Learn Crypto Tax in Australia with Binance!

Hi Binancians, and welcome to Crypto Tax 101, a video series brought to you by Binance Australia. Crypto Tax 101 is here to help you understand the complex world of crypto tax in Australia.

In this series, we’ll be providing simple explanations of what you need to know about crypto tax. We’ll be hosting subject matter experts from Cadena Legal, Crypto Tax Calculator, and Koinly to cover everything. From the basics, like what is considered taxable and what isn’t, to more advanced topics like defi, staking, airdrops, and liquidity pools across popular tokens including Bitcoin and Ethereum.

Whether you're new to crypto or an experienced trader, this series will give you the tools you need to build a foundational understanding of how crypto tax works and how it could impact your crypto holdings and trading activity.

Our first video will answer a simple question… is crypto taxable in Australia? Watch along on our socials or find the whole series on our Binance Australia YouTube Channel.

Click on any video to get started!

Learn Crypto Tax in Australia | Series Intro from Binance Australia!

Crypto Tax 101 is here to help you understand the complex world of crypto tax in Australia.

Is Crypto Taxable in Australia? | Capital Gains + Income Taxes on Crypto

The short answer is yes; Crypto is taxable in Australia, but it depends on the type of Crypto activity you are undertaking. There are two types of taxes you need to be aware of. These are Capital Gains Tax and Income Tax.

What Isn’t Taxable In Crypto? | Tax Free Crypto Transactions In Australia

The good news for crypto investors in Australia is that a lot of transactions are treated as tax free by the ATO. Let’s jump in and see what crypto transactions won’t have direct tax implications.

Cost basis and how to calculate it when doing your crypto taxes

Cost basis is a term often thrown around when it comes to tax. But what is it? In short, your cost base is simply what fiat price your crypto was purchased at, plus any associated fees. Once you know this you can easily calculate your capital gains or losses.

Tax Implications for Spot Trading Crypto

Spot trading is one of the most simple transaction types and simply refers to the direct purchasing or selling of crypto assets on exchanges like Binance. Given this, the ATO’s guidance on how to treat spot trading is fairly clear.

Advanced Crypto Tax Part 1- Staking, Airdrops and Liquidity Pools

Many crypto users earn rewards by participating in the market in different ways, but many don’t appreciate that they all have some unique tax consequences. 

Advanced Crypto Tax Part 2 - Chain Splits, Gifts, ICOs and Wrapped Tokens

Chain splits, Gifts, ICOs and wrapped tokens presented by Harrison Dell from Cadena Legal.

Most Common Crypto Tax Structures Explained

In this video, we’re going to explain some of the most common tax structures discussed online, highlighting the benefits and disadvantages. Some commonly pitched techniques are not as effective as you may think.

Do I get taxed on Lost & Stolen Crypto?

Unfortunately, from time to time, crypto can be lost or stolen. One of the pillars of the crypto space is the concept of self-custody, which allows you to hold your own private keys on a cold wallet such as a Trezor or Ledger, or a hot wallet like a mobile wallet or MetaMask. But what happens for tax if your crypto is lost or stolen?

Disclaimer

This content is for general information purposes only, not investment advice. Cryptocurrencies, including Bitcoin, are volatile and fluctuate on a day-to-day basis, thus, trading requires proper diligence and sound judgement in order to evaluate the risks associated. 

Nothing in this video constitutes investment or legal recommendation, nor should any data or content mentioned in the newsletter be relied upon for any investment activities. You should consider seeking independent legal, financial, taxation or other advice to check how the video content information relates to your unique circumstances. 

Binance Australia is not affiliated, associated, endorsed by, or in any way officially connected with any individual or organisations mentioned in the video. Binance Australia is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly by use of this newsletter and expressly disclaims any and all liability for any loss or damage you may suffer.