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RE: Tax in the Crypto World
Where does 25% come from? I thought CGT was calculated on your marginal tax rate. Thanks.
Where does 25% come from? I thought CGT was calculated on your marginal tax rate. Thanks.
Hmm sorry, I think I meant to say I think there is a 50% discount and the remainder is calculated at the individuals marginal tax rate...
Ok. That makes more sense. My understanding of CGT is if you hold an asset for >12 months you get the 50% discount on your marginal tax rate. If <12months you pay the full marginal tax rate.
Yeah that's right but I think a lot of people will be upset with their capital gains made in crypto when they try to convert back to AUD in the near future... If you check out these guys at living room of satoshit you can pay your Bpay bills with Crypto avoiding the tax issue... They are currently limiting payments to $1000 AUD per day but I think they are on to something.