Australia’s Tax Office Publishes its Cryptos Tax Guidelines

Australia Australia and Oceania Taxes

Coinciding with Australia’s 2013-1014 income tax returns, the Australian Taxation Office (ATO) released its official stance on the tax treatment of cryptocurrencies.

According to ATO guidelines, buying or selling cryptos and capital loss or gain from such transactions is considered personal use asset and has no income taxes or GTS tax implication – as long as the price of cryptocurrency traded does not exceed 10,000 AUD and are not done for business purposes.

Transactions performed for business purposes could be subject to capital gain tax regulation and companies are required to keep a record of their cryptocurrency transactions.

Other rules outlined by the AOT include taxation of good and services purchased with cryptos, salaries payment in cryptos and taxing on cryptocurrencies mining operations.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction