[ford man xf]

Originally Posted by Iggle Piggle

See links from Snap0964 below:



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."

Thanks Iggle Piggle!