Is bitcoin taxable in Australia?

We’ll cover the reasons why it’s probably best to play ball with the Australian Taxation Office (ATO) below. The Australian Tax Office determined in 2014 that Bitcoin is not legally considered as “money” within Australia. Initially, the ATO ruled that Bitcoin is not comparable to foreign currency for tax purposes.

What are the Australian tax laws on cryptocurrency?

The Australian Tax Office (ATO) provides guidelines on cryptocurrency taxes. Depending on the transaction types, the ATO treats crypto earnings as capital gains or as ordinary income taxes. It also has outlined tax policies for bitcoin mining, trading between fiat and other cryptocurrencies, gifts and purchases of goods and services.

How does bitcoin tax work?

Bitcoin.Tax is the most established crypto tax calculation service that can work out your capital gains and losses and produce the data and forms you need to file your taxes. Simply upload or add the transaction from the exchanges and wallets you have used, along with any crypto you might already own, and we'll calculate your capital gains.

What is the ATO crypto tax rate?

There is no specific ATO crypto tax rate - instead your crypto is taxed as either a capital gain or income and the tax rates are based off the Income Tax rate brackets. If you've made a short-term capital gain, or income, you'll pay the same rate of tax as you would on regular income.