How does Australia tax their crypto?
A recent ruling in a criminal court case classified crypto assets as money, which goes against the long-held crypto tax Australian office that counts crypto as capital gains.
A court decision involving a federal police officer who allegedly stole 81.6 BTC in 2019 has resurfaced as more traders are contesting how cryptocurrency should be taxed in Australia. On May 19, Judge Michael O’Connell ruled that Bitcoin (BTC) should be treated as money rather than a taxable asset.
This means that the judge declared that Bitcoin is more similar to the Australian dollar, rather than a speculative asset like gold, shares or foreign currency.
According to the Australian Taxation Office website, crypto tax Australia classifies…
