Crypto Traders Must Pay Capital Gain Tax, Australia’s Revenue Agency Reminds By Cryptovest

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Crypto Traders Must Pay Capital Gain Tax, Australia’s Revenue Agency Reminds

The Australian Taxation Office (ATO) has warned local cryptocurrency traders that they must declare digital coin profits in their annual tax returns, local media AFR reported on Tuesday. Virtual assets, including (BTC), are properties, not currencies as per Australia’s laws and regulatory rules, ATO reminded.

Profits made from crypto trading after July 2017 are liable to capital gains tax (CGT), the revenue agency explained. If Australian taxpayers hold coins for more than a year, traders can apply for the status of investors, meaning that they can receive a 50% discount on their CGT.

For filing tax returns properly, traders must keep the following information: the transaction date, the value of the coins in Austr…

This article appeared first on Cryptovest

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