Binance Australia has revealed the launch of its new video series, ‘CryptoTax 101,’ which aims to inform Australian crypto traders and investors with valuable information about the country’s tax regulations for Bitcoin and other cryptocurrencies.
The video series features specialists from Cadena Legal, Crypto Tax Calculator, and Koinly to provide a lucid understanding of the complex realm of cryptocurrency tax in Australia.
The initial video in the series discusses whether cryptocurrencies are taxable in Australia. The short response is affirmative, with capital gains tax and income tax being the two primary tax types that traders and investors must be aware of, as recognized by the Australian Tax Office (ATO). Meanwhile, the second video concentrates on tax-free crypto transactions.
The series further investigates the cost base and its determination for crypto tax calculations. The third video delves into the tax implications of spot trading crypto, a prevalent transaction type that involves the direct sale or purchase of crypto assets on exchanges like Binance. The ATO’s guidelines concerning the tax treatment of spot trading are quite unambiguous.
In addition, the video series also explores advanced crypto tax subjects, including staking, airdrops, liquidity pools, chain splits, gifts, ICOs, and wrapped tokens, with Harrison Dell from Cadena Legal presenting Advanced Crypto Tax Part 2. Moreover, Binance Australia has released videos discussing Crypto Tax Structures Explained and Do I Get Taxed on Lost and Stolen Crypto? The former clarifies common tax structures found online, while the latter examines tax implications in cases of lost or stolen crypto assets.
Overall, the educational series offers fundamental information regarding the ATO’s tax regulations for Australian crypto traders and investors, delivering key concepts of crypto tax and its potential effects on one’s cryptocurrency holdings and trading activities.
The video series is available on Binance Australia’s YouTube channel, and interested parties can click on any video to get started.
Binance is a global cryptocurrency exchange. Binance Australia operates a digital currency exchange registered with AUSTRAC in Australia.
The exchange is among the top crypto exchanges worldwide, with a strong focus on providing secure and transparent trading services to users.
Read more on the Binance Australia blog here.
Disclaimer
This content is for general information purposes only, not investment or tax advice. Cryptocurrencies, including Bitcoin, are volatile and fluctuate on a day-to-day basis, thus, trading requires proper diligence and sound judgement in order to evaluate the risks associated.
Nothing in this article or the video content constitutes investment or legal recommendation or construed as tax service or advice, nor should any data or content mentioned in the article be relied upon for any investment activities or to satisfy any taxation obligations. You should consider seeking independent legal, financial, taxation or other advice to check how the video content information relates to your unique circumstances.
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