How the recent federal budget changes the tax status of cryptocurrencies? | Kalkine Media

 Hello I’m Rachael Jones and thanks for tuning into Kalkine TV for The Daily Crypto Catch. One of the big changes in the federal budget will be the way in which Australians pay taxes on crypto assets. Amongst those changes is the way in which the tax office views Bitcoin. Under new reform, Bitcoin will no longer be treated as a foreign currency for tax purposes. Instead, Bitcoin and all cryptocurrency will be treated as an asset where investors will pay capital gains tax on profits when they sell or trade digital currency through an exchange. The incoming legislation will be backdated to income years that include July 1, 2021. The Australian tax office estimates that one million tax payers have bought or sold crypto since 2018. In market news, Bitcoin fell around 2.44 percent in the past 24 hours, and was recently trading at just above US$20,276. Meanwhile, Ethereum also fell, dropping 3.28 percent from this time yesterday and was recently trading at US$1,514. As for todays winners and losers, Klaytn token grew 18.84 percent in the past 24 hours to above 24.9 US cents, while TerraClassicUSD token gained 16.89 percent to reach just around 4.4 US cents over the same period. On the losing side, Toncoin token dropped 16.92 percent overnight to US$1.64, whilst EthereumPoW token fell 9.07 percent to US$6.76. ALRIGHT that’s it for this edition of the Daily Crypto Catch. Stay tuned to Kalkine TV for the latest market updates, business news and exclusive interviews. I’m Rachael , thanks for joining me.