25 Nov 2021 CGT
Getting into cryptocurrency? Know your tax obligations
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.