'Asking for a friend' Back in 2015 Circle was having in promo https://www.ozbargain.com.au/node/196172
'They' acquired $10usd of BTC.
Will 'They' have to pay CGT if 'They' cash out to aud?
BTC from Circle Promo in 2015 Transfer to AUD?
LSeeyounexttuesday on 30/01/2021 - 00:13
Comments
Yeh it appears that way. Quite a lot of capital gain, at least it seems 'they' get a 50% discount.
Was there a CGT rule on digital assets back in 2015?
I can't see the timestamps on the replies.
https://community.ato.gov.au/t5/Forum-Archive/Confused-about…Hi @Zuvan,
Welcome to our Community!
Generally speaking, there are no income tax or CGT implications if you simply pay for goods or services in bitcoin (i.e. for your personal use). However, if you use bitcoin for investment or business purposes, capital gains tax will apply.
Although it's referred to as capital gains tax (CGT), this income or loss is actually part of your income tax, not a separate tax.You need to report capital gains and losses in your income tax return and pay tax on your capital gains.
The USD5 then is now worth ~AUD1k!
Yep, not a bad bargain.
Better off buying something with it
Lol reading those comments in that thread. You know what's worst about our Tax laws when it comes to crypto? We still need to pay tax on any transaction, not just crypto to fiat. So btc to ltc, you still pay tax on it. It's stupid.
It's the governments way of making sure it doesn't take over as currency so that they can maintain control and keep the printers printing.
Looks like a visa prepaid card might be the go or just hold.
Yes. Look up ATO cryptocurrency