How do Aussies. I met with my accountant the other day to get some taxation clarity pre-payment. Of course the millions I've inevitably lost through theft are not a capital loss, and let's face it... the capital input deductions on BTCs that have been locked up since 2014 are practically insignificant. Therefore the blunt assessment is something like this: The ATO will treat bitcoins returned under the civil rehabilitation as my own bitcoins. Therefore getting some this year will not count as a CG event until they are cashed out. Apps like cryptotaxcalculator etc might need a bit of convincing of this, but your accountant should be able to force this assessment. If you chose cash only then I suspect you will have to treat the return to you as the point at which you have a CG. In that case (or when you sell) there will be the 50% CG deduction for having held the asset for more than 12 months, and then the balance will be treated as income in the year you cashed it and taxed according to current tax brackets. Therefore (especially with the current brackets - worth looking very closely at) it's worth spreading out the liquidation of BTC. Also, don't forget that you might be able to shift a good deal of it into your Super using your Unused Concessional Superannuation Contributions. If you're anywhere near fifty then it's not long until you get it back... just a bit more than you've waited so far and the tax treatment on the Super contributions will be very impressive compared to straight CG. Get your own tax advice, of course, but speaking for myself this whole adventure has been a one off, never to be repeated boon. No point blowing it once it arrives. Get yourself something nice... sure... but pretend you've always been rich and do what rich people do - invest prudently in tax advantaged ways. PS if anyone in Australia has contrary tax advice, I'd be most grateful to hear it. Hoo Roo.
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