What are the tax implications of trading cryptocurrencies with AUD currency?

1 answers

• Dec 16, 2021 · 3 years ago
  When it comes to trading cryptocurrencies with AUD currency, it's crucial to consider the tax implications. In Australia, the Australian Taxation Office (ATO) treats cryptocurrencies as taxable assets. This means that any profits made from trading cryptocurrencies may be subject to capital gains tax. It's important to keep accurate records of your cryptocurrency transactions, including the purchase price, sale price, and the date of each transaction. Additionally, if you are using cryptocurrencies for business purposes, you may need to report the value of the cryptocurrency received as income. It's advisable to consult with a tax professional to ensure compliance with the tax laws.
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