What are the tax implications for gifting cryptocurrency in Australia?

1 answers

• Ramya SNov 28, 2021 · 4 years ago
  When it comes to gifting cryptocurrency in Australia, it's crucial to consider the tax implications. The ATO treats cryptocurrency as an asset, and gifting it may trigger capital gains tax. The tax is calculated based on the market value of the cryptocurrency at the time of gifting. It's recommended to keep detailed records of the transaction, including the cost base and market value, to accurately report the capital gains. If you're uncertain about the tax implications, it's always a good idea to seek professional advice from a tax expert who is knowledgeable about cryptocurrency taxation.
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