Mining crypto and trading on exchange

Question

 · Accepted Answer

_KaraBATO · Answer

Expenses you incurred in respect to your mining activity - including electricity costs - would be allowed as a deduction. The cost of capital assets, such as equipment, hardware and software can be depreciated over their effective life. More information on deductions you can claim is available on our website (link below). Losses made from a business of crypto mining will be deductible against your other income, however the losses you make will be subject to Non-commercial loss provisions. We have a post on mining cryptocurrency over on our ATO Community Knowledge Base tab you might find useful. Links - General depreciation rules Business tax deductions Non-Commercial losses

Explore tax & super topicsExplore tax & super topics

About usAbout us