Are there any specific guidelines or regulations for calculating taxes on cryptocurrency gains in Australia?

1 answers

• May 07, 2022 · 3 years ago
  As a representative of BYDFi, I can provide some insights into the guidelines and regulations for calculating taxes on cryptocurrency gains in Australia. The ATO considers cryptocurrency as an asset for tax purposes, and any gains made from the sale or exchange of cryptocurrency are subject to capital gains tax. It is important to keep accurate records of your cryptocurrency transactions, including the date of acquisition, the date of disposal, the amount of cryptocurrency involved, and the value in Australian dollars at the time of the transaction. When calculating your capital gains or losses, you should use the market value of the cryptocurrency at the time of the transaction. Seeking advice from a tax professional is recommended to ensure compliance with the ATO's regulations and to accurately calculate your taxes on cryptocurrency gains in Australia.
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