Australia Crypto Research and News


#81

Right lads I was just reading this medium post I found on reddit about cryptocurrency tax in Australia and I’m completely lost.

How are you guys doing your taxes?


#82

Yup, the rules changed.

While all crypto is still not recognised as a currency, but rather a digital asset, the rules around trading digital assets and capital gains tax still apply. However, the ATO added new rules around the general personal use of the cryptographic digital asset (CDA) as a payment method for good and services.

So, technically a CDA is still deemed as “property” with some exceptions now.

The good part is you can still claim all the costs involved in purchasing/creating/mining CDA’s against the gains of said CDA. This includes equipment, housing, rent, maintenance and the hours of programming.

Still, do consult with the experts, you can find great tax consultants in the Meetups around various cities in Australia.

Stay Fishy