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18 November 2020
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 ?
Most helpful response
24 November 2020
Depending on your exact circumstances it may be a personal use asset - have a look at the ATO page about that
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
20 November 2020
@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.
22 November 2020
How can one figure out profit and loss when bitcoin was purchased at multiple transactions and these are small currency style transactions ?
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