FYI
Bitcoin, home offices, work deductions and property investors in the ATO’s ‘tax gap’ firing line
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Capital gains tax provisions are triggered when you sell cryptocurrency, in whole or in part. “Let’s say you originally bought $5000 worth of XEM, which is one of the lesser-known coins consistently in the top 10 of cryptocurrency market caps,” Ms Russell said.
“If you later traded it for fiat currency of $8500, then the $3500 in profit is considered a capital gain, and you’ll need to add it to your assessable income for the financial year — much like you would any gains you make the sale of shares or an investment property.”
On the other hand, if you sold your cryptocurrency at a loss — which is more likely given the market crash since its December peak — then you can deduct that amount from capital gains you made from another asset.
“For example if you made a $3000 loss on the sale of cryptocurrency but a $4000 gain on the sale of shares, your net capital gain would be the $4000 gain minus the $3000 loss, equalling a $1000 capital gain,” she said.
One exception is when you use cryptocurrency to purchase items for personal use — such as in the ‘digital currency-friendly’ Queensland tourist town of Agnes Water, where visitors can use cryptocurrency at restaurants, cafes and other stores.
“For these sorts of transactions, no CGT is payable when disposing of cryptocurrency,” Ms Russell said.
For businesses who receive cryptocurrency for goods and services, you must include the value of the cryptocurrency in Australian dollars as part of your ordinary income, the same as receiving any other non-cash payment under a barter transaction.
“One way of determining the value in Australian dollars is the fair market value which can be obtained from a reputable cryptocurrency exchange,”
“Where you purchase business items using cryptocurrency, including trading stock, you are entitled to a deduction based on the arm’s length value of the item acquired.”
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