Are there any exemptions or deductions for capital gains tax on cryptocurrency in Australia?

1 answers

• Dec 27, 2021 · 3 years ago
  Yes, there are exemptions and deductions for capital gains tax on cryptocurrency in Australia. The Australian Taxation Office (ATO) treats cryptocurrency as property, and if you hold it for more than 12 months, you may be eligible for a 50% capital gains tax discount. Additionally, if you use cryptocurrency for personal use, any capital gains made from its disposal may be disregarded. However, it's important to note that tax laws can be complex, so it's always a good idea to consult with a tax professional to ensure you're taking advantage of all available exemptions and deductions.
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