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Transfering Bitcoin

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Newbie

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Replies 1

Hi, 

I am having a question regarding bitcoin and hoping I can get some clarifications here

How if I am buying bitcoin in Australia around the amount of $100,000.

Then,  i transfer the bitcoin to my parents's bitcoin account in overseas.

In this case, am i going to get charged for any tax?

 

Thank you very much

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Taxicorn

Replies 0

Yes you will create a CGT event when you transfer it.

It will be $100,000 - Original Cost - any purchasing and or transfer costs

Reduced by 50% if held for more than 12 months.

This final amount will be added to your taxable income for the year and you be taxed at your marginal tax rate.

 

1 REPLY 1

Most helpful response

Taxicorn

Replies 0

Yes you will create a CGT event when you transfer it.

It will be $100,000 - Original Cost - any purchasing and or transfer costs

Reduced by 50% if held for more than 12 months.

This final amount will be added to your taxable income for the year and you be taxed at your marginal tax rate.