Australia Asks for Tax Suggestions on Cryptocurrency from Public

In a bulletin, Australian Taxation Office (ATO) asked for public opinion on tax obligations on cryptocurrencies.

To track the gains through cryptocurrencies, they will keep an eye on crypto traders, reported the ATO on March 1. The ATO updated the income tax treatment for cryptocurrencies again on March 13, earlier it was published originally in 2014.

The page titled “Consultation: Substantiating cryptocurrency taxation events,” includes current tax duty on BTC and other cryptocurrencies which are similar to Bitcoin.

Anyone who visits the site of the Taxation department can fill a feedback form which is confidential. It asks four questions about Crypto to Crypto transactions and Capital gains tax record keeping.

Earlier the ATO had issued a warning that some scammers were fraudulently receiving BTC as tax payments by posing as TAX Office.

 

Final opinion:-

Australia being at the forefront of crypto adoption announced that users can purchase BTC and ETH at more than 1,200 newsstands. In December last year the Australian Stock Exchange reported that it will start processing equity transactions by using Blockchain, which makes it the first to do this.