Board votes to leave crypto as trading stocks
Crypto assets can be treated as trading stocks for SMSFs with the corresponding loss of the CGT discount if recommendations from the Board of Taxation are accepted, a legal specialist has said.
Phil Broderick, principal at Sladen Legal, said the Board of Taxation recently released its report on the taxation of digital assets – Review of the tax treatment of digital assets and transactions in Australia – which included a section on whether crypto assets should receive the “trading stock” exemption.
“Under the trading stock exemption, most CGT assets of super funds, like listed shares and land, are taxed under the capital gains tax (CGT) regime, even if they would otherwise be treated as…
