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Coin Telegraph
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Is crypto still taxed in Australia? Major legal update explained
- Australia taxes crypto as property, with CGT on disposal and income tax on mining, staking, or payments.
- A recent court ruling challenges this, suggesting Bitcoin as 'Australian currency,' potentially exempting it from CGT.
- The ATO's policy is unchanged, but the outcome could impact future crypto taxation in Australia.
- Australia is a prominent player in crypto adoption, with 31% of citizens owning digital assets and 1,800 crypto ATMs nationwide.
- Institutions like BlackRock and major banks are also integrating digital assets, with the ASX listing its first Bitcoin ETF.
- Australia hosts various crypto exchanges like Swyftx, CoinSpot, and international platforms including Coinbase Australia and WhiteBIT.
- Regulators like AUSTRAC focus on AML measures due to the rapid growth of crypto ATMs in Australia.
- Cryptocurrencies are treated as property, triggering CGT on disposal and taxed as income if received through mining or services.
- The ATO mandates reporting all crypto transactions in tax returns and intensifies data-matching to enhance compliance.
- A recent court ruling challenges Bitcoin's classification as property, potentially leading to tax exemptions if upheld.
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