Part 7 Bitcoin taxes and the ATO

Part 7 - Cryptocurrencies, Taxes and the ATO

DO NOT attempt to avoid paying taxes – despite popular belief cryptocurrency transactions are regulated and easily traceable

If you hold your bitcoin for 12 months or more before selling you may be eligible for a 50% capital gains tax concession

Selling one kind of cryptocurrency for another is considered a taxable event and subject to capital gains tax

Record keeping is much easier to do if you minimise the amount of exchanges you use

Use an accountant who has experience filing tax returns involving crypto