The Australian government has clarified that, despite El Salvador’s adoption of BTC as legal tender, it will continue to be treated like other digital assets with capital gains tax measures and not like a foreign currency.
and the Treasury, as they have always maintained that Bitcoin should be taxed like other digital assets.
As such, under the classification of a digital asset, BTC investors will be subject to capital gains tax requirements when making a profit from selling the asset.as part of one’s income tax, however if the asset has been held for longer than a year, a clear cut 50% of the profits go to the ATO.tax rate for profits from foreign currency investing is 23.5%, and would mark a hefty discount to investors if BTC were to be classed in this category.
Talwar did note however that not everything is set in stone for digital asset taxation laws, as a “Board of Tax review on the tax treatment of digital assets more broadly is ongoing.”
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