An Australian court ruling could lead to significant capital gains tax refunds on Bitcoin transactions, potentially totaling $640 million. The decision, stemming from a criminal case involving a police officer who stole Bitcoin, classified the cryptocurrency as money rather than a taxable asset. This interpretation challenges the current tax regime, which treats crypto as CGT assets subject to taxation upon sale or trade. The ruling, if upheld, could exempt Bitcoin from CGT, setting a legal precedent in Australia. Tax lawyer Adrian Cartland noted that the verdict considers Bitcoin as Australian money, eliminating tax consequences for its acquisition and disposal. While estimates suggest substantial refunds, the Australian Taxation Office has not confirmed the exact amount. This ruling could reshape how Bitcoin transactions are taxed in Australia, potentially impacting future regulations and tax liabilities in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news

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