Cryptocurrencies and Capital Gains Tax

Many people in recent times have started to dabble with Bitcoin and other cryptocurrencies. However, you may not be aware that any profits you make from buying and selling cryptocurrencies may be subject to capital gains and need to be factored into your assessable income, even if just playing with them for a hobby.

The ATO requires that you keep detailed records of any transactions you make, including purchases, sales and even transaction fees, which can be used to offset any capital gains you may make. Note that capital losses from previous years may be used to offset capital gains in current and future years.

For more information, visit the ATO website.

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