ATO declares Bitcoin as barter transactions

Transactions that involve Bitcoin and other crypto currencies have been declared as barter transactions by the Australian Taxation Office. This also means that tax outcomes will be treated as such, in purchase transactions and personal use – where capital gain is ignored for as long as it costs $10,000 or less, and similar capital gains tax rules apply for investments when they plan to sell their bitcoins.

Read more about this on the Money Management website.

Author: Dorian Traill

Dorian Traill is the current Director of Grand Capital Finance Group and Fountain Property Group. He specialize in home loans for people as well as helping them build wealth through quality investment properties that ultimately lead to long term financial freedom.

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