How can I calculate capital gains tax for my cryptocurrency holdings in Australia?

1 answers

• camelCasedApr 21, 2023 · 2 years ago
  Calculating capital gains tax for your cryptocurrency holdings in Australia is a common concern among crypto investors. To calculate your capital gains tax, you'll need to determine the cost base of your cryptocurrencies, which includes the purchase price and any associated fees. Then, calculate the capital proceeds by multiplying the number of cryptocurrencies sold by the fair market value at the time of disposal. The difference between the cost base and the capital proceeds is your capital gain (or loss). Finally, report this gain (or loss) on your tax return and pay the appropriate tax. If you're unsure about any step, consider consulting a tax professional or using tax software to ensure accurate calculations.
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