Most people buying digital currencies target gains from selling, which means they qualify as commercial transactions for tax.
Profit motive puts crypto trades on revenue account
Cryptocurrency and tax are a big issue and when people start to lodge their tax returns for the current financial year, there are likely to be some sizeable disputes with the ATO.
The ATO has, correctly, been warning the community that gains and losses from the use of cryptocurrency have a tax implication, except in some limited circumstances where the cryptocurrency is a personal use asset.
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