CA ANZ recently provided comments on two draft ‘questions we’ve been asked’ which address the income tax treatment of cryptoassets received from an airdrop, and of cryptoassets received from a hard fork.

An earlier version of these draft was circulated last year, however the QWBA format is user friendly, and clearly written. In our submission we recommend that an example of a situation where each of a hard fork and airdrop is received and held on capital account is included.

The statement also clarifies if and when the trading stock rules apply to cryptoassets. CA ANZ agree that cryptoassets may be considered trading stock.