Is crypto allowed in Australia? Is cryptocurrency legal in Australia? Cryptocurrency was legalised in 2017, making Australia a fintech industry leader.
Is cryptocurrency taxed in Australia? You’re not taxed when you buy cryptocurrency in Australia. Crypto is also GST-free. However, keeping accurate records of the purchase is very important so that you can calculate the cost basis of the transaction when you decide to sell or ‘dispose’ of your crypto – as that is the moment when you will have to pay tax.
How do I cash out Bitcoin in Australia? One of the most commonly used methods to sell bitcoins and convert them into fiat currency is through a cryptocurrency exchange platform. All you have to do is connect your bank account to your exchange account on a platform like Coinbase, and you can start withdrawing bitcoins.
Can the ATO track cryptocurrency? The ATO has made it clear that they can and do track crypto. They’ve also made it clear that if you’ve sold, traded or earned cryptocurrency you need to report that in your annual income tax return.