How does Australia's gift tax policy apply to digital currencies?

3 answers

• Dec 16, 2021 · 3 years ago
  In Australia, the gift tax policy applies to digital currencies just like any other asset. According to the Australian Taxation Office (ATO), if you gift digital currencies to someone, it may be considered a disposal for capital gains tax purposes. The ATO treats digital currencies as property, so the gift will be subject to capital gains tax if the value of the digital currencies has increased since the time of acquisition. It's important to keep records of the acquisition cost and the market value at the time of gifting to calculate the capital gains tax liability.
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• Dec 16, 2021 · 3 years ago
  Australia's gift tax policy treats digital currencies as assets, and gifting them may trigger capital gains tax. The Australian Taxation Office requires individuals to keep records of the acquisition cost and the market value at the time of gifting. If the value of the digital currencies has increased, the gift will be subject to capital gains tax. It's advisable to consult a tax professional for accurate guidance on how to handle gifting digital currencies in Australia.
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• Dec 16, 2021 · 3 years ago
  As a representative of BYDFi, I can provide some insights into Australia's gift tax policy for digital currencies. The Australian Taxation Office considers digital currencies as assets, and gifting them may result in capital gains tax obligations. It's crucial to keep proper records of the acquisition cost and the market value at the time of gifting to ensure accurate tax calculations. If you're planning to gift digital currencies in Australia, it's recommended to consult a tax advisor to understand the specific regulations and guidelines.
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