How does Australia tax cryptocurrency gifts?

3 answers

• Dec 19, 2021 · 3 years ago
  When it comes to gifting cryptocurrency in Australia, it's important to consider the tax implications. The Australian Taxation Office (ATO) treats cryptocurrency as property, which means that gifting cryptocurrency is subject to capital gains tax (CGT). This means that if you gift cryptocurrency that has increased in value since you acquired it, you may be liable to pay CGT on the capital gain. However, if the cryptocurrency has decreased in value, you may be able to claim a capital loss. It's recommended to consult with a tax professional to ensure compliance with the Australian tax laws.
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• Dec 19, 2021 · 3 years ago
  Gifting cryptocurrency in Australia can have tax consequences. The Australian tax system treats cryptocurrency as an asset, and when you gift cryptocurrency, it is considered a disposal for tax purposes. If the cryptocurrency has increased in value since you acquired it, you may need to pay capital gains tax on the appreciation. On the other hand, if the cryptocurrency has decreased in value, you may be able to claim a capital loss. It's important to keep records of the acquisition and gifting of cryptocurrency to accurately calculate any tax obligations. Consulting with a tax advisor is recommended to navigate the complexities of cryptocurrency taxation in Australia.
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• Dec 19, 2021 · 3 years ago
  At BYDFi, we understand the tax implications of gifting cryptocurrency in Australia. The Australian tax system treats cryptocurrency as property, and gifting cryptocurrency is subject to capital gains tax. If you gift cryptocurrency that has increased in value, you may be required to pay capital gains tax on the appreciation. However, if the cryptocurrency has decreased in value, you may be able to claim a capital loss. It's important to consult with a tax professional to ensure compliance with the Australian tax laws and accurately calculate any tax obligations.
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