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Cryptocurrency: Tax consequences
Cryptocurrency Tax: CGT
Cryptocurrency is generally taxed as a CGT asset. However, if you trade heavily in cryptocurrency the sale might be on revenue rather than capital account. To further complicate matters, if crypto is used to obtain goods or services and you make a gain of less than $10,000 the gain may be exempt from tax.
And cryptocurrency trading is on the ATO radar: in 2020 the ATO sent out approximately 350,000 notices to cryptocurrency invest
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Tax Crime: Failure to Lodge Tax Returns
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