CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino

CoinTelegraph 2025-05-19 11:49:01

Australian court ruling could lead to $640M in Bitcoin tax refunds

A court decision in Australia could open the door to as much as $640 million in capital gains tax (CGT) refunds on Bitcoin transactions after a judge ruled that crypto should be treated as money rather than a taxable asset. On May 19, the Australian Financial Review (AFR) reported that the decision arose within a criminal case involving federal police officer William Wheatley, who allegedly stole 81.6 Bitcoin ( BTC ) in 2019. At the time, the assets were worth roughly $492,000. At current market prices, the tokens are valued at more than $13 million. In the case, Judge Michael O’Connell of Victoria ruled that Bitcoin qualifies as a form of money rather than property, likening the digital asset to Australian dollars rather than to shares, gold or foreign currency. The interpretation could set a legal precedent, potentially placing Bitcoin transactions outside the scope of Australia’s current CGT regime. New court ruling challenges Australian crypto tax laws In an AFR interview, tax lawyer Adrian Cartland said the verdict “totally upends” the Australian Taxation Office’s (ATO) current position. Since 2014, the ATO has classified crypto assets as CGT assets. This means that users must pay tax when selling or trading them. Under the ATO’s guidance, any disposal of Bitcoin, including selling it for fiat, exchanging it for another crypto or using it to purchase goods or services, constitutes a CGT event. This framework has been the basis for taxing cryptocurrency transactions in Australia for over a decade. However, the recent ruling challenges the approach by suggesting that Bitcoin functions more like money than property. This potentially exempts it from CGT. Related: Australian feds seize mansion, Bitcoin allegedly linked to crypto exchange hack Tax refunds could reach $640 million Cartland said it was held that Bitcoin is Australian money. “That is, it is not a CGT asset. Therefore, acquisitions and disposals of Bitcoin have no tax consequences,” the tax lawyer added. If the ruling is upheld on the appeal, Cartland estimates that there could be potential tax refunds totalling 1 billion Australian dollars ($640 million). However, while Cartland thinks there could be up to a billion in refunds, the ATO said there were no official figures that confirm the amount to be potentially refunded if the case changes how Bitcoin is taxed in Australia. Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约