Experts consider court ruling that Bitcoin might be CGT-free
Legal and taxation experts are closely considering a new court ruling that found Bitcoin is akin to Australian currency, and potentially exempt from capital gains tax (CGT).
If that view is upheld in the courts, it could revolutionise the tax treatment of Bitcoin in Australia and open the door to many millions of dollars in refunded CGT obligations.
But that legal process is lengthy and uncertain, meaning today’s Bitcoin holders should not neglect the Australian Taxation Office’s (ATO) current guidance on crypto assets.
The Australian Financial Review (AFR) reports the finding emerged from a recent criminal case, in which a former Australian Federal Police officer was accused of stealing 81.6 Bitcoins in 2019.
His…
