That changed on 7 Sept 2021. BTC is foreign currency for the purposes of Australia's tax laws.
Not sure whether the ATO has recognised this yet but it is legally the case based on well established and crystal clear pre-existing law that the legal tender of any other sovereign state is foreign currency for Australian tax purposes.
Thats a really good point that needs to be clarified, I don't purchase bitcoin or Ethereum because it seems to be a focus point for regulators. Also mining is considered a CGT event. But I don't know and would be good to investigate or seek clarification on.
I and others have already raised the issue with the ATO and they are investigating it. I imagine they will publish a revised Tax Ruling on the subject soon.
Correct, unless you purchase bitcoin to buy something in bitcoin then it is as a currency not transaction.
That changed on 7 Sept 2021. BTC is foreign currency for the purposes of Australia's tax laws.
Not sure whether the ATO has recognised this yet but it is legally the case based on well established and crystal clear pre-existing law that the legal tender of any other sovereign state is foreign currency for Australian tax purposes.
Thats a really good point that needs to be clarified, I don't purchase bitcoin or Ethereum because it seems to be a focus point for regulators. Also mining is considered a CGT event. But I don't know and would be good to investigate or seek clarification on.
I and others have already raised the issue with the ATO and they are investigating it. I imagine they will publish a revised Tax Ruling on the subject soon.
Awesome, keep me posted
This has just prompted me to give the ATO a kick up the arse. They still haven't come out with an official position despite having 3 months notice.