Aussie Court Ruling May Spark $640 Million Bitcoin Tax Refunds

A recent Australian court ruling could lead to significant tax refunds for Bitcoin traders. Judge Michael O’Connell ruled in a theft case involving 81.6 Bitcoins, valued at roughly $13 million, that Bitcoin should be considered currency rather than taxable asset under Australian law. This decision challenges the Australian Taxation Office’s (ATO) stance since 2014 which classified cryptocurrencies as capital gains tax (CGT) assets. Tax lawyer Adrian Cartland estimates refunds could reach $640 million, if the ruling is upheld on appeal, potentially impacting over a billion Australian dollars in Bitcoin holdings.