What are the tax implications of share trading in digital currencies in Australia?

1 answers

• Nov 23, 2021 · 3 years ago
  As a third-party expert, I can provide some insights into the tax implications of share trading in digital currencies in Australia. The Australian tax system treats digital currencies as assets, and any profits made from trading digital currencies are subject to capital gains tax (CGT). CGT is calculated based on the difference between the purchase price and the sale price of the digital currency. It's important to keep accurate records of all your digital currency transactions, including the date, purchase price, sale price, and any associated fees. Additionally, if you hold the digital currency for more than 12 months, you may be eligible for a 50% CGT discount. It's always a good idea to consult with a tax professional to ensure you are meeting your tax obligations and maximizing any available deductions or exemptions.
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