Michelle Legge
By Michelle LeggeHead of Crypto Tax Education
Updated Dec 20, 2023
This article has been fact checked and reviewed as per our editorial policy.

Crypto Tax Austria: Ultimate Guide 2024

Wondering how Austria taxes Bitcoin and other cryptocurrencies? The Austrian Bundesministerium für Finanzen (Ministry of Finance) released updated kryptosteuer guidance, reforming crypto tax from the 1st of March 2022. We've got everything you need to know about crypto tax in Austria in our ultimate Austria crypto tax guide for 2024.

This guide is regularly updated

Before we start, Austria's crypto tax rules are changing regularly - with big changes to crypto tax made in March 2022. At Koinly, we keep a very close eye on new guidance from the BMF and regularly update our guide to keep you informed and tax compliant.

18 December 2023: Updated for 2024!
01 March 2023: Updates for 2023
19 April 2022: Updated - the new crypto tax rules are now in effect.
15 February 2022: Updated to include the Dac8 proposal and what it means for your crypto.
19 January 2022: Welcome to the Austria Crypto Tax Guide (Willkommen beim österreichischen Krypto-Steuerratgeber!)

Is there a crypto tax in Austria?

Let’s get the simple question out the way first - do you pay crypto tax in Austria? Yes. You pay tax on cryptocurrency in Austria. The BMF views cryptocurrency as an intangible asset, not a fiat currency. But it taxes cryptocurrency-like income under the Austrian Income Tax Act.

An infographic explaining that the BMF class crypto as an intangible asset in Austria, presented by Koinly, a crypto tax calculatorHowever, this all changed in March 2022 - under the Austrian crypto tax reform. The reform comes with some pros and cons, but in brief, crypto is now taxed the same as stocks in Austria.

Can the BMF track crypto?

Yes. The BMF can track your crypto. Like many other European tax offices including Germany and the UK, the Austrian Ministry of Finance will be working with large crypto exchanges to share KYC data to ensure tax compliance.

As well as this, there is a new EU directive on data sharing - Dac8 - which is likely to take effect later this year. Under the proposed directive - it's likely that the BMF will have the ability to check whether someone owns crypto, as well as have the authority to look into crypto companies' accounts and gain insight into crypto assets.

Banner with Koinly logo and text Calculate Your Crypto Taxes

How is crypto taxed in Austria?

It’s important to note that how crypto is taxed in Austria depends on when you purchased your crypto. The Austrian crypto tax reform came into effect on the 1st of March 2022 and changed the way crypto is taxed, but legacy holdings have slightly different rules.

Unlike many countries - Austria doesn’t have a specific Capital Gains Tax. So despite viewing cryptocurrency as an intangible asset, prior to the crypto tax reform, you paid Income Tax in Austria anytime sold, spent, or traded crypto (although long-term gains were tax free). Some crypto transactions were subject to the 27.5% interest-bearing tax rate.

Under the new rules, everything is simplified. you'll pay a flat 27.5% tax on crypto transactions.

Short and long-term crypto gains tax Austria

Under the old crypto tax rules - you only paid Income Tax on crypto short-term gains. Under the new rules, long-term gains are taxed the same as short-term gains at 27.%%.

The old rules still apply to legacy holdings.

An infographic explaining how short and long-term gains from crypto are taxed in Austria

How is crypto taxed in Austria after the reform?

The crypto tax reform came into effect on the 1st of March 2022. It means all crypto transactions are now subject to the stock tax rate of 27.5%. The reform also means that long-term gains will be subject to tax - with the exclusion of so-called legacy holdings.

An infographic explaining how all taxable crypto transactions are subject to 27.5% tax under the new tax reform in Austria, presented by Koinly, a crypto tax calculatorCrypto acquired or bought after the 28th of February 2021 is subject to the new tax rules. Crypto you acquired or bought before the 28th of February 2021 is still subject to the previous tax rules.

This means you’ll pay 27.5% tax when you:

  • Sell crypto for fiat currency.

  • Spend crypto on goods or services.

  • Mine crypto.

  • Earn interest from crypto.

These weren't the only changes under the crypto reform bill. One of the big changes is trading one crypto for another is now tax free.

As well as this, while interest-earning crypto transactions will remain taxed at the special tax rate of 27.5% - staking rewards from participation in a consensus algorithm will now be tax free at the point you receive them, whereas previously rewards were taxed at 27.5%. So if you're staking using a non-custodial wallet like Yoroi or Kelpr and receiving direct rewards - this wouldn't be taxed at the point you receive it, only when you later sell coins/tokens you earned. However, staking rewards from third parties - like Coinbase or Binance, or indeed staking via a DeFi protocol - would still be taxed at 27.5% at the point you receive them.

Finally, with crypto now being viewed as more similar to stocks from a tax perspective - you can now offset losses against other income from capital assets such as:

  • Equities

  • Bonds

  • Dividends

  • Derivatives

It’s important to note that the new crypto tax rules don’t apply retrospectively. So if you’ve held crypto long-term, you don’t need to panic sell to ensure you don’t pay tax on it. Any crypto you acquired before the 28th of February 2021 will still be subject to the former tax rules.

An infographic detailing the changes under the Austria Crypto Tax Reform, presented by Koinly, a crypto tax software

How does this affect my tax return?

The crypto tax reform came into effect on the 1st of March 2022.

According to actus ag, cryptocurrencies acquired prior to the 28th of February 2021 are subject to the previous regulations - so taxable if sold within one year, or tax free after one year. These legacy holdings will remain tax free upon disposal if held for more than one year.

Meanwhile, crypto acquired after the 28th of February 2021 and sold or exchanged prior to the 1st of March 2022 will most often be treated as other income - they remain taxable even if not sold within this year as they are not legacy holdings.

Finally, crypto acquired after the 28th of February 2021 and sold or exchanged after the 1st of March 2022 will be taxed at the new 27.5% tax rate, regardless of any holding period. From the 1st of March 2022, staking (as part of a PoS consensus mechanism) is now viewed as an acquisition from a tax perspective (tax free!), and crypto to crypto trades will no longer be taxable, while yielding income will also be taxed at the 27.5% tax rate - including disposals and income from lending and liquidity pools. It is also important to note that NFTs and other assets are not covered by these new provisions.

Koinly's Head of Tax, Tony Dhanjal says, "The tax obligation for cryptocurrencies came into force on March 1, 2022, and is applicable to cryptocurrencies acquired after February 28, 2021 (new stock). If cryptocurrencies are acquired after February 28, 2021, and sold before March 1, 2022, the provisions relating to old assets (speculative transactions) still apply."

How to calculate crypto gains in Austria?

To calculate crypto gains, you need to first figure out your cost basis. This is how much it cost you to buy your crypto - including any transaction fees. If you’ve acquired your crypto another way - for example, through mining - you’ll instead take the fair market value of your crypto in euros on the day you acquired it.

An infographic with a calculator and sum explaining how to calculate crypto cost basis, presented by Koinly, a crypto tax calculatorOnce you’ve got your cost basis, simply subtract your cost basis from the price you sold your crypto for. If you didn’t sell it, but instead traded it or spent it - instead take the fair market value of your crypto in euros on the day you traded/spent it and subtract your cost basis from this.

An infographic highlighting information on how to calculate a crypto gain, presented by Koinly, a crypto tax softwareIf you have a profit - you have a capital gain and this is what you’ll pay Income Tax on. If you have a loss, you have a capital loss and you won’t pay tax. Remember - under the old rules trades are taxable and you can’t offset losses. Under the new rules - trades aren’t taxed and you can offset losses.

Another important point to remember is that some crypto transactions are subject to Income Tax at the point you receive them. This would include any time you’re earning crypto - for example through mining. In this instance, you’ll pay tax on the entire fair market value of your crypto at the point you receive it, like any other income.

For crypto acquired after the 28th of February 2021 - you’ll pay a flat tax rate of 27.5%. Let’s look at an example.

EXAMPLE

You sell 1 BTC. It doesn’t matter how long you held your BTC for as you’re under the new crypto tax rules. It also doesn’t matter what your income is. You’ll pay a flat tax rate of 27.5% on any capital gain - so let’s figure it out.

You bought your 1 BTC for €30,000. You sold your 1 BTC for €35,000.

€35,000 - €30,000 = €5000. This is your capital gain and you’ll pay 27.5% tax on it - so €1,375.

Austria crypto tax breaks

There are some tax breaks available for Austrian crypto investors.

  1. Gains from legacy holdings are tax free: If you’ve held your crypto for more than 1 year and you acquired it before the 28th of February 2021, when you sell your crypto it will be tax free.

  2. Speculative trades allowance: If you made less than €440 in profit annually in crypto gains, this would be tax free.

  3. Crypto to crypto trades are tax free: Under the new rules, trading one crypto for another is a tax free event.

An infographic detailing the different crypto tax breaks in Austria, presented by Koinly, a crypto tax calculator

Austria crypto capital losses

Under the previous crypto tax rules - crypto losses did not count as a capital loss.

However, from the 1st March 2022 (or earlier if you opt-in) you count crypto losses as a capital loss and offset losses against your capital gains.

You can only offset losses against gains that are subject to the same taxation in Austria. This means you can only offset crypto losses against capital gains that are subject to the same 27.5% tax rate. This would include crypto capital gains as well as:

  • Equities

  • Bonds

  • Dividends

  • Derivatives

Private investors cannot carry capital losses forward in Austria. If you’re holding capital assets as business assets, you may carry forward half your net capital loss forward to future financial years.

An infographic highlighting information on how to offest losses against gains in order to  reduce your tax bill, presented by Koinly, a crypto tax software

Tax on lost or stolen crypto in Austria

The BMF has not yet released specific guidance on whether capital losses as a result of theft or lost crypto assets are allowable as a capital loss. However, with the new crypto tax reform, provided you could give enough evidence to prove a theft or loss occurred, lost and stolen crypto could theoretically be considered a capital loss. You should speak to the BMF or a tax advisor for more advice.

When is crypto taxed as income in Austria?

Under the new tax rules, you’ll pay the flat 27.5% tax rate at the point you receive any coins/tokens from:

  • Mining crypto

  • Staking crypto through a third-party or DeFi staking (staking as part of a consensus mechanism is tax free).

  • Lending crypto

  • Bounty rewards

  • Affiliate rewards

An infographic detailing when crypto is taxed as income in Austria, presented by Koinly, a crypto tax calculatorAs with many tax offices - the BMF is a bit behind the curve when it comes to the huge variety of crypto investments available. For example, they haven’t released any clear guidance on the huge variety of DeFi protocols that offer investors new ways to earn crypto.

Many newer crypto activities may be considered income by the BMF. This includes:

  • Yield farming

  • Liquidity mining

  • Learn to earn

  • Play to earn

  • Watch to earn

  • Shop to earn

  • Crypto faucets

The new crypto tax rules make this quite simple. Any time you’re earning crypto - you’ll pay the 27.5% flat tax based on the fair market value of any crypto at the point you receive it. Remember, even when you pay tax on crypto at the point you receive it - you’ll still pay the same 27.5% tax when you later sell or spend your crypto.

Tax free crypto Austria

Some crypto transactions are totally tax free in Austria - so it’s not all bad news.

  • Buying crypto with fiat currency

  • HODLing crypto

  • Selling or otherwise disposing of crypto acquired before the 28th of February 2021

  • Moving crypto between wallets

  • Gifting crypto

  • Trading crypto for crypto

  • Staking rewards from PoS

An infographic detailing the different crypto transactions that are tax free in Austria, presented by Koinly, a crypto tax calculator

Do you pay tax when you buy crypto in Austria?

No - you won’t pay tax when you buy crypto with euros or another fiat currency in Austria.

But what about if you’re buying crypto with crypto? It all depends on when you do it.

An infographic explaining how buying crypto with fiat currency and crypto is tax free in Austria, presented by Koinly, a crypto tax calculator

Buying crypto with EUR

TAX FREE

You don’t pay tax when you buy crypto with any fiat currency - like EUR - in Austria.

But it’s important you keep records of how much you purchased your crypto for. This is so you can keep records of your cost basis, so you can calculate any subsequent gains and losses accurately.

An infographic detailing how buying crypto is tax free, presented by Koinly, a crypto tax calculator

Buying and HODLing crypto

TAX FREE

HODLer? Great strategy. In even better news, it’s also tax free to buy and HODL crypto.

Just make sure you keep records of how much it cost you to buy your crypto (including transaction fees!) so you can accurately calculate any capital gains and losses once you’ve reached the moon.

Buying crypto with crypto

TAX FREE

As of the 1st of March 2022, buying crypto with crypto is tax free.

To calculate your capital gain, you'd use the cost base of your crypto you disposed of and subtract it from the fair market value for that asset on the day you traded it for another crypto.

An infographic explaining how crypto trades are tax free following the crypto tax reform in Austria, presented by Koinly, a crypto tax software

Do you pay tax when you sell cryptocurrency in Austria?

Yes. You’ll pay tax whenever you sell cryptocurrency for euros in Austria. Under the new crypto tax rules, you’ll pay a flat 27.5% tax on any capital gain.

Selling crypto for EUR

27.5% TAX

Any capital gain from selling crypto acquired after the 28th of February 2021 for fiat currencies like EUR is subject to tax - although it matters when you bought and sold it.

If you bought crypto prior to the 28th of February March 2021 and you’ve held it for more than 1 year - you’ll pay no tax on it when you sell, regardless of the new rules.

EXAMPLE

Tobias buys 1 ETH in 2019 and another 1 ETH 2022. He sells both of them in 2022.

Tobias will pay no tax on the 1 ETH he purchased in 2019.

He does however need to pay tax on the 1 ETH he purchased in 2022. He needs to pay a flat 27.5% tax on any capital gain from his 1 ETH.

He bought his 1 ETH for €2,600 and he sold it for €3,000. This means he has a capital gain of €400, which he’ll pay 27.5% tax on, so a total of €110.

Selling crypto for crypto

TAX FREE

Under the 2022 Austrian crypto tax reform - selling crypto for crypto is now tax free.

Do you pay tax when transferring crypto?

No - you won’t pay tax on your crypto when you’re transferring it between the various wallets and exchanges you use. However - it is unclear how transfer fees may be viewed from a tax perspective.

Moving crypto between wallets

TAX FREE

Moving crypto between your own wallets is tax free! However, you need to keep good records of your crypto transactions - including transfers - because the tax treatment of transfer fees isn’t quite so clear-cut.

An infographic highlighting information on how transferring crypto between your wallets is tax free, presented by Koinly, a crypto tax software

Transfer fees

POTENTIAL TAX

Whenever you transfer crypto - you’ll normally pay a fee to do so, whether that’s a gas fee or a fee from the exchange or wallet provider.

If that fee is paid in fiat currency - it would be tax free. However, in most instances, when you pay a transfer fee you’ll pay it in cryptocurrency. This could be seen as spending your crypto and therefore subject to tax.

Until the BMF gives clear guidance on transfer fees, one of the safest approaches to transfer fees from a tax perspective is to treat it as a cost with no realised gain or loss. Your cost basis remains the same, but you don’t have as much crypto as you had previously.

Adding or removing liquidity

TAX FREE

If you’re using DeFi protocols - there’s a good chance you’re investing in liquidity pools as part of this. The BMF hasn’t yet given any clear guidance on liquidity pools, where liquidity pool tokens are involved this is akin to a crypto-to-crypto trade. This means when you add or remove liquidity to a pool - like you would to a staking pool - you won’t pay tax. You’d only pay tax on any interest as a result.

How are airdrops and forks taxed in Austria?

The BMF has good guidance on how both airdrops and forks are taxed in Austria and it’s good news for both.

Hard forks

TAX FREE ON RECEIPT

With a soft fork - you don’t receive any new coins, so there’s nothing to tax.

With a hard fork - you’ll receive new coins or tokens, but it’s good news - sort of. While forks are considered income by the BMF - they’re clear that the value of new coins from a hard fork on the day you receive them is €0. So this means you won’t pay tax at the point you receive coins/tokens from a hard fork.

However, the zero cost basis has a downside. It means when you sell coins/tokens from a hard fork - your entire proceeds will be considered a capital gain. So you’ll pay the 27.5% flat tax on the entire proceeds of your sale.

An infographic explaining how hard forks are taxed in Austria, presented by Koinly, a crypto tax software

Airdrops

TAX FREE ON RECEIPT

Airdrops are considered “capital inflows” by the BMF. Bit of a mouthful but what this means is that even though airdrops are seen as a kind of income - the cost basis of any airdrop is €0. So you won’t pay tax on airdropped coins/tokens at the point you receive them.

However, when you later sell your airdropped coins/tokens - your entire proceeds will be viewed as a capital gain because your cost basis is zero. So you’ll pay the flat 27.5% tax on the entire proceeds of your sale.

An infographic with an illustration of a bitcoin parachute and a tax calendar, highlighting information on airdrop Income Tax and Capital Gains Tax, presented by Koinly, a crypto tax software

Crypto gifts and donations tax Austria

It’s good news if you’re feeling generous - there is no gift tax in Austria and donations to a registered charity may be tax deductible.

An infographic with an illustration of a gift, highlighting information on gift and donations tax in Austria, presented by Koinly, a crypto tax software

Gifting crypto

TAX FREE

Austria has no gift tax, so gifting crypto to a friend or family member is tax free. The only stipulation is that gifts to relatives that are more than €50,000 in value should be reported to the BMF. Meanwhile, for friends or third parties, this is set at €15,000.

Donating crypto

TAX FREE

The BMF doesn't have clear guidance on crypto donations specifically. However, donations to a registered charity in general are tax deductible.

In better news, there are no forms to do this - your donations are submitted to the BMF by the charitable organisation you donated to and automatically transferred to your employee tax assessment.

Crypto mining tax Austria

Mining is considered a type of income by the BMF and is taxed based on the fair market value of the mined coins in euros on the day you receive them.

An infographic explaining that crypto mining rewards are subject to tax upon receipt and upon disposal in Austria, presented by Koinly, a crypto tax software

Mining crypto

27.5% TAX

You’ll pay a flat 27.5% tax rate on your mined coins upon receipt.

You’ll also generally pay the 27.5% tax on any gain when you sell or spend mined coins.

But if you mined coins before the 28th of February 2021 and you've held them for more than a year - they'll be considered legacy holdings and you'll pay no tax on profits when you sell, trade, or spend them.

Crypto day trading tax Austria

The BMF has no clear guidance for the tax treatment of trading activities such as crypto margin trading, futures, and other CFDs. However, in general, capital gains from financial assets like derivatives are in general subject to the same 27.5% tax rate that crypto is. You should speak to a tax advisor for professional advice on how crypto derivatives and other CFDs may be taxed.

DeFi crypto taxes Austria

DeFi is a relatively new concept and the BMF is yet to issue any clear guidance on DeFi tax in Austria. This doesn’t mean you won’t pay tax - it just means you need to interpret the current tax guidance and apply it to your DeFi transactions.

Under the current guidance, the tax you’ll pay depends on the specific type of transaction and whether you’re seen to be earning crypto or selling/trading crypto. It is advisable to speak to an experienced crypto tax accountant for these transactions. This said, from the new crypto tax rules - we could assume the tax treatment of DeFi transactions is likely to be:

  • Earning interest from DeFi protocols: 27.5% tax on coins/tokens at the point you receive them and when you sell.

  • Selling NFTs: 27.5% tax.

  • Trading NFTs: No tax.

  • Staking on DeFi protocols: 27.5% tax on coins/tokens at the point you receive them.

  • Yield farming DeFi protocols: 27.5% tax on coins/tokens at the point you receive them and when you sell.

  • Liquidity mining: 27.5% tax on coins/tokens at the point you receive them.

  • Adding/removing liquidity: No tax.

  • Earning through play/engage to earn DeFi protocols: 27.5% tax on coins/tokens at the point you receive them and when you sell.

  • Profits from DeFi margin trading and options protocols: 27.5.% tax on realised capital gains.

A feature image for a blog post from Koinly crypto tax calculator titled: How is Defi Taxed?

Earning from DeFi protocols

TAX

Anytime you’re seen to be ‘earning’ from DeFi - whether that’s new coins or tokens, it’s likely that - like mining and staking - the BMF will view this as income and you’ll pay the 27.5% tax rate based on the fair market value of the crypto in euros on the day you received it.

Selling coins and tokens on DeFi protocols

TAX

Whenever you sell coins/tokens on DeFi protocols - this would be subject to the 27.5% tax rate, even if you’ve already paid that rate at the point of receipt.

Do you pay tax when spending crypto?

Want to grab a Tesla with your DOGE? You might be in for a surprise tax bill.

Spending crypto on goods or services

TAX

When you spend your crypto, you’ll need to pay the 27.5% tax rate on any capital gain. You can calculate this by subtracting your cost basis from the fair market value of your crypto in euros on the day you spent it.

What kind of records might the BMF ask for?

Austrian tax returns aren’t too convoluted - but if you’re facing a crypto tax audit, you’ll need good records of your crypto transactions. As a minimum, this should include:

  • The date of your transactions.

  • The fair market value of your crypto in EUR the day you acquired it.

  • The fair market value of your crypto in EUR the day you disposed of it.

  • The capital gain or loss you made from each transaction.

  • What the transaction was and the parties involved.

  • Receipts of purchase and sale.

  • Records of transfers and transactions from all your crypto wallets and exchanges.

Using crypto tax software like Koinly ensures you have excellent records of your crypto transactions should the BMF ever need further information.

An infographic detailing the records that Austrian crypto investors must keep for tax purposes, presented by Koinly, a crypto tax software

Austria Cost Basis Method

Provided you have good records at the time of purchase and sale, you can specifically identify each crypto asset you sold and use that cost basis to calculate your crypto gains and losses. If you’re unable or don’t want to do this, you can use FIFO instead.

An infographic explaining the allowable cost basis methods of Specific Identification or FIFO in Austria, presented by Koinly, a crypto tax software

When do you need to report your crypto taxes to the BMF?

You report your crypto taxes in your annual tax return.

The Austrian financial year runs from the 1st of January to the 31st of December every year. The deadline to file your taxes is the 30th of April the following year for paper forms or the 30th of June the following year for online tax returns. This means the current financial year you’re reporting on is the 1st of January 2023 to the 31st of December 2023 and you need to submit your taxes by the 30th of April 2024 for postal tax returns or the 30th of June 2024 for online tax returns.

An infographic detailing the tax deadline of April 30 and June 30 for Austrian crypto investors, presented by Koinly, a crypto tax software

How to calculate your crypto taxes

Calculating your crypto taxes so you can report them to the BMF is time-consuming. You can do it all manually, or you can use a crypto tax calculator like Koinly to save you hours.

If you want to calculate your crypto taxes manually, follow these steps:

  1. Identify all your taxable crypto transactions for the entire financial year you're reporting on.

  2. Identify which transactions are subject to Income Tax and which are subject to the 27.5% tax rate.

  3. Identify the cost base for each transaction using the approved cost basis methods.

  4. Calculate your subsequent capital gains and losses, income, and expenses.

  5. Report your capital gains, losses, and income to the BMF in your annual tax return by the 30th of June.

How to report crypto taxes to the BMF

You report your crypto taxes as part of your annual tax return. You must submit this electronically using FinanzOnline before the 30th of June. Individuals need to report their crypto investments under “other income” on their Income Tax Return - E1.

How to use a crypto tax app like Koinly

Don't get stuck in busy work. Don't get it wrong. Don't rely on your accountant to know where to look. Use Koinly to generate your HMRC crypto tax reports. Here's how easy it is:

1. Sign up for a FREE Koinly account.

It only takes a minute!

2. Select your base country and currency.

In this instance, Austria and Euros.

3. Select your accounting method.

Koinly supports FIFO.

An infographic showing the default settings for Austrian investors using Koinly crypto tax calculator

4. Connect Koinly to your wallets, exchanges, or blockchains.

Koinly integrates with more than 350 crypto exchanges, wallets, and blockchains (see all). If you can't find yours, let us know - we're always adding more.

5. Let Koinly crunch the numbers. Make a coffee.

Koinly will calculate your cost basis for each crypto asset like ETH, ADA, and Bitcoin. Then, Koinly will calculate each capital gain or loss from your sales, as well as your crypto income and expenses.

6. Ta-da! Your data is collected and your full tax report is generated!

Head to the tax reports page in Koinly and check out your tax summary. This includes your net capital gains, other gains, income, costs, expenses, and any gifts, donations, or lost crypto.

An infographic showing a tax summary for Austrian crypto investors using Koinly crypto tax calculator

7. To download your crypto tax report, upgrade to a paid plan from €39 per year.

Download what you need, when you need it.

An infographic showing the Complete Tax Report for Austrian crypto investors, presented by Koinly, a crypto tax software8. Send your report to your accountant, or complete your Self Assessment Tax Return yourself.

Use the generated file to complete your annual tax return or send it over to your accountant. Done!

Banner with Koinly logo and text: Get Your Crypto Tax Report

How to pay tax on cryptocurrency in Austria

Once you’ve filed your annual tax return with the BMF - they’ll let you know how much tax you owe on your crypto in your tax assessment. You have one month to pay the taxes due after you receive your tax assessment.

How to reduce your crypto tax bill in Austria

There are ways to strategically - and legally - reduce your crypto taxes in Austria. You’ll need to make these moves before the end of the financial year. To potentially pay less tax on crypto in 2024 you can:

  • HODL crypto you bought before the 28th of February 2021: Any crypto you bought before February 2021 is a "legacy holding" and still benefits from the long-term capital gains tax free allowance. So provided you acquired your crypto before the 28th of February 2021 and you hold it for more than a year - you’ll pay no tax on it. Shoot for the moon!

  • Trade crypto for crypto: Trading crypto for crypto is tax free in Austria from the 1st of March 2022 - so the next time you’re thinking of selling for EUR, reinvest instead.

  • Make a donation: Gifts to registered charities are tax deductible. So if you sell your crypto and donate that amount to charity - you may be able to offset it against your income and reduce your overall tax bill.

  • Harvest your losses: Under the crypto tax reform, crypto capital losses can now be offset against capital gains of a similar kind. Use a crypto portfolio tracker (like Koinly) to track your unrealised losses and reduce your tax bill.

Disclaimer
The information on this website is for general information only. It should not be taken as constituting professional advice from Koinly. Koinly is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. Koinly is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.
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