A certain criminal case ruling in Australia may lead to a $640 million BTC tax refund

2025-05-19 19:59:51

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ChainCatcher news, according to Cointelegraph, a criminal case ruling in Australia could trigger a $640 million Bitcoin tax refund. Victoria's Judge Michael O'Connell ruled in a case involving the theft of 81.6 Bitcoins (currently worth about $13 million) that Bitcoin should be considered as currency rather than a taxable asset.

The ruling directly challenges the Australian Taxation Office's (ATO) position since 2014, which has classified cryptocurrencies as capital gains tax (CGT) assets. Tax lawyer Adrian Cartland pointed out that if the ruling is upheld on appeal, it could bring a total of AUD 1 billion (about $640 million) in refunds for Bitcoin traders. The ATO has not yet confirmed the specific refund amount.

It is noteworthy that the judge compared Bitcoin to the Australian dollar rather than assets like stocks or gold, and this legal interpretation could exempt Bitcoin transactions from the current CGT regime. The ATO previously stipulated that any disposal of Bitcoin (including exchanging for fiat currency, trading for other cryptocurrencies, or purchasing goods) constitutes a CGT taxable event.

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Australia capital gains tax

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