In an article published in the Australian Tax Review, Arnold Bloch Leibler partner Shaun Cartoon, special counsel Bridgid Cowling and lawyer Eileen Liu consider the Australian income tax and governance issues that arise when a taxpayer makes a gift of cryptocurrency to a deductible gift recipient (DGR).
Cryptocurrency dealings are becoming increasingly mainstream. The Australian tax law that governs these dealings is a minefield and there are several important considerations for taxpayers and DGRs to be aware of when making or accepting a gift of cryptocurrency.
In the article Shaun, Bridgid and Eileen provide an overview of:
- circumstances under which a donor taxpayer can claim an income tax deduction for a gift of cryptocurrency
- income tax considerations for the donor taxpayer, and
- practical governance matters for the recipient DGR.
To read the full article, click here.
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