Crypto is exploding in Austria, while a new crypto tax reform is setting fresh rules, reporting requirements, and taxes on crypto.
Today, we’ll explore how crypto gains are taxed in Austria, how are NFT taxed, how to report crypto taxes, and much more!
In this article:
Is crypto allowed in Austria?
Are crypto trades taxable in Austria?
Are crypto-to-crypto trades taxable in Austria?
How are crypto taxes calculated in Austria?
Which accounting methods should I use to calculate crypto taxes in Austria?
Do I have to pay taxes if I pay with crypto in Austria?
Are crypto futures and options taxed in Austria?
Do I have to pay taxes if I hold crypto for over 1 year in Austria?
Are NFTs taxed in Austria?
Is crypto mining taxable in Austria?
Is crypto staking taxable in Austria?
Do you pay taxes when receiving airdrops in Austria?
Can I offset losses on my crypto taxes in Austria?
How can I avoid crypto taxes in Austria?
Is crypto allowed in Austria?
Yes, you can buy, hold, trade, and exchange services/goods with cryptocurrencies in Austria.
Even though crypto is not regulated per se in Austria, crypto trading and other types of crypto income are taxed in Austria. Let’s explore how those crypto operations are taxed.
Are crypto trades taxable in Austria?
Yes, if you exchange crypto for FIAT currencies (e.g., Euros) in Austria, you’ll be taxed at the capital income level under the new crypto tax reform in the country.
In Austria, if you have crypto gains, you would pay a special tax rate of 27.5%
Are crypto-to-crypto trades taxable in Austria?
In Austria, crypto-to-crypto trades are not taxable, only when you exchange crypto for FIAT.
Additionally, since crypto-to-crypto trades are not taxable, their fees are not deductible.
How are crypto taxes calculated in Austria?
According to the Austrian Tax Authorities, capital gains are the difference between “the proceeds of a sale and its acquisition costs.”
For more details and examples of every transaction, check our FAQ Austria Guideline.
Which accounting methods should I use to calculate crypto taxes in Austria?
There are no obligatory valuation methods to calculate crypto taxes in Austria, but CoinTracking explicitly recommends FIFO (First In - First Out).
Do I have to pay taxes if I pay with crypto in Austria?
Yes, when you pay for services or goods with crypto in Austria, you have to pay taxes.
Converting crypto for a product is the same as disposing of your crypto for FIAT, a transaction taxed at 27.5%.
Are crypto futures and options taxed in Austria?
Yes, if you have gains from trading crypto derivatives like margin, futures, or options, you’ll be taxed at the same special tax rate of 27.5% as in regular crypto trades.
Do I have to pay taxes if I hold crypto for over 1 year in Austria?
Yes, the 1 year holding period does not apply anymore since 01/03/2022 for cryptocurrencies. No, NFT trading profits are non-taxable if the holding period of one year has been exceeded.
Are NFTs taxed in Austria?
According to Art. 31 of the Austrian income tax act, NFT trading qualifies as speculative income and is subject to the individual income tax rate of each taxpayer.
Moreover, if the holding period of one year is not met, the profit generated is taxable. If the holding period of one year is exceeded, the profit is not taxable, but conversely, losses cannot be claimed for tax purposes.
Is crypto mining taxable in Austria?
Yes, you’ll be taxed when receiving new coins from crypto mining at the usual rate of 27.5%.
Is crypto staking taxable in Austria?
In Austria, you do not have to pay taxes when you receive staking rewards, unlike in other countries. Your cost basis for those rewards will be zero. However, you’ll be taxed when you sell those staking rewards for FIAT at the usual crypto gains tax rate.
Do you pay taxes when receiving airdrops in Austria?
No, similarly to staking rewards, you do not have to pay taxes when receiving crypto airdrops. However, you’ll be taxed when you dispose of that airdrops later on at the usual capital gains tax rate.
Can I offset losses on my crypto taxes in Austria?
Yes, you can offset crypto gains from having losses from other capital assets. For example, crypto gains may be offset against stock losses. Furthermore, losses can be carried forward to the next year.
How can I avoid crypto taxes in Austria?
Unfortunately, there is no way to avoid the capital gain tax for your cryptocurrency trading. The only way to avoid taxes in this financial field ist to buy NFTs and hold them for over 1 year.
If you’re looking for other crypto-tax-friendly countries, check this guide.
The best crypto tax software in Austria: CoinTracking
CoinTracking covers all your crypto tax needs in Austria. CoinTracking is the best crypto tax software for Austrian traders, making it easy to import all your trades from 110+ exchanges/wallets, including DeFi, and NFTs.
After importing your trades, CoinTracking calculates the gains/losses for every trade, according to the accounting methods used in Austria. Finally, CoinTracking generates the necessary tax returns for each year.
If you’re an active DEX trader, you can also easily import all your Ethereum and Binance Smart Chain-based trades from Uniswap, 1inch Network, SushiSwap, PancakeSwap, etc.
Moreover, CoinTracking can easily classify all your earnings from crypto staking, liquidity pools, earning crypto interest, and more, including:
25+ advanced reports, including which coins offer you a tax-free rate.
Automatic Capital Gains, according to 12 accounting methods (e.g., FIFO, LIFO, HMRC, ACB), accepted worldwide.
Generate complete Tax Reports.
Want to submit crypto tax returns error-free? Check our Full-Service Austria. (headline)
CoinTracking offers a Full-Service for Austrian traders. With Full-Service, a CoinTracking expert will review your account, fix any errors, and ensure you submit your tax returns error-free. Simplify your crypto tax life and join Full Service today!
Not enough yet?
If you want more detailed information about how every single crypto transaction type is taxed in Austria, check our FAQ Austria Guideline! We developed this Guideline in collaboration with our Austrian Tax Attorneys for Austrian Tax Attorneys and taxpayers.
Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.