In fact they say, a capital gains tax (CGT) event occurs when you dispose of your cryptocurrency.
If you make a capital gain on the disposal of cryptocurrency, some or all of the gain may be taxed. Certain capital gains or losses from disposing of a cryptocurrency that is a personal use asset are disregarded.
But guess what, I challenged the law for a client… and the case created some interesting opportunities…
I’m Adam Ahmed, a dual-qualified solicitor and chartered accountant specialising in tax and contracts.
I regularly advise clients on tax audits and disputes and am uniquely able to assist on both the accounting and legal sides, achieving significant reductions in tax liabilities. I have also acted for taxpayers in the Federal Court and the Administrative Appeals Tribunal.
I have more recently taken a special interest in Crypto Currency, producing lots of content to support investors in navigating the tax and legal implications of trading.
If you need advice, book a free 15-minute consult with our team today.
The Administrative Appeals Tribunal’s recent decision to a court case we ran against the ATO has significant consequences on the tax status of Bitcoin. In the first article of this four part series, we explain the crux of the case, summarise our submissions and lay out the...
If you’ve made a loss on crypto, you might be wondering where that leaves you in regards to your tax position. Since Bitcoin was found by the AAT to not be a foreign currency, as we discussed in the first article of this series here, it is generally treated similarly to shares...