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Re: Paying bills with crypto

Newbie

Views 1316

Replies 3

I would like to start paying for my credit card bills and my home loan via Cryptocurency by using bpay.

 

What are the tax implications in doing so ?

 

Kind regards

Giorgis

 

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Master

Replies 0

Depending on your exact circumstances it may be a personal use asset - have a look at the ATO page about that

https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-currencies-in-australia---specifically-bi...

 

If you don't fit that criteria then you need to make a call on the disposal method you are using (FIFO, LIFO etc) and use that to work out any capital gains or losses

3 REPLIES 3

Devotee

Replies 2

@Giorgis I would think you would need to work out the profit or loss and report it as a capital gain or loss. Work out the cost and what you disposed of them for. 

Newbie

Replies 1

How can one figure out profit and loss when bitcoin was purchased at multiple transactions and these are small currency style transactions ?

Most helpful response

Master

Replies 0

Depending on your exact circumstances it may be a personal use asset - have a look at the ATO page about that

https://www.ato.gov.au/general/gen/tax-treatment-of-crypto-currencies-in-australia---specifically-bi...

 

If you don't fit that criteria then you need to make a call on the disposal method you are using (FIFO, LIFO etc) and use that to work out any capital gains or losses