Crypto not taxed as foreign currency

We just got our first tax announcement from the new Labor Government.

The Treasurer, in a media release, stated that crypto currencies will continue to be excluded from foreign currency tax arrangements under this Government and capital gains tax will continue to apply to crypto assets that are held as investments.

This treatment will be put in legislation, and apply from 1 July 2021 “for the avoidance of ambiguity”.

This follows the decision by the Government of El Salvador to allow Bitcoin as legal tender.

So now to find some way to use these CGT losses from my crypto… you know I am way to conservative to have every invested in crypto…

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