The ATO (Australian Taxation Office) has recently conducted a study on how to develop regulations for the taxation of digital currencies. This week, the ATO has requested the opinion of Australians on how the country should impose a tax on crypto-currencies. This public consultation may assist the authority to make the right decision in order to better regulate this booming market.
Below is a video in English announcing this news :
The ATO takes into account the opinion
In recent months, the ATO has developed guidelines to tax crypto-currencies such as Bitcoin. The australian tax administration already described how she wanted the citizens to register all their transactions of a digital asset and records the amount of their value in australian dollars at the time of each transaction. The document “Seeking Input” from the ATO details its descriptions. This initiative has generated questions from the community crypto. To answer these questions, the ATO has requested the opinion of Australians on the establishment of a law crypto-tax.
Source : Pixabay. The tax authority australian consults with the public for the implementation of a tax law for crypto-currencies.
The ATO has indicated that they have launched a public consultation in order to help them to understand the practical problems encountered during the implementation of the tax laws for crypto-currencies.
The Australians will have until April 20 to decide
The recent document follows the creation by the ATO of a special working group dedicated to the monitoring and identification of transactions of virtual currency. In addition, the tax authority has established a partnership with Austrac (Australian Transaction Reports and Analysis Center). This week, the ATO has stated that she was anxious to hear the public opinion.
The agency said it was looking forward to hear the comments of Australians on the crypto-currency and its taxation. They can give their opinion until April 20, 2018. Those who wish to submit their comments can go directly on the website of the ATO.
Source : NewsBitcoin