Skip to main content
All CollectionsGeneral
How the Tax on Cryptocurrencies will work from 2024
How the Tax on Cryptocurrencies will work from 2024

21bitcoin Simplifies Bitcoin Taxation for Users in Austria

Updated over a week ago

Great news for our users in Austria!

Keeping track of tax obligations can be daunting, but we're here to make it easier for you. At 21bitcoin, we've integrated an automated process that complies with the new Austrian tax regulations and takes the hassle out of taxing your Bitcoin profits.

As a regulated and secure bitcoin platform, we're proud to offer this service.

From 1 January 2024, Austria will be implementing changes to cryptocurrency taxation that will affect bitcoin. This is important if you're selling bitcoin for profit and are a tax resident of Austria (i.e., having your residence or habitual abode in Austria).

What's changing?

From 1 January 2024, Austrian crypto trading platforms and brokers will be required to withhold capital gains tax (CGT) on profitable cryptocurrency transactions. This applies to cryptocurrencies purchased after 1 March 2021. The tax rate will be a flat 27.5%.

Who is affected?

The rule applies to anyone resident or ordinarily resident in Austria who buys and sells cryptocurrencies after 1 March 2021.

How our Bitcoin Tax Process works

Sales of bitcoin acquired after 1 March 2021 are subject to capital gains tax. We calculate the tax by deducting your acquisition cost from the sale price and withholding 27.5% tax on the profit.

Example: Single Purchase

Purchase in January 2023: 1 BTC for €20,000

Sale in January 2024: 1 BTC for €45,000

Profit: €45,000 - €20,000 = €25,000

Capital Gains Tax (27.5%): €25,000 × 27.5% = €6,875

Payout after tax: €45,000 - €6,875 = €38,125

Example: Multiple Purchases

First purchase in March 2023: 1 BTC for €20,000

Second purchase in April 2023: 1 BTC for €25,000

Third purchase in May 2023: 1 BTC for €24,000

Sale in January 2024: 1 BTC for €45,000

Average purchase price: (€20,000 + €25,000 + €24,000) / 3 = €23,000

Profit: €45,000 - €23,000 = €22,000

Capital Gains Tax (27.5%): €22,000 × 27.5% = €6,050

Payout after tax: €45,000 - €6,050 = €38,950

Flat Tax for missing Data

If there's no information on the cost and date of purchase, a flat-rate tax is applied, assuming that 50% of the selling price is the cost. In this case, filing a tax return is mandatory, unlike in other cases where all the required information is available.

Selling old Assets

Bitcoins purchased before 1 March 2021 can be sold tax-free. It's important that you tell us the cost and date of purchase to ensure tax exemption.


Please note that this article is for general information only and does not constitute tax advice. For personalized advice, we recommend that you contact a tax advisor.

Did this answer your question?