Topic: [2018-03-27] Australia Seeks Public Input on Crypto Tax Guidelines (Read 123 times)
I really applaud Australia in this bold move because unlike other countries that banned cryptos outright, they see the bigger picture and hence they opted to go on with regulating cryptocurrencies. With this, the Australian government is being proactive in partnering with their people in pursuance to a common goal which is to unite in the belief of peace and order. One more benefit of this is that the government can earn as well through taxation while some of its people profit from it through their investments in it. Truly, it is hitting two birds with one stone.
March 27, 2018, 05:22:03 AM
Australia's government wants to hear from the public about its tax treatment of cryptocurrencies.
The Australian Tax Office (ATO) said Monday that it has updated its guidelines for cryptocurrencies on Mar. 13, following an increase in queries from taxpayers.
As a result, officials have launched a public comment process in order to "understand [the] practical issues experienced when complying with cryptocurrency tax obligations."
"In particular, we are interested in any practical issues that may impact on taxpayers' abilities to calculate and substantial any capital gains and losses for (cryptocurrency) capital gains tax (CGT) purposes," the agency explained on its website.
The updates point to the fact that capital gains from exchanging one cryptocurrency to another are subject to tax liabilities. The guidelines mandate that taxpayers provide details of these transactions, such as their value in Australian dollar, their purpose, as well as information about the timing and parties involved.
On a broader level, cryptocurrency taxation has been, perhaps, a contentious issue within Australia. Previously, advocates and users broadly criticized the fact that both purchases of cryptocurrency and expenditures made with the tech triggered a goods-and-services tax (GST).
Lawmakers ultimately passed legislation last year that applies the GST treatment to cryptocurrencies in the same manner as foreign currencies.
Source: https://www.coindesk.com/australia-seeks-public-input-crypto-tax-guidelines/
Feedback form: https://lets-talk.ato.gov.au/PAG/news_feed/consultation-substantiating-cryptocurrency-taxation-events
The Australian Tax Office (ATO) said Monday that it has updated its guidelines for cryptocurrencies on Mar. 13, following an increase in queries from taxpayers.
As a result, officials have launched a public comment process in order to "understand [the] practical issues experienced when complying with cryptocurrency tax obligations."
"In particular, we are interested in any practical issues that may impact on taxpayers' abilities to calculate and substantial any capital gains and losses for (cryptocurrency) capital gains tax (CGT) purposes," the agency explained on its website.
The updates point to the fact that capital gains from exchanging one cryptocurrency to another are subject to tax liabilities. The guidelines mandate that taxpayers provide details of these transactions, such as their value in Australian dollar, their purpose, as well as information about the timing and parties involved.
On a broader level, cryptocurrency taxation has been, perhaps, a contentious issue within Australia. Previously, advocates and users broadly criticized the fact that both purchases of cryptocurrency and expenditures made with the tech triggered a goods-and-services tax (GST).
Lawmakers ultimately passed legislation last year that applies the GST treatment to cryptocurrencies in the same manner as foreign currencies.
Source: https://www.coindesk.com/australia-seeks-public-input-crypto-tax-guidelines/
Feedback form: https://lets-talk.ato.gov.au/PAG/news_feed/consultation-substantiating-cryptocurrency-taxation-events
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