From Cointelegraph

May 19, 2025 07:49:00 AM:

A court ruling in Australia could lead to $640 million in CGT refunds on Bitcoin transactions after a judge classified crypto as money, not taxable property. The decision arose from a case involving a police officer who allegedly stole 81.6 BTC, now valued at over $13 million. This may challenge Australia’s current CGT regime.

The ruling challenges the ATO’s classification of crypto as CGT assets since 2014, requiring tax on sales or trades. However, the recent decision suggests Bitcoin is more akin to money than property, potentially exempting it from CGT. The change could result in significant tax refunds, with estimates reaching $640 million.

Tax lawyer Adrian Cartland believes the ruling could lead to $1 billion in potential tax refunds if upheld on appeal. Despite this, the ATO has not confirmed the exact amount that could be refunded if the case changes how Bitcoin is taxed in Australia.

Read more at Cointelegraph: Australian court ruling could spur $640M in Bitcoin tax refunds