Crypto-donations and tax deductibility
Source: The Tax Specialist Journal Article
Published Date: 1 Oct 2021
This article examines the implications of gifts made by non-business taxpayers in the form of cryptocurrencies, such as bitcoin, pursuant to Div 30 of the Income Tax Assessment Act 1997 (Cth). What may seem to be an equivalent series of transactions to those that occur in fiat currency (Australian dollars), crypto-donations raise a unique set of complexities in complying with taxation law in order to obtain a Div 30 deduction.
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Details
- Published By: Michael Curran, Elizabeth Morton
- Published On:1 Oct 2021
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