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#EveryoneNeedsaPlan To Meet CGT Obligations When Dealing in Cryptocurrency
Posted by G. Dean McKinnon
on 16 March 2022
Cryptocurrency, and dealing in cryptocurrency (i.e., buying and selling), as become very popular with many investors over the last several years. However, a considerable number of those investors are unaware that there may be tax payable on the profits generated from their cryptocurrency dealings.
The ATO considers any profit made from dealing in cryptocurrency, whether you are a sophisticated investor or just an ordinary citizen trying to make a buck, the profits are subject to tax. The most common tax likely applicable will be Capital Gains Tax (CGT).
The Capital Gain made from cryptocurrency dealings will either be 100% taxable (i.e., the whole of the Capital Gain is added to the investor's individual taxable income) or 50% taxable if the investment was held for more than 12 months. Either way, it is strongly recommended that you seek advice from a suitably qualified Tax Adviser if you are dealing in cryptocurrency and making profits.
GDM as over 30 years experience in the financial services sector and can provide personal advice for individual investors, including coordinating tax requirements, so do not hesitate to contact us today and arrange your free initial appointment to discuss your financial requirements in detail.
The ATO considers any profit made from dealing in cryptocurrency, whether you are a sophisticated investor or just an ordinary citizen trying to make a buck, the profits are subject to tax. The most common tax likely applicable will be Capital Gains Tax (CGT).
The Capital Gain made from cryptocurrency dealings will either be 100% taxable (i.e., the whole of the Capital Gain is added to the investor's individual taxable income) or 50% taxable if the investment was held for more than 12 months. Either way, it is strongly recommended that you seek advice from a suitably qualified Tax Adviser if you are dealing in cryptocurrency and making profits.
GDM as over 30 years experience in the financial services sector and can provide personal advice for individual investors, including coordinating tax requirements, so do not hesitate to contact us today and arrange your free initial appointment to discuss your financial requirements in detail.
Author:G. Dean McKinnon
| Tags:Tax |
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