What are the tax implications for cryptocurrency savings in Australia?

1 answers

• Jan 01, 2022 · 3 years ago
  When it comes to cryptocurrency savings in Australia, it's important to understand the tax implications. The Australian Taxation Office (ATO) treats cryptocurrencies as assets, which means that any gains you make from selling or exchanging cryptocurrencies are subject to capital gains tax. This means that if you sell your cryptocurrencies for a profit, you'll need to report the gains on your tax return and pay tax on them. It's crucial to keep accurate records of your cryptocurrency transactions to ensure that you can accurately calculate your capital gains or losses. If you're unsure about how to handle your taxes, it's always a good idea to consult with a tax professional who can provide guidance based on your specific situation.
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