Cryptocurrency is electronic money that can be sent digitally from one person to another . It is the cheapest and the easiest way of performing a financial transaction online. All these currencies work on a blockchain network where thousands or we say crores of records are kept in a distributed ledgerform online and all these currencies work on performance of a transaction.
Cryptocurrencies in the world are open source and are designed for the public to transact for different transactions . There is is no particular ownership for any currency and these we can only be traded and can be bought and sold for profit purpose.
In Australia,if you are wondering how you can buy cryptocurrency online and you want to trade in cryptocurrency then you might find this article fruitful. In this article we will be telling you about some known cryptocurrency networks and cryptocurrency platforms in Australia where you can buy or sell or can hold cryptocurrencies for a longer duration in Australia.
Best Website to Buy Cryptocurrency in Australia ?
A cryptocurrency exchange is a great way to buy or sell cryptocurrencies online. You will be able to find multiple brokerage platforms where you can transact in these currencies by using multiple currency tools. You can sell Bitcoin, ethereum and coins like dogecoin . You might also have a hold on these currencies for a longer duration using this platforms for investment purpose.
Here is a list of some cryptocurrency exchanges in Australia and platforms with which you can transact in cryptocurrencies in Australia :
- Coinbase.com
- Crypto.com
- Gemini.com
- Bitmart.com
- Kraken.com
- Cash App on Playstore
- Bisq for decentralised currencies .
On all this platforms for buying Bitcoin or other cryptocurrencies you would have to pay for primary causes including Trading fees , Payment method fees, Spread charges and fees for instant purchase . Also on these exchanges you might also have to pay for Bank deposits and bank withdrawals.
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Avoiding Tax on Crypto in Australia
Like India, cryptocurrency is also taxed in Australia . For transacting in cryptocurrencies the guidelines of the Australian taxation department states that it attracts capital gain tax and income tax in Australia.
Any income from cryptocurrency would be eligible to be taxed under the capital gain tax and the income tax in Australia and to be said clearly in Australia if you buy a cryptocurrency as an asset with a view to earn profits or with a view of trading you will have to pay some sort of capital gain tax and income tax on any income you get. All crypto exchanges registered in Australia dealing with cryptocurrencies are required to provide KYC data to the government where you have to done your KYC.
In case you fail to do so, you can be penalized for tax evasion. The taxation of cryptocurrency depends upon the intentions of holding the cryptocurrency as an asset, if it has been held as a personal asset that certain deductions and exemptions can be claimed on holding of cryptocurrency .
If you hold your cryptocurrency for more than a year without selling or trading, then you are entitled to get a 50% CGT discount on your cryptocurrency holding that is your first step of saving.
Otherwise you can also get an exemption on the capital gain tax if you hold cryptocurrency as a personal asset with which you buy something else using cryptocurrency with the value of about Australian Dollar 10000 you will also be eligible for exemption for buying a personal use asset.
But at the time of disposal of the personal use asset for financial benefit you will no longer be tax free . Also , can also claim a loss on your stolen or lost Crypto if you have lost your private key or Hold over your Crypto online.
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Linking Bank Account to Crypto Wallet ! Is it Safe ?
Your bank account detail or KYC details on any crypto exchange in Australia is mandatory to be registered under the Australian government rules. Opening an account in any non-trusted exchange and entering your bank account details can provide nexus to your bank account and your finance to fraudsters and those who trying to steal your bank information.
Always registered with government registered exchanges for buying and selling of cryptocurrency. Also, try to use less information and more security options on all the exchanges listed above.
On all cryptocurrency exchanges you might required to do a KYC registration that you must perform while entering your bank account details try to ensure that once you enter your bank information and your purpose is done do not forget to remove your bank details from such platform as it might get later distorted.
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Hope , you find the information in this post useful and informative . With this article , we gave emphaises to taxation and handling cryptocurrency in Australia with exchanges registered under Government regulations of Australia . If you have any queries related to this post , then you can share your feedback comments down in the comment section.