-
@ Jaden Lister
2025-05-19 13:01:03
Recent ruling from lower courts in Australia 🇦🇺
However, recent posts on X have highlighted a lower court ruling in Australia that classified Bitcoin as “money” rather than property, potentially exempting it from CGT. This ruling, reported on May 19, 2025, suggests that if upheld, it could lead to significant tax refunds and change the ATO’s approach to crypto taxation. Despite this, the ruling is from a lower court, and appeals are expected, with the ATO unlikely to accept it without challenge.
As of now, the ATO’s official stance remains that Bitcoin is subject to CGT, and there’s no conclusive evidence that this has been stopped. The court ruling is not yet binding, and taxpayers should continue to comply with current ATO guidelines until further clarification arises. For the 2024-2025 financial year, you should report any capital gains or losses from Bitcoin transactions in your tax return, with the deadline being October 31, 2025 (or May 15, 2026, if using an accountant).
Answer from Grok
https://blossom.primal.net/b128e6067c5d0f3da42ae6e5217f864eb3880418d1f2a40c950258d20bbb220e.jpg