What is the current capital gains tax rate for cryptocurrencies in Australia?

1 answers

• May 21, 2022 · 3 years ago
  As a representative of BYDFi, I can provide some insights into the current capital gains tax rate for cryptocurrencies in Australia. The Australian Taxation Office (ATO) treats cryptocurrencies as assets, and any profits made from trading them are subject to capital gains tax. The tax rate depends on your income and the holding period of the cryptocurrency. If you hold the cryptocurrency for less than 12 months, the gains will be taxed at your marginal tax rate. If you hold it for more than 12 months, you may be eligible for a 50% discount on the capital gains tax. However, it's important to note that tax regulations can change, so it's always a good idea to consult with a tax professional to ensure you comply with the latest requirements.
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