Yes, you have to pay tax on cryptocurrency #tax #cryptocurrency #accounting #crypto
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Crypto is a HOT topic and has seen quite a bit of growth in recent years.
Now that many are following the crypto trend, what does this mean for their taxes?
According to the ATO, you may have to pay capital gains tax or income tax (or both!) on your crypto income, depending on whether you are classified as an investor or a trader.
If you are sure which category you fall into, it is best to consult a tax advisor to determine your obligations.
/"Investors/" typically hold their cryptocurrencies for long-term capital gains, which /"traders/" regularly buy and sell to make short-term profits.
The ATO takes both approaches into account when taxing crypto income, so you don't want to get this wrong!
Now that many are following the crypto trend, what does this mean for their taxes?
According to the ATO, you may have to pay capital gains tax or income tax (or both!) on your crypto income, depending on whether you are classified as an investor or a trader.
If you are sure which category you fall into, it is best to consult a tax advisor to determine your obligations.
/"Investors/" typically hold their cryptocurrencies for long-term capital gains, which /"traders/" regularly buy and sell to make short-term profits.
The ATO takes both approaches into account when taxing crypto income, so you don't want to get this wrong!
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