How can I calculate taxes on my cryptocurrency earnings in Australia?

1 answers

• Jan 04, 2022 · 3 years ago
  Calculating taxes on your cryptocurrency earnings in Australia is an important step to ensure compliance with the tax laws. While I can't provide personalized tax advice, I can give you a general idea. If you hold your cryptocurrencies as an investment and sell them after holding for more than 12 months, it is likely considered as a capital gain. In this case, you'll need to calculate the gain by subtracting the cost base from the sale proceeds. If you hold your cryptocurrencies as part of your business or trade them frequently, it may be considered as ordinary income. In this case, you'll need to report the earnings as part of your business income. It's always recommended to consult with a tax professional who specializes in cryptocurrency taxes to ensure accurate calculations and compliance with the Australian tax laws.
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