Taxation of Crypto's in Australia

[A Former User]

Having a brief chat with the accountant… A quote I thought I would just chuck up for any Aussie’s.

The ATO is currently preparing a ruling regarding the taxation of bitcoins. They should be issuing it in the next few months. The do intend to tax bitcoin profits and it looks as though GST will apply to bitcoin transfers (if your threshold of sales is > $75k), but the detail as to whether it’s under the capital gains regime or just ordinary income tax I can’t tell you as yet. I will keep you posted as soon as we have clarification from the ATO.

I can only presume what applies to btc will also apply to the alt’s right?

[Ruthie]

I would assume that it applies to all crypto.

Keep us updated Calem.