Binance Australia launches ‘CryptoTax101’ educational video series
Binance Australia has announced the launch of its new video series ‘CryptoTax 101’ aimed at educating Australian cryptocurrency traders and investors on the country's tax regulations, including Bitcoin and other cryptocurrencies.
The video series will provide a simple explanation of the complex world of crypto tax in Australia and is set to feature experts from Cadena Legal, Crypto Tax Calculator, and Koinly.
In the first video of the series, the question of whether crypto is taxable in Australia is addressed.
The short answer is yes, but it depends on the type of crypto activity undertaken. The ATO recognises two types of taxes that traders and investors need to be aware of: capital gains tax and income tax.
The series' second video focuses on what isn't taxable in crypto, with many transactions being treated as tax-free by the ATO.
The video goes on to explore cost basis and how to calculate it when doing crypto taxes, a term that is often thrown around when it comes to tax.
The third video in the series looks at tax implications for spot trading crypto, which is one of the most simple transaction types, referring to the direct purchasing or selling of crypto assets on exchanges like Binance. The ATO's guidance on how to treat spot trading is fairly clear.
The video series also covers advanced crypto tax topics, such as staking, airdrops, liquidity pools, chain splits, gifts, ICOs, and wrapped tokens. Harrison Dell from Cadena Legal presents Advanced Crypto Tax Part 2.
In the coming weeks, Binance Australia will release more videos, including Crypto Tax Structures Explained and Do I Get Taxed on Lost and Stolen Crypto?
The former will explain some of the most common tax structures discussed online, highlighting their benefits and disadvantages, while the latter will explore what happens for tax if a trader's crypto is lost or stolen.
The educational video series is an excellent resource for Australian crypto traders and investors looking to stay compliant with the ATO's tax regulations. The series will provide a foundational understanding of how crypto tax works and how it could impact one's crypto holdings and trading activity.
The video series is available on Binance Australia's YouTube channel, and interested parties can click on any video to get started.
Binance is a global cryptocurrency exchange and has a significant presence in Australia, with Binance Australia being the local subsidiary.
The exchange is among the top crypto exchanges worldwide, with a strong focus on providing secure and transparent trading services to users.
Read more on the Binance Australia blog here.
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.
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