Seribu Pty Ltd v CofT – AAT decides that ‘bitcoin’ not a ‘foreign currency’ for income tax purposes (Div 775 foreign exchange loss deductions)
On 16 June 2020, the AAT decided that The AAT has concluded that ‘Bitcoin‘ is not a ‘foreign currency‘ for the purposes of the rules in Div 775 of the ITAA97 dealing with foreign currency gains and losses. See below for a summary of the case. [Tax Technical – June 2020]