NEWSLearn Crypto Tax In Australia With Binance
April 12 2023, Published 7:06 p.m. ET
Crypto tax in Australia can be a complex topic, as rules and regulations surrounding it are continually evolving. This can make it challenging for cryptocurrency traders to understand what is taxable and what is not and how to report their transactions accurately to the Australian Taxation Office (ATO). To address this issue, Binance Australia, the local arm of the world's largest cryptocurrency exchange by trading volume, has launched a short video series called Crypto Tax 101.
For those who prefer to read, Binance Australia has also provided a blog article that neatly summarizes the information covered in the video series. The article includes links to the videos, as well as additional resources for users who want to learn more about crypto tax in Australia. Additionally, this article guides readers to Binance Australia's Ethereum price page, which provides up-to-date information on the price of Ethereum.
Led by subject matter experts from Cadena Legal, Crypto Tax Calculator, and Koinly, the video series aims to provide simple explanations of what users need to know about crypto tax in Australia. The video collection covers a broad range of topics, from the basics, such as what can be taxed and what can not, to more advanced concepts. With these explanations, Binance Australia aims to help users better understand Australia's all-too-complex crypto tax system.
Liam O'Doherty, Senior Marketing Specialist at Binance Australia, reveals that the inspiration for the series came from the fact that crypto tax in Australia is very complicated and that traders made it clear that they needed guidance. After users began requesting more information and clarification, O'Doherty and the Binance team decided to do something about it. The goal was to provide users with a comprehensive guide that educates traders and serves as one of Australia's best neutral resources for tax knowledge.
In addition to explaining what is considered taxable and what is not and providing examples to help users, experts have dived deeper into more profound concepts. For instance, they also cover more advanced topics, such as DeFi, staking, airdrops, and liquidity pools, which can be particularly confusing for many traders. As a result, the series is designed to be accessible to all levels of traders, from beginners to those more experienced.
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Overall, Binance Australia's Crypto Tax 101 videos and accompanying blog article provide a timely and much-needed resource for users who want to better grasp Australia's confusing crypto tax rules. The series covers various topics and provides examples to help users better understand the concepts.
By launching this helpful series, Binance Australia is doing its part to inform and educate users while making the world of crypto tax a little less complicated. The video series and blog article are essential tools for anyone involved in cryptocurrency trading in Australia. Even better, the series is designed to be accessible to all traders, whether new to the crypto world or more experienced. Simply put, Binance Australia's Crypto Tax 101 series is one of the best resources available for users who want to learn more about crypto tax in Australia.
