jakiro
Source: TAXDAO
The US Securities and Exchange Commission approved the first batch of 11 spot Bitcoin ETFs on January 10th. The Hong Kong Securities Regulatory Commission was also accelerating the first Hong Kong Bitcoin spot ETF.Australia’s interest in Bitcoin ETF has increased after approval by Bitcoin spot ETF in the United States. It is expected that the Australian Stock Exchange (ASX) will soon approve its first Bitcoin ETF.This article will start from the current status of Australia’s current Bitcoin ETF transaction, analyze the Australian Bitcoin ETF tax policy, analyze the latest developments of Australian spot Bitcoin ETF, and predict its future development trend.
1. Australian Bitcoin ETF tax policy
The taxation of Bitcoin ETFs in the lower level is roughly the same as other ETFs, involving capital benefits, income tax, pre -tax taxes. Specific taxation is related to factors such as the place of registration, the place where investors live, and the jurisdiction of the investment target.In the sale and redemption of ETFs, the sale is a capital benefit incident, and the redemption is not a taxable incident, and no tax is required.
In Australia, when individual investors invest in Bitcoin ETF and obtain capital gains through sale or dividends, they should comply with the same tax rules of the same assets such as stocks and need to pay capital benefits.Capital gain tax is not an independent tax, but a type of personal income tax. The tax rate has different standards according to different people.Australian residents are paid at the excess tax rate of 19%-45%, of which residents with a total annual revenue of less than $ 1,8200 are exempt from personal income tax.At the same time, if Australian investors hold cryptocurrencies for more than one year before selling or trading Bitcoin ETF, they may get 50%of long -term capital revenue reduction.
Under normal circumstances, Australian residents’ enterprises sell Australian taxable property to obtain capital gains at a tax rate of 30%. Small enterprises with annual operating income of not more than $ 50 million pay taxes at 25%.Therefore, the capital income obtained by investing in Bitcoin ETF and selling profit -making also needs to pay capital profits tax at a tax rate of 30%or 25%. At the same time, it is different from individuals. Australia provides a series of reduction policies for enterprises.For example, there are many aspects such as personnel costs, office costs, and annual profits.At the same time, both individuals and enterprises need to declare and pay taxes on the annual tax declaration form.If the capital gains tax exceeds $ 50,000, it needs to be paid in advance.
In Australia, the dividends assigned by ETF to non -residents or individual investors need to pay 30%of the total amount of the total amount of the total amount.But Bitcoin ETF does not involve dividends, so such problems are usually not required.
2. Taxation of Hong Kong and Singapore residents invest in Australian Bitcoin ETF
2.1 Taxation of Hong Kong residents investment in Australian Futures Bitcoin ETF
Hong Kong’s income tax (profit tax) obtained by investors through the sale of Bitcoin ETFs (profit tax).The interest tax rate of the first 2 million Hong Kong dollars was 8.25%, and the subsequent taxable profit was 16.5%.As for people outside the wholly -owned or partnership business, the interest tax rates at the two levels are correspondingly 7.5%and 15%.Investors generally do not need to pay taxes in Hong Kong.Shareholders’ dividends collected by the corporations that must be paid in Hong Kong’s profit tax are exempted from taxation; dividends or profits obtained from overseas belong to overseas income, and they do not need to pay taxes.
Since there is no avoidance of double taxation agreement (DTA) between Hong Kong and Australia, when Australian residents’ enterprises pay interest, dividends, etc., they must levy pre -tax taxes. Therefore, Hong Kong investors willPay the pre -tax tax at a tax rate of 30%; Bitcoin ETF usually does not involve pre -tax.
Unlike investing in the US ETF, if the Australian Bitcoin ETF generates capital gains, it usually needs to declare and pay capital gains tax in Australia. Australia’s capital income tax rate for foreign investors is generally 10%.
2.2 Taxation of Singapore residents investing in Australian Futures Bitcoin ETF
Singapore is not taxed by the capital obtained by the company and individuals.However, due to anti -tax evasion, if the shareholding period is short, the capital of selling equity will be considered tax levy.The right to sell shares with more than 20%of the shares and the shareholding period exceeds 24 months may not be taxed.
Singapore investors will pay pre -tax taxes when investing in ETF funds in other countries or regions.Since Singapore signed the DTA agreement with Australia, the maximum tax rate for Australia to levy pre -income tax was limited to 15%. Investors from Singapore obtained the Australian general ETF dividend of 15%(Bitcoin ETF does not generate dividends, the Bitcoin ETF does not produce dividends,So there is no such problem).
In addition, if the Australian Bitcoin ETF generates capital gains, it is usually necessary to declare and pay capital gains tax in Australia. Australia’s capital gain tax rate for foreign investors is generally 10%.
At the level of investor, Singapore’s principle of territoriality is only taxed in Singapore’s income from Singapore.However, the Singapore income tax law stipulates that if the income generated outside the Singapore is remitted, transmitted or brought into Singapore, it is also regarded as “Singapore” income.
Individual investors remit the income of investing in the Bitcoin ETF into Singapore, and generally pay personal income tax for the income.Singapore’s personal income tax in 2024 ranges from 0%to 24%, depending on personal taxable income.
Singapore residents have tax exemptions for the dividend income of overseas sources. If they are satisfied: (1) When receiving the income from overseas in Singapore, the highest corporate tax rate (title tax rate) of the overseas country with the income is at least 15%; (2) The income has been taxed overseas; (3) The authorities believe that tax exemption will be beneficial to the resident company.
With the adjustment of the Singapore Tax Law, since January 1, 2024, the income from foreign assets selling in Singapore may need to pay taxes under certain conditions, which reflects the trend of Singapore’s gradual tax standards.However, for Bitcoin ETF investment income, if revenue is not remitted into Singapore, investors usually only need to bear Australian pre -tax obligations.
3. Australia Spot ETF News: Will ASX approve the spot Bitcoin ETF?
At present, Australia has several spot Bitcoin ETFs. Among them, COSMOS Asset Management issued the first Bitcoin ETF in Australia in 2022. COSMOS Bitcoin ETF provides indirect openness to Bitcoin spot investment through Purpose ETF in Canada.At the same time, the 3IQ digital asset management company headquartered in Canada launched the spot ETF, that is, 3IQ CoinShares Bitcoin (BTC) Feeder ETF. This Australian ETF absorbs funds from the Canadian ETF listed on the Toronto Stock Exchange.Bitcoin held in the cold equipment.These funds were custody in the second largest market in Australia, not ASX, because at the time, there were still some regulatory difficulties in listed blockchains and cryptocurrency-related stocks on the Australian Stock Exchange.
The US Securities and Exchange Commission approves the spot Bitcoin ETF to trigger the development of cryptocurrency in Australia and Asia. The market’s demand for cryptocurrencies and its related assets has increased, which will also help promote the approval of Bitcoin spot ETF.Following the first batch of Bitcoin spot ETF “customs clearance” in the United States, financial institutions in Hong Kong, China are also accelerating the layout of virtual asset spot ETFs. The Castrol Fund Hong Kong Corporation has submitted the Bitcoin ETF application to the Hong Kong Securities Regulatory Commission and became the first in Hong Kong.The institution submitted to the Bitcoin spot ETF application. At the same time, the Hong Kong Securities Regulatory Commission hopes to speed up the approval of the first Hong Kong Bitcoin spot ETF to cooperate with it to become the ambition to become the cryptocurrency center. The Hong Kong Legislative Council member Johnny Ng has been actively advocating these development.
The Australian Stock Exchange (ASX) is also increasing the layout of Bitcoin ETF. It is expected that ASX will approve its first spot Bitcoin ETF in the Hong Kong authorities.Earlier, Monochrome Asset Management had proposed to ASX in July 2023 to apply for the current Bitcoin ETF.The gap between the digital asset world is eagerly expected by investors.
