Australia confirms crypto transactions will be subject to capi | CRYPTOLOGY

Australia confirms crypto transactions will be subject to capital gains tax

Australia confirmed cryptocurrency transactions would be taxed as an asset and no longer a foreign currency, according to budget papers 2022-23 released on October 25. The existing crypto gains tax discount also applies. the budget papers clarified that any government-issued digital currency or central bank digital.

The tax measures for digital currency tax will see the Australian government introduce legislation to require investors to pay capital gains tax (CGT) on profits they made from selling or trading crypto through a centralized exchange. The decision eliminates uncertainty following the conclusion of the El Salvadorian government to adopt Bitcoin as legal tender, according to the budget papers. The developing digital currency tax legislation will be backdated to income years.