As transactions involving cryptocurrency become more mainstream, the ATO has crypto users in its sights. It is now accepted that cryptocurrency is not a ‘currency’ for tax purposes. But as the possible uses of cryptocurrency evolve, taxpayers must grapple with the age-old question – are gains and losses taxable on capital or revenue account? Or are they tax exempt?
Meanwhile, the capital vs revenue dilemma continues to vex taxpayers who hold shares. Following the recent case of Greig v Commissioner of Taxation, where is the line now between the mere realisation of a capital investment and gains and losses on revenue account?
In this webinar, associate Caitlin McKenna will explore when cryptocurrency and share transactions are taxable on capital or revenue account, with case studies featuring the dognapped Bernese mountain dog, Maple.
After this webinar, you will be able to identify:
- the ATO’s current position on the tax treatment of cryptocurrency
- when a cryptocurrency transaction will be taxable on capital account or revenue account or tax exempt as a personal use asset
- when a share sale will be a mere realisation of a capital asset
- when a share sale will be part of a profit-making undertaking or business
- options for your clients to manage the risks.
This webinar is the third in our Tax Masterclass series. Keep reading for other great webinar topics as part of this five-part series.
We hope to see you soon at any one (or all!) of our webinars in this series.
Cryptocurrency and shares: capital or revenue account?
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