Private ruling: CGT - cryptocurrency
Date of advice: 14 December 2021
Published: March 2022
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are your cryptocurrency transactions assessable on capital account under Capital Gains Tax? | A1: Yes. The low volume of transactions and the nature of those transactions clearly show you are an investor in cryptocurrencies not trading for profit.

Relevant facts and circumstances: You acquired a variety of cryptocurrencies and had holdings in more than X different cryptocurrencies at the end of the year. You had nearly X transactions where you bought various cryptocurrency. You had about X transactions in which you disposed of some cryptocurrency to rebalance your holdings. Most of those sales took place on X days in early 20XX, of the other sales, all but X took place on X other days in early 20XX. Nearly half of the transactions were in one particular cryptocurrency on the same day.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 6-5 | Income Tax Assessment Act 1997 Part 3