Guia bitcoin
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Rather, it is property and is an asset for capital gains tax CGT purposes. Other cryptocurrencies that have the same characteristics as Bitcoin will also be assets for CGT purposes and will be treated similarly for tax purposes. The guidance below is general in nature and focusses on the tax consequences for taxpayers transacting with cryptocurrencies. For example, statements about deductibility assume the ordinary conditions for a deduction are satisfied.
A CGT event occurs when you dispose of your cryptocurrency. Examples include when you sell, trade or exchange your cryptocurrency, convert it to a fiat currency like Australian dollars, or use it to obtain goods or services. If you make a capital gain on the disposal of a cryptocurrency, some or all of the gain may be taxed. Certain capital gains or losses that arise from the disposal of cryptocurrency that is a personal use asset may be disregarded.
If the disposal is part of a business you carry on, the profits you make on disposal will be assessable as ordinary income and not as a capital gain. If you acquire cryptocurrency as an investment, you may have to pay tax on any capital gain you make on disposal of the cryptocurrency.
You will make a capital gain if the capital proceeds from the disposal of the cryptocurrency are more than its cost base. If you acquire cryptocurrency as an investment, you will not be entitled to the personal use asset exemption. However, if you held the cryptocurrency for 12 months or more, you may be entitled to the CGT discount. If the capital proceeds from the disposal of the cryptocurrency are less than its cost base, you will make a capital loss.
A capital loss can be used to reduce capital gains made in the same year or a later year. Net capital losses cannot be offset against other income. Terry has been a long term investor in shares and has a range of holdings in various public companies in a balanced portfolio of high and low risk investments.
Some of his holdings are income producing and some not, and he adjusts his portfolio frequently at the advice of his adviser. Recently, Terry's adviser told him that he should invest in cryptocurrency. On that advice Terry purchased a range of cryptocurrency which he has added to his portfolio. Terry doesn't know much about cryptocurrency but, as with all of his investments, he adjusts his portfolio from time to time in accordance with appropriate investment weightings.
If Terry sells some of his cryptocurrency the proceeds would be subject to CGT. He has acquired and held his cryptocurrency as an investment. Some capital gains or losses that arise from the disposal of cryptocurrency that is a personal use asset may be disregarded. Cryptocurrency may be a personal use asset if it is acquired and kept or used mainly to purchase items for personal use or consumption.
However, all capital losses you make on personal use assets are disregarded. Michael wants to attend a concert. The concert provider offers discounted ticket prices for payments made in cryptocurrency.
Having regard to the circumstances in which Michael acquired and used the cryptocurrency, the cryptocurrency is a personal use asset.
Peter has been regularly acquiring cryptocurrency for over six months with the intention of selling at a favourable exchange rate. He has decided to buy some goods and services directly with some of his cryptocurrency. Because Peter acquired the cryptocurrency as an investment, the cryptocurrency is not a personal use asset. In the context of carrying on a business, funds or property you receive through the acquisition and disposal of cryptocurrency are likely to be ordinary assessable income where you:.
If these gains or profits are ordinary income, you may be able to claim deductions, and any capital gains you make are reduced to the extent that they are also ordinary income. Proceeds from the sale of cryptocurrency held as trading stock in a business are ordinary income.
Examples of businesses that involve cryptocurrency include:. Not all people acquiring and disposing of cryptocurrency will be carrying on businesses. To carry on business, you need to:. Whether you are carrying on a business and when the business commences are important pieces of information. Money received or property received prior to a business being carried on is not generally assessable income.
Likewise, you cannot claim deductions incurred prior to the business being carried on. If you receive cryptocurrency for goods or services you provide as part of your business, you need to include the value of the cryptocurrency in Australian dollars as part of your ordinary income.