Binance Australia announced the launch of its new video series 'CryptoTax 101' aimed at providing Australian cryptocurrency traders and investors with information on the country's tax regulations, including Bitcoin and other cryptocurrencies.
The video series, which includes specialists from Cadena Legal, Crypto Tax Calculator, and Koinly, will offer a straightforward understanding of the intricate world of crypto tax in Australia.
In the first video of the series, the question of whether crypto is taxable in Australia is addressed.
The short answer is yes, but it depends on the type of crypto activity undertaken. The Australian Tax Office (ATO) recognises two types of taxes that traders and investors need to be aware of: capital gains tax and income tax.
With many transactions being treated as tax-free by the ATO, the second video in the series focuses on what crypto transactions are not taxable.
The video goes on to explore the cost base (a term that is often thrown around when it comes to tax) and how it is determined for the purposes of carrying out crypto tax calculations.
The third video of the series looks at tax implications for spot trading crypto, which is one of the most common transaction types, referring to the direct sale or purchase of crypto assets on exchanges like Binance. The ATO's guidance on how to treat spot trading from tax perspective is fairly clear.
The video series also covers advanced crypto tax topics, such as staking, airdrops, liquidity pools, chain splits, gifts, ICOs, and wrapped tokens. Harrison Dell from Cadena Legal presents Advanced Crypto Tax Part 2.
Binance Australia has also released videos covering topics such as Crypto Tax Structures Explained and Do I Get Taxed on Lost and Stolen Crypto?
The former will explain some of the most common tax structures discussed online, highlighting their benefits and disadvantages, while the latter will explore what happens to tax if a trader's crypto is lost or stolen.
The educational video series provides basic information for Australian crypto traders and investors on the ATO's tax regulations. The series will provide key concepts of how crypto tax works and how it may impact one's crypto holdings and trading activity.
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.
Binance Australia is not affiliated, associated, endorsed by, or in any way officially connected with any individual or organisations mentioned in the video. Binance Australia is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly by use of this newsletter and expressly disclaims any and all liability for any loss or damage you may suffer.
