Binance Australia has 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 will provide a simple explanation of the complex world of crypto tax in Australia and is set to feature experts from Cadena Legal, Crypto Tax Calculator, and Koinly.
The question of whether crypto is taxable in Australia is addressed in the first video of the series.
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.
The second video of the series focuses on what crypto transactions are not taxable, with many transactions being treated as tax-free by the ATO.
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 a tax perspective is fairly straightforward.
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. At the same time, the latter will explore what happens for tax if a trader’s crypto is lost or stolen.
The educational video series provides basic information for Australian crypto traders and investors on 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.
