Heads up for any #AUSTriches who aren't aware yet, but Australia has capital gains tax exemption for amounts under $10k
"If your crypto is a personal use asset, capital gains or losses from disposing of it may be exempt from CGT. Crypto is a personal use asset if it is kept or used mainly to purchase items for personal use or consumption.
A capital gain on a personal use asset is subject to CGT if it cost you more than $10,000 to acquire the asset."
https://www.ato.gov.au/individuals/capital-gains-tax/list-of-cgt-assets-and-exemptions/#Cryptoassets
Does anyone know if you have pumped more than 10k into Bitcoin, can you buy sats for spending, keeping them separate, without complicating your tax return?
Azz
npub1wv…tjhd0
2023-03-12 03:49:44 GMT
Author Public Key
npub1wvtljy7rmeeeaqat9hwxwq9g7h90ghavtgpvd2yxk400ndlrf4qsytjhd0Seen on
wss://nos.lolPublished at
2023-03-12 03:49:44 GMTEvent JSON
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"content": "Heads up for any #AUSTriches who aren't aware yet, but Australia has capital gains tax exemption for amounts under $10k\n\n\"If your crypto is a personal use asset, capital gains or losses from disposing of it may be exempt from CGT. Crypto is a personal use asset if it is kept or used mainly to purchase items for personal use or consumption.\n\nA capital gain on a personal use asset is subject to CGT if it cost you more than $10,000 to acquire the asset.\"\n\nhttps://www.ato.gov.au/individuals/capital-gains-tax/list-of-cgt-assets-and-exemptions/#Cryptoassets\n\nDoes anyone know if you have pumped more than 10k into Bitcoin, can you buy sats for spending, keeping them separate, without complicating your tax return? ",
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}