[Iggle Piggle]

Originally Posted by ford man xf

Yeh I understand that, was more to get a feel of what is involved on the tax front and how it is classed as by the ATO.

See links from Snap0964 below:

Originally Posted by snap0964

A bit of light reading, just as a heads up for the Tax consideration.
https://www.ato.gov.au/General/Gen/T...cally-bitcoin/
https://community.ato.gov.au/t5/Gene...tcoin/td-p/980
Rough general rule of thumb is same for most investments, sell under 12 mths, declared as income after expenses taken out. Sell after 12 mths, classed as a capital gain, so you only have to declare half, after expenses taken out.
Interesting that after 01Jul17, no GST on crypto transactions - nice PITA to not deal with at the moment.

In the second link is a response stating less than $10k would be considered a personal use asset and therefore exempt from Compulsory Gains Tax????

I plan on confirming that with accountant, as I won't be dropping anywhere near $10k into it, but surely it can't be if it cost me less than $10k to buy throughout the year then I don't need to declare it - would have thought it would depend on how much I sold it for (or more specifically how much profit/loss I made when I sold)?

But the 10K is referenced in there by both an individual (WolifBolf) who claims to be a Tax Agent that is in to crypto, and is then repeated by an ATO-certified user (AmandeE).

"However, gains from disposal of personal use assets are disregarded. Personal use assets are CGT assets, other than collectables, used or kept mainly for the personal use or enjoyment of you or your associates. Any personal use asset you acquired for less than $10,000 is disregarded for CGT purposes. If you did mine a small amount of Bitcoin as part of a hobby then your cost is generally only the actual costs incurred by you."