Aussie Judge Rules Bitcoin Is Cash, Puts ATO’s Crypto Taxation on Notice
- A Victorian magistrate has ruled that Bitcoin is a form of property similar to Australian dollars and therefore transactions using BTC should be exempt from capital gains tax obligations.
- The ruling came during a case in which a former Australian Federal Police Officer stole 81.6 BTC in 2019, today valued at over AUD$13 million.
- If upheld on appeal, this ruling would mean BTC transactions made after 2019 are not subject to CGT, potentially resulting in tax refunds of hundreds of millions of dollars.
A Victorian magistrate has ruled that Bitcoin is comparable to Australian dollars and should therefore be exempt from capital gains tax (CGT). The ruling flies in the face of the Australian Taxation Office’s…
