Very broadly, when you dispose of a crypto asset exchange token, such as Bitcoin, you may need to pay Capital Gains Tax (CGT) if you sell the token at a profit.
Equally, you may have to pay other taxes if you receive cryptoassets.
If you’d like a summary of the main tax implications from buying, selling and investing in cryptocurrency, please read our compressive guide, which covers the following topics:
- What is cryptocurrency?
- Where is cryptocurrency located for tax purposes?
- Do you pay tax on crypto gains?
- Crypto Capital Gains Tax rates
- Miscellaneous receipts
- Crypto miscellaneous Income Tax rates
- How much tax do I pay on cryptocurrency?
- When do you pay tax on crypto?
- Paying crypto tax as a business
The tax treatment of cryptocurrency is subject to change due to the evolving nature of the underlying technology and the tax authorities evolving interpretation of the tax rules. The facts need to be established before applying the relevant tax rules and TaxAssist Accountants are experts who can help you apply these complex rules to your particular circumstances.
With more than 435 TaxAssist Accountants offices nationwide, the network provides a comprehensive crypto currency solution to individuals and businesses so your crypto taxes can be prepared quickly and efficiently.
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