Binance Australia has recently launched the video series Crypto Tax 101, with an aim to educate Australian Users about their tax obligations downunder.
If you have been following our Crypto Tax 101 series, you’ll know we’re committed to providing the most up-to-date information about navigating the world of crypto tax with these easy-to-follow videos. From the basics, like what is considered taxable and what isn’t, to more advanced topics such as DeFi, staking, airdrops, and liquidity pools across popular tokens and the Bitcoin price.
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. The intent behind Crypto Tax 101 is to demystify some of the common misconceptions people have about tax and crypto, while also educating our community on the best way to maximise their portfolio. Because the truth is, there are some very common misconceptions about crypto tax, how to manage it correctly and what can be done to get the best results.
Crypto Tax Calculator have partnered with Binance Australia on the series, offering their expertise and providing up to date tax information by featuring in videos like ‘What Isn’t Taxable In Crypto?’, ‘Is Crypto Taxable in Australia?’ and ‘Most Common Tax Structures Explained’
At this time of year, tax information is more important than ever.
Crypto Tax Calculator put together a guide to the Most Common Tax Structures Explained with Patrick McGimpsey.
The team at Crypto Tax Calculator have done a thorough job breaking down some common misconceptions about crypto tax.
Here is a brief overview so you can catch a glimpse of the value this series has to offer.
Like any other asset, cryptocurrencies are subject to tax laws and regulations. However, the unique characteristics of cryptocurrencies can make calculating your tax obligations a complex and confusing process.
In this video, Patrick breaks down some of the common misconceptions about cryptocurrencies in relation to tax.
Starting a trading business to reduce your tax burden. This one is not as effective as you might think and it can take a lot of work to set up. Most crypto traders are sole traders, meaning they don’t use a company or trust to do their trading, they trade personally. In some cases, trading losses can only offset the business earnings and not other income like salary and wages. These are called the ‘non-commercial loss rules’. Unless you pass certain tests, you cannot claim trading losses against personal income. This means if you have set up a crypto trading business, losses from trading can only be used to offset profits which is not helpful in the scenario that your business made an overall loss during the year.
Can you move countries to avoid paying tax? Short answer - no. In the event that you do, you would trigger a CGT (Capital Gains Tax) event on the day that you leave, which is based on the market value of your assets. The other outcome is deferring, which would mean your assets will always be subject to CGT (Capital Gains Tax). If you did decide to move countries, you’ll still be subject to pay tax as a ‘non-resident’, which means you cannot claim the tax-free threshold, will have higher rates will apply to you and there will be changes to the long term CGT (Capital Gains Tax) discount from when you leave. If you owe a lot of tax from the last financial year, no matter where you are, you will still owe that tax.
Self-managed super: Crypto can be held in a SMSF (self-managed super fund) and many Australians are beginning to add crypto to their super portfolio. You can still trade and sell your crypto but it’s important to note that it will need to remain in your super until you reach retirement age. This strategy must be planned and utilised from the beginning, with support from a crypto tax professional and/or accountant.
Other videos in the series cover topics like ‘Tax Implications For Spot Trading Crypto In Australia’, ‘Do I Get Taxed On Lost & Stolen Crypto?’ and a two-part video feature on ‘Advanced Crypto Tax, Staking, Airdrops and Liquidity Pools’.
The team at Crypto Tax Calculator also recently joined Binance in Melbourne for a community meetup, where Patrick (Crypto Tax Calculator) joined Harrison Dell (Cadena Legal) and Danny Talwar (Koinly) on an expert tax panel to answer questions from users. Binance looks forward to collaborating more with Crypto Tax Calculator in future to provide users with the tax information they need.
Keep tabs on the Crypto Tax 101 Series here, never miss a video. Subscribe to the Binance Youtube channel to be notified when a new episode is released and don’t forget to tell your crypto-friends all about it.
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Liam is a Senior Marketing Specialist at Binance and passionate about helping the next million Aussie users onboard into web3.
