court case could throw out years of tax rulings on cryptocurrency by ATO

A choose says bitcoin is simply one other type of cash, which implies it could be exempt from capital features tax – a call that upends the Australian Taxation Workplace’s method to taxing cryptocurrency and could open the door to thousands and thousands in refunds.

The judgment – made public for the primary time right here – was made as half of a prison case introduced towards a former Australian Federal Police officer who allegedly stole 81.6 bitcoin in 2019, then valued at roughly $492,000. Right now it could be price simply over $13 million.

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