To know when your liability for tax under the provisions relating to capital gains (or losses) arises, you first need to know what is considered to be a capital gains tax (CGT) event? When you dispose of an asset that is subject to CGT, it is called a CGT event. This is the point at which you make a capital gain or loss. Common disposals that will trigger a CGT event include: selling an asset,
Read moreAs cryptocurrency gains popularity, many investors remain uncertain about their tax obligations. Recent surveys highlight a significant gap in understanding, leading to the need for better compliance and record-keeping. The Australian Taxation Office (ATO) has established clear guidelines for taxing cryptocurrency, and non-compliance can result in significant penalties. Survey Insights According to the Independent Reserve Cryptocurrency Index, nearly 45% of Australian cryptocurrency investors do not fully understand their tax responsibilities. Additionally, 54% of participants have
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