Australian Tax Implications

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Hi,

Before jumping in and buying some coin I was just wondering if someone could explain the tax implications of selling in Australia? If for example after a few years it's doubled in price and I sell, would I be taxed on the profit. The last sentence below taken from the ATO website has me confused.

"If you have acquired bitcoin as an investment, but are not carrying on a business of bitcoin investment, you will not be assessed on any profits resulting from the sale or be allowed any deductions for any losses made (however, capital gains tax could apply – although see the comments above about personal transactions). However, if your transactions amount to a profit-making undertaking or plan then the profits on disposal of the bitcoin will be assessable income."

Thank you

submitted by /u/onepoint21GW
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1 CRYPTO

Crypto News & ICO Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $40975.90 USD  (via Coinbase)
1 ETH = $2566.47 USD  (via Coinbase)
1 LTC = $144.02 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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