07 Oct 2021 CGT
Cryptocurrency: Investment or personal use asset?
The ATO treats cryptocurrency like shares and many other investments. As such, it is generally regarded as a CGT asset.
A CGT event occurs when disposing of cryptocurrency. Events can include selling cryptocurrency for a fiat currency, exchanging one cryptocurrency for another, gifting it, trading it or using it to pay for goods or services.
Cryptocurrency is not a personal use asset if it is kept or used mainly:
- as an investment
- in a profit-making scheme
- in the course of carrying on a business.
Find out more here.
Criteria for granny flat arrangements to be exempt from CGT
From 1 July 2021, a valid granny flat arrangement gives eligible people the right to occupy a property for life may be exempt from CGT.
Learn more about the criteria for a granny flat arrangement to be exempt from CGT here.