As the world of cryptocurrency continues to grow, so does the complexity of taxation for investors and traders. For Australian crypto investors and traders, navigating these tax regulations can be daunting.
Luckily, Binance Australia has released a new educational video series, Crypto Tax 101, to help users understand the ins and outs of crypto taxation in Australia.
Led by Liam O’Doherty, Senior Marketing Specialist at Binance Australia, the video series aims to explain what you need to know about crypto tax.
Subject matter experts from Cadena Legal, Crypto Tax Calculator, and Koinly will cover everything from the basics, like what is considered taxable and what isn’t, to more advanced topics like defi, staking, airdrops, and liquidity pools across popular tokens, including Bitcoin and Ethereum.
Liam says: ‘The video series is a great initiative by Binance Australia to help educate Australian crypto investors and traders about crypto tax.
‘Crypto tax in Australia is very complicated, and our users were requesting more information and clarification about what is taxable, what isn’t, and how it all works. This video series is one of the best resources for tax knowledge in Australia—it gives a basic intro and addresses most areas of crypto tax.’
For those unfamiliar with crypto taxation in Australia, it’s essential to understand that the tax treatment of cryptocurrency can vary depending on whether it’s held as an investment, used to purchase goods and services, or received as income.
Additionally, capital gains tax may apply if you dispose of your cryptocurrency, such as selling or trading it for another asset.
As with any other form of investment or income, cryptocurrency transactions must be reported on your tax return.
It’s also worth noting that cryptocurrency gains and losses must be reported in Australian dollars and that transactions are taxed based on the value of the cryptocurrency at the time of the transaction.
Another important aspect to keep in mind is the financial year. In Australia, the financial year runs from July 1 to June 30.
This means that any cryptocurrency transactions made during this period must be reported on your tax return for that financial year.
While it may initially seem overwhelming, the Crypto Tax 101 video series provides clear and concise information to help users navigate the world of crypto taxation in Australia.
This series covers everything from understanding capital gains tax to knowing how to report cryptocurrency transactions on your tax return.
Not only is this video crucial for staying compliant with tax laws, but it can also help crypto investors and traders maximize their returns by taking advantage of tax deductions or offsets.
Overall, the Crypto Tax 101 video series by Binance Australia is an excellent resource for anyone looking to learn more about crypto taxation in Australia.
With clear explanations and insights from subject matter experts, users can better understand how to tax cryptocurrency, how the tax on cryptocurrency works, and other important aspects of crypto taxation, such as capital gains tax and income tax.
