What are the tax implications of buying and selling cryptocurrencies with Australian dollars?

1 answers

• Dec 19, 2021 · 3 years ago
  At BYDFi, we understand that buying and selling cryptocurrencies with Australian dollars can have tax implications. In Australia, the Australian Taxation Office (ATO) treats cryptocurrencies as property, which means that they are subject to capital gains tax (CGT) when you dispose of them. This means that if you make a profit from selling your cryptocurrencies, you will need to report it as capital gains and pay tax on the profit. It's important to keep accurate records of your transactions and seek guidance from a tax professional to ensure compliance with tax regulations.
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