What are the tax implications for cryptocurrency trading in Australia?

1 answers

• Dec 18, 2021 · 3 years ago
  At BYDFi, we understand that tax implications can be a concern for cryptocurrency traders in Australia. The Australian Taxation Office (ATO) treats cryptocurrencies as assets, and any profits made from trading them are subject to capital gains tax. This means that if you sell your cryptocurrencies for a profit, you will need to report the gains and pay tax on them. It is important to keep accurate records of your trades and the purchase price of your cryptocurrencies to calculate the capital gains accurately. If you hold your cryptocurrencies for more than 12 months, you may be eligible for a 50% discount on the capital gains tax. We recommend consulting with a tax professional to ensure compliance with the tax regulations.
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