The Australian taxation office is now informing Australian investors with cryptocurrency, of their obligations to pay Capital gains on their investments.
Cryptocurrency is a term used to describe a digital asset which is encrypted.
And by trading or acquiring any of the various encrypted currencies, you are obliged to follow the Tax rules that apply.
To prevent yourself from becoming the next audit Target, make sure to keep all records and data to do with your currency (like holding stocks/ shares). And contact your accountant yo help advice you further.
General information from the Tax Office for australian tax rules…
Information about transactions from the ATO…
more information about records and data collection…
Remember that as you make a capital gains on the currency you will be obliged to pay Taxes on some or all the gains,
However Certain gains or losses from disposing of personal assets are disregarded.
If you have previously Exchanged Cryptocurrency the ATO is requesting that you previous tax returns are reviewed to ensure that they are correct.
If you are unsure and wish to be advised on cryptocurrencies then book an appointment with us today!