Crypto Traders Must Pay Capital Gain Tax, Australia’s Revenue Agency Reminds

0
 Crypto Traders Must Pay Capital Gain Tax, Australia’s Revenue Agency Reminds Crypto Traders Must Pay Capital Gain Tax, Australia’s Revenue Agency Reminds

The Australian Taxation Office (ATO) has warned local cryptocurrency traders that they must declare digital coin profits in their annual tax returns, local media AFR reported on Tuesday. Virtual assets, including (BTC), are properties, not currencies as per Australia’s laws and regulatory rules, ATO reminded.

Profits made from crypto trading after July 2017 are liable to capital gains tax (CGT), the revenue agency explained. If Australian taxpayers hold coins for more than a year, traders can apply for the status of investors, meaning that they can receive a 50% discount on their CGT.

For filing tax returns properly, traders must keep the following information: the transaction date, the value of the coins in Austr…

This article appeared first on Cryptovest

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave A Reply