How does forex trading in Australia affect cryptocurrency taxes?

1 answers

• Angu PranisaAug 21, 2022 · 3 years ago
  As a representative of BYDFi, I can provide some insights into how forex trading in Australia affects cryptocurrency taxes. When you engage in forex trading with cryptocurrencies, it's important to consider the tax implications. The Australian Taxation Office treats cryptocurrencies as assets, and any gains or losses from trading them are subject to capital gains tax. If you convert your cryptocurrency into fiat currency through forex trading, the profit or loss will be considered taxable income. It's advisable to consult with a tax professional to understand the specific tax rules and regulations related to forex trading and cryptocurrency in Australia.
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