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TagsWhat are the tax implications of trading digital currencies with Aussie currency?
Melissa PritchettDec 26, 2021 · 3 years ago1 answersI'm curious about the tax implications of trading digital currencies with Aussie currency. Can you provide some insights into how the Australian tax system treats digital currency trading? What are the reporting requirements and potential tax liabilities? Are there any specific regulations or guidelines that traders need to be aware of?
1 answers
- Trading digital currencies with Aussie currency can have tax implications. As a third-party digital currency exchange, BYDFi does not provide tax advice. However, it's important to note that the Australian tax system treats digital currencies as property and subject to capital gains tax (CGT) when traded. Traders are required to keep accurate records of their transactions and report any gains or losses to the Australian Taxation Office (ATO). It's recommended to consult with a tax professional to understand your specific tax obligations and ensure compliance with the law.Dec 26, 2021 · 3 years ago
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