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Tax of Crypto-Currencies

Crypto-currencies, specifically bitcoin, acquired as an investment in an SMSF is taxed as a CGT asset within a superfund.

When transacting with Crypto-currencies it is essential to keep a trail of the transactions for CGT and audit purposes.

The SMSF must ensure to:

  • Keep a track of the dated transactions,
  • The Australian dollar amount of the transactions, and
  • Who the other party was that the bitcoin investment was acquired from or sold to.

General CGT rules would apply when selling crypto-currency to third parties. That is, if the crypto-currency was held for less than 12 months, a 15% tax would be applied on the gain and if it was held for more than 12 months, the capital gain would be taxed at the discounted rate of 10%.

See our Virtual Currency page for more information on bitcoin ownership in an SMSF.

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