If you’ve made investment in cryptocurrencies like Bitcoin or Ethereum, or crypto-based projects including NFTs, it must be noted that they are still taxable properties despite being decentralised finance offerings. According to the Australian Tax Office (ATO), cryptocurrencies are neither money nor foreign currency but are still assets that can generate assessable income or capital gain, and hence qualify as taxable property.
When it comes to crypto assets such as NFTs, taxation requirements depend on many factors such as if you are an NFT creator or investor, your interaction with the NFTs you collect or mint (business based or casual collection), how long you hold onto an NFT and its value at the time of purchasing and minting, and many others. Selling or exchanging NFTs for cryptocurrency or rarer NFTs also qualify as taxable events. All of these complexities require a skilled crypto tax lawyer in Australia to help you navigate.
Blockchain Australia™ has partnered with some of the country’s most well-established legal firms highly experienced in blockchain and cryptocurrency law. Our crypto tax lawyer Australia consultants can help guide you through taxation laws for cryptocurrency and crypto assets, exemptions for crypto transactions, chain splits, navigating tax evasion, taxation on NFTs, offshore crypto tax in Australia, and other important tax considerations when trading or investing in cryptocurrency.
Our experienced lawyers help you simplify navigating the crypto tax consulting process. With vast experience in corporate law and the startup space, they understand your anxieties and difficulties.Our experienced lawyers help you simplify navigating the crypto tax consulting process. With vast experience in corporate law and the startup space, they understand your anxieties and difficulties.
We work with lawyers that are passionate about developing trends in tech. They help outline crypto business tax efficiently and cost-effective while keeping up with the needs of modern clients.
We know that the language of the law can be complex, so we keep things clear and digestible so you can grasp exactly what’s going on, even without any legal background.
Any investment that is exchanged for another investment qualifies as a taxable transaction, including cryptocurrencies. Our crypto tax lawyers help you make sure all your smart contract transactions are in line with ATO guidelines.
All transactions conducted with NFTs are taxable events, including purchasing, trading or exchanging NFTs, minting to create rarer NFTs, or earning royalties on NFTs through mechanisms such as play-to-earn games. Our legal team helps you determine specific tax implications of your NFT project.
Our crypto tax consultants can help you maintain consistent records of all crypto trades you make and calculate capital gains and losses to include on your tax return. We make use of crypto trading software to lodge historical crypto tax reports and track your trades.
Our technology-focused business has enabled us to partner with some of the leading blockchain experts around the world. When you work with Blockchain Australia, you unlock access to the best blockchain technologies and advice to ensure exceptional results.
To find out more about our blockchain legal services, send us a message and our team will be in touch as soon as possible.
Got a quick question? Give us a call to speak with one of our blockchain consultants.
1300 462 562
Founder and CEO, Blockchain Australia™
