Cryptocurrency Taxation in Australia: The Current State of the Law

No New Updates as of May 30, 2023

As of May 30, 2023, there have been no new updates to the Australian taxation laws regarding cryptocurrency assets. The current taxation laws for cryptocurrency assets in Australia are as follows:

• Income from cryptocurrency transactions is taxed as capital gains. This includes profits from selling cryptocurrency, as well as income from staking, mining, and airdrops.

• Expenses incurred in relation to cryptocurrency transactions are deductible. This includes costs associated with buying, selling, and storing cryptocurrency.

• Cryptocurrency losses can be offset against cryptocurrency gains. However, cryptocurrency losses cannot be offset against other types of income.

The Australian Taxation Office (ATO) has issued a number of guidance documents on the taxation of cryptocurrency assets. These documents can be found on the ATO website.

If you have any questions about the taxation of cryptocurrency assets, you should consult with a tax professional.

It is important to note that the taxation of cryptocurrency assets is a complex area. If you have any questions, you should consult with a tax professional.

The ATO has not issued any new guidance on the taxation of cryptocurrency assets in the last 2 weeks. This means that the current taxation laws for cryptocurrency assets in Australia remain unchanged.

If you are unsure about how to report your cryptocurrency income and expenses on your tax return, you should consult with a tax professional.