Tuesday, January 31, 2023

How Does Tax Work on Crypto Mining? | Crypto Mining Taxes Explained Australia


Have you started mining crypto? Then you need to have an understanding on how tax works on crypto mining. In today’s video I explained Crypto Mining Taxes in Australia. I talk about the difference between a business of crypto mining and a hobby. I also explain how you will pay tax on your crypto mining income.

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📖 Chapters
0:00 Intro
0:33 Basics of Crypto Mining
0:59 Hobby vs. Business
3:00 Tax Treatment of Crypto Mining as a Business
6:56 Tax Treatment of Crypto Mining as a Hobby
8:25 Summary of Crypto Mining Taxes

Ethan ‘Rooshock’ (Rucioch) is an Australian business owner in his mid 20’s. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling as well as watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even some social media marketing content.

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Disclaimer
The information in this video and on this YouTube channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks Pty Ltd or any other related party may receive a commission through these.

#cryptominingtax #bitcoinminingtax #cryptotax



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