Transfering Bitcoin

sheilaoh · ‎10 January 2018

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

macfanboy · ‎10 January 2018

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.

macfanboy · ‎10 January 2018

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.