January 11, 2018
Crypto taxation in Australia
This is the Australian tax law as a 11 January 2018 in relation to cryptocurrency. I’ve uploaded a screenshot here.
A special task force has been created by ATO for this purpose: http://www.afr.com/news/policy/tax/ato-creates-specialist-task-force-to-tackle-cryptocurrency-tax-evasion-20180109-h0fyaz
This article talks about taxation.
And this article: Bought Bitcoin? The Tax Office has you in its sights
IT SEEMS TO ME (not certain) THAT:
The principle of taxation for cryptocurrency is basically this: if you use it like a currency you pay normal GST. If you use it like and asset (to grow in value) then you pay capital gains tax. Anyone can set up a successful business by accepting cryptocurrencies and keeping 1% aside for value growth (or loss) – of course, the businesses’ core margins would need to be greater than 1%. Businesses like eBay and Amazon are ripe for such thinking. Australia presents a particularly great opportunity, since it’s almost can spend up to $10,000 on individual transaction without attracting capital gains tax