The Australian government has released the Board of Taxation’s Review of the tax treatment of digital assets and transactions in Australia.

The report concludes that the taxation of digital assets and transactions can already be accommodated under existing tax law and any uncertainty can be effectively managed by the Australian Taxation Office (ATO) providing additional guidance materials.

In response to the report, the ATO has agreed to form a bespoke and time-limited crypto working group which will consult with the industry and tax professionals to develop a package of publicly available crypto tax advice.

The government has also released a Statement on Developing an Innovative Australian Digital Asset Industry to provide clarity and certainty to the digital assets sector.

 

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