Yes, you still have to pay tax on crypto in Australia – Here’s why
Despite the rumours, Bitcoin profits are unlikely to be tax-free any time soon. Sorry.
You might have seen headlines in recent weeks claiming a judge ruled that Bitcoin is a form of money, rather than an asset like shares or property.
The main implication is that any profits you make on crypto may be exempt from tax, in the same way your Australian Dollars can’t be taxed.
But don’t rush to rewrite your tax return just yet.
The decision, made by Victorian magistrate Michael O’Connell, came from a criminal law case involving a former AFP officer accused of stealing Bitcoin during a raid. As part of the legal process, the judge had to decide whether Bitcoin counted as “property” under theft laws. He…
