Substantiating Cryptocurrency Taxation Events, closes on Friday 20 April 2018.

The Australian Taxation Office is interested in the public’s views on cryptocurrency and its tax implications. Over the last 12 months, there has been increased interest in cryptocurrency in Australia and, on 13 March 2018, the ATO updated the web guidance Tax treatment of cryptocurrencies to address some of the common enquiries in relation to cryptocurrency transactions. Any reference to ‘cryptocurrency’ in this consultation refers to Bitcoin, or other crypto or digital currencies that have the same characteristics as Bitcoin.

The purpose of the consultation is to seek feedback on practical compliance issues arising from complying with taxation obligations in relation to cryptocurrency transactions. In particular, the ATO is interested in any practical issues that may impact on taxpayers’ abilities to calculate and substantial any capital gains and losses for capital gains tax (CGT) purposes.

Feedback may also be taken into account when developing further advice and guidance products in relation to the taxation of cryptocurrency.

This consultation is limited to the following issues:

  • record-keeping as it relates to cryptocurrency transactions, and
  • exchanging one cryptocurrency for another cryptocurrency.

Feedback on these topics can be submitted through the confidential feedback form.

(Source: Australian Taxation Office)


From the blog:

Budget Forum 2016: FinTech Reforms to save Australia’s Digital Currency Industry?, by Joel Emery

Budget Forum 2017: ‘Black Economy’ a Timely New Focus for Tax Integrity Measures, by Joel Emery

Comments are closed.