Introduction
Dive into the world of crypto tax with this recent collaboration between Binance Australia and Cadena Legal. Introducing Crypto Tax 101, one of the most comprehensive and easy-to-understand video series available, covering crucial topics concerning cryptocurrency and taxation in Australia. It’s the info you need to know when the bitcoin price goes up!
Whether you’re a newcomer to the world of cryptocurrencies or an experienced trader, this series will equip you with the necessary knowledge to understand how crypto tax works and how it may impact your holdings and trading activity. In the series we cover a range of topics, starting from the basics such as taxable and non-taxable assets, whether or not you could get taxed on lost or stolen crypto, the series also goes on to cover more advanced subjects like DeFi, staking, airdrops, liquidity pools, and the Bitcoin price.
The goal of Crypto Tax 101 is to dispel common misconceptions about tax and crypto, while educating our community on the best practices to safely manage their portfolios. In reality, there are several misconceptions about crypto tax, proper management, and strategies for achieving favourable results.
This is why we have partnered with companies like Cadena to create a video series that covers all bases for users. Crypto Tax 101 is the ultimate resource for anyone who wants to better their knowledge and understanding of how crypto tax in Australia works.
“Working with Harry and the team at Cadena Legal has been great for the Crypto Tax 101 project – their industry insights and deep experience have been very helpful for constructing a series that can cover the basics around tax reporting and obligations in Australia.” said Liam (Senior Marketing Specialist, Binance).
The team at Cadena Legal have collaborated with us to put together a two-part guide to Advanced Crypto Tax with Harry Dell.
Many crypto users earn rewards by participating in the market in different ways, but many don’t appreciate or understand that they all have some unique tax consequences.
Topics
Delve into the comprehensive two-part video guide, where Harry provides invaluable insights and tips for users on key topics, including:
- Understanding the ATO’s classification of staking rewards as income and the appropriate timing for taxation.
- Exploring the two tax treatments applicable to airdrops and gaining clarity on their implications.
- Unravelling the complexities of liquidity pools, yield farming, and identifying important Capital Gains Tax (CGT) triggers associated with them.
- Navigating chain splits and gaining awareness of which split the ATO considers when determining the cost base.
- Exploring the CGT consequences for both senders and recipients when receiving gifts freely in the crypto space.
- Explaining the implications of Initial Coin Offerings (ICOs) and Initial DEX Offerings (IDOs), including the timeframe for claiming the CGT discount.
- Understanding wrapped tokens and discerning the factors that trigger a disposal for tax purposes.
- Harry’s comprehensive breakdown of these critical points empowers users with the knowledge needed to navigate the intricate landscape of crypto taxation.
The Crypto Tax 101 series also includes informative videos on various topics such as ‘Tax Implications for Spot Trading Crypto in Australia’, ‘Taxation of Lost & Stolen Crypto’, and ‘Most Common Crypto Tax Structures Explained’.
Moreover, the team at Cadena Legal recently joined Binance in Melbourne for a meetup. During the event, Harrison from Cadena Legal joined Patrick from Crypto Tax Calculator and Danny from Koinly to form an expert tax panel, addressing user queries and engaging with the Binance community.
Coming up
Binance is excited about future collaborations with Cadena Legal and our other partners for the Crypto Tax 101 series to provide users with essential tax information and information that’s easy to digest.
Stay updated on the Crypto Tax 101 Series by subscribing to our YouTube channel. Never miss an episode and make sure to spread the word to your crypto-savvy friends.
Liam O’Doherty
Senior Marketing Specialist, Binance
Binance Australia Video Series Disclaimer
This content is for general information purposes only, not investment advice. Cryptocurrencies, including Bitcoin, are volatile and fluctuate on a day-to-day basis, thus, trading requires proper diligence and sound judgement in order to evaluate the risks associated.
Nothing in this video constitutes investment or legal recommendation, nor should any data or content mentioned in the newsletter be relied upon for any investment activities. You should consider seeking independent legal, financial, taxation or other advice to check how the video content information relates to your unique circumstances.
Binance Australia is not affiliated, associated, endorsed by, or in any way officially connected with any individual or organisations mentioned in the video. Binance Australia is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly by use of this newsletter and expressly disclaims any and all liability for any loss or damage you may suffer.
