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TagsWhat are the tax implications for gifting cryptocurrency in Australia?
Skytte BeanDec 13, 2021 · 3 years ago1 answersI would like to know more about the tax implications of gifting cryptocurrency in Australia. What are the rules and regulations surrounding this practice? How does the Australian Taxation Office (ATO) treat cryptocurrency gifts? Are there any specific tax considerations I should be aware of when gifting cryptocurrency in Australia?
1 answers
- When it comes to gifting cryptocurrency in Australia, it's crucial to consider the tax implications. The ATO treats cryptocurrency as an asset, and gifting it may trigger capital gains tax. The tax is calculated based on the market value of the cryptocurrency at the time of gifting. It's recommended to keep detailed records of the transaction, including the cost base and market value, to accurately report the capital gains. If you're uncertain about the tax implications, it's always a good idea to seek professional advice from a tax expert who is knowledgeable about cryptocurrency taxation.Dec 13, 2021 · 3 years ago
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