Part 7 Bitcoin taxes and the ATO
- 4 years ago
Part 7 - Cryptocurrencies, Taxes and the ATO
DO NOT attempt to avoid paying taxes – despite popular belief cryptocurrency transactions are regulated and easily traceable
If you hold your bitcoin for 12 months or more before selling you may be eligible for a 50% capital gains tax concession
Selling one kind of cryptocurrency for another is considered a taxable event and subject to capital gains tax
Record keeping is much easier to do if you minimise the amount of exchanges you use
Use an accountant who has experience filing tax returns involving crypto
DO NOT attempt to avoid paying taxes – despite popular belief cryptocurrency transactions are regulated and easily traceable
If you hold your bitcoin for 12 months or more before selling you may be eligible for a 50% capital gains tax concession
Selling one kind of cryptocurrency for another is considered a taxable event and subject to capital gains tax
Record keeping is much easier to do if you minimise the amount of exchanges you use
Use an accountant who has experience filing tax returns involving crypto