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Australia: Bitcoin Declared Cash in Aussie Court Ruling

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Manage episode 483974413 series 3382317
Content provided by Auscast Network. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Auscast Network or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

A recent ruling by a Victorian magistrate in Australia has potentially significant implications for the taxation of Bitcoin transactions. During a theft case involving a former police officer, the judge determined that Bitcoin should be treated similarly to Australian dollars, classifying it as property but not subject to capital gains tax. This contrasts with the Australian Taxation Office's long-standing position, which has treated Bitcoin as a capital gains asset since 2014. If this ruling is upheld on appeal, which is not expected until late 2025, it could lead to substantial tax refunds for Bitcoin holders who paid CGT after 2019. The defence team is appealing the ruling that Bitcoin is property at all, arguing it is simply information.

See omnystudio.com/listener for privacy information.

  continue reading

68 episodes

Artwork
iconShare
 
Manage episode 483974413 series 3382317
Content provided by Auscast Network. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Auscast Network or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

A recent ruling by a Victorian magistrate in Australia has potentially significant implications for the taxation of Bitcoin transactions. During a theft case involving a former police officer, the judge determined that Bitcoin should be treated similarly to Australian dollars, classifying it as property but not subject to capital gains tax. This contrasts with the Australian Taxation Office's long-standing position, which has treated Bitcoin as a capital gains asset since 2014. If this ruling is upheld on appeal, which is not expected until late 2025, it could lead to substantial tax refunds for Bitcoin holders who paid CGT after 2019. The defence team is appealing the ruling that Bitcoin is property at all, arguing it is simply information.

See omnystudio.com/listener for privacy information.

  continue reading

68 episodes

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