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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.


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