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Tax implications for cryptocurrencies

Tax implications for cryptocurrencies

KPMG’s Laszlo Peter, Julian Humphrey, Peter Xing and Siemen Hanssen explore the current and future tax implications for cryptocurrencies.

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Bitcoin trading display

Cryptocurrencies. We’ve all observed the hype – whether as a punter, a true believer (“HODLer”), a passive spectator with a fear of missing out (“FOMO”), or an innocent bystander who has that friend telling you about how “crypto” and “the blockchain” will create a new world order and lead to world peace.

And who can blame the hype? Cryptocurrencies were all the rage leading up to December 2017, when the price of Bitcoin climbed to a record high price of nearly US$20,000 from US$1,000 in January of that year alone. And let’s not dwell on the fact that Bitcoin was technically at $0 during its first year of existence in 2009 (when it was much easier to “mine”), before officially trading in 2010 priced at US$0.07.

By 30 June 2018, the Bitcoin bubble had deflated to US$6,400 and has continued to decline through US$4,800.

To read more of this article which discusses current views from the Australian Taxation Office on cryptocurrencies, capital gains tax calculations, chain splits and other tax implications, please log in or register to KPMG Tax Now.

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