Cryptocurrency

As cryptocurrency becomes a more common asset in investment portfolios, traders and investors of these types of assets need to be aware of the ATO’s current legislation. 

Being treated much the same as other more common types of assets – such as shares, a CGT event will occur when certain types of transactions take place, including:

• Buying a cryptocurrency asset

• Selling a cryptocurrency asset

• Trading, exchanging or swapping a cryptocurrency asset

• Converting a cryptocurrency asset to Australia or foreign currency

• Buying goods or services with a cryptocurrency

Just like with any assets subject to Capital Gains Tax, detailed record keeping is key to accurate calculation of CGT when applicable. 

Please contact Acct Smart Pty Ltd if this is of interest to you.