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Free Bitcoin Tax Calculator for Australia

Use this free tax calculator to instantly find your net profit on crypto transactions.

Find out if CGT applies
Use your income to determine tax brackets
Use your country to determine tax laws

Bitcoin Tax Calculator

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What is Bitcoin?

Bitcoin is the first cryptocurrency and was created in 2009 by a figure called Satoshi Nakamoto.

When did bitcoin start?

Bitcoin was started on the 9th of January 2009.

Do you have to pay tax on bitcoin?

Yes! You most certainly do. In most countries, you have to pay tax on bitcoin gains.

How do bitcoin taxes work?

In most countries, bitcoin is seen as property instead of a currency. Even though El Salvador recognises bitcoin as legal tender, most countries (like Australia) tend to see bitcoin as property.

This means that when you sell bitcoin, it is seen as disposing an asset and you will have to pay tax on any gains that you have made. The same goes for if you swap bitcoin for another coin - it is still seen as the disposing of an asset and a taxable event.

How much tax do you pay on bitcoin?

How much tax you pay on bitcoin depends on how much you earn (employment income) as well as what the tax rates are in your country and whether or not a capital gains tax discount (CGT) is applied.

In most countries, if you hold an asset (such as bitcoin) for longer than 12 months, you will be entitled to a concession on the taxes that you pay.

Do you pay tax when you spend bitcoin?

Yes! When you spend bitcoin, it is seen as disposing an asset. You will pay tax on the amount that you spent.

Do you pay taxes when you swap bitcoin for another cryptocurrency?

Yes! Coin swaps are seen as the disposal of one asset and the purchasing of another, in most countries.

How do you calculate bitcoin taxes?

Use the bitcoin tax calculate at the top of the page to enter in your income, date of bitcoin purchase, date of bitcoin sale, and the country you are in to return your tax on bitcoin, gross gains or losses, net gains or losses, and whether or not capital gains tax (CGT) applies.

About Bitcoin

Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process. Bitcoin is changing the way we see money as we speak. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects your identity, and it works anywhere all the time with no central authority and banks. Bitcoin is designed to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes. Being the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on. The cryptocurrency then took off with the innovation of the turing-complete smart contract by Ethereum which led to the development of other amazing projects such as EOS, Tron, and even crypto-collectibles such as CryptoKitties.
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