exchanging Bitcoin for Ethereum can be a disposal even without receiving cash. This is a general example, not an individual tax assessment. Fees, cost base and circumstances affect calculations.
Where the received asset cannot be valued, ATO guidance discusses using the disposed asset’s market value. Keep evidence and ask a registered tax agent when uncertain.
Cryptocurrency is high-risk. This guide does not assess your individual circumstances or provide financial, investment, tax or legal advice.