Personal use asset vs CGT

[bfausti]

I am looking at the tax implications of using a debit card I acquried with Coinspot Australia. According to the ATO website:

A crypto asset you acquire and use in a short period of time to buy items for personal use or consumption is more likely to be a personal use asset.

A capital gain on the disposal of a crypto asset is exempt from CGT if:
it is a personal use asset
you acquire it for less than $10,000.

Is this true when it comes to using my Coinspot debit card?

For example I purchuse AU$10,000 worth of Bitcoin in Decemeber 2023 for the direct purpose to use it with my card for everyday purchases under $500. This is within 12 months of buying Bitcoin, so does this make it a personal use asset or is it subject to CGT?

Thanks in advance,

Ben

[Carl_Koinly]

Hey @bfausti

Thanks for your message and good question!

This will be for the ATO to decide rather than Koinly, so your gains/losses will still be calculated on these, then when you file you would need to discuss this with an accountant or communicate this to the ATO, they will then decide if it can be classed as personal use or not.