2018-7-9 05:11 |
Regulation
Australia’s financial press is expecting that the Australian Taxation Office (ATO) will take a hard stance on cryptocurrency investors this tax season, with the ATO recently vowing to leverage international data-matching agreements in order to track the taxation obligations of Australian cryptocurrency traders.
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ATO to Leverage International Data-Matching Agreements to Target Crypto Traders
The Australian Tax Office has announced that it will leverage data sharing agreements made between Australia and other nations to determine the tax obligations of Australian cryptocurrency investors.
“We’re alert to the potential compliance risks that arise from cryptocurrencies but we’re not really alarmed about them,” ATO acting deputy commissioner Martin Jacobs told Australian Financial Review.
Drum also warned that many cryptocurrency traders are not aware of the tax event triggered by each “disposal” of virtual currency holdings, emphasizing that cryptocurrency-to-cryptocurrency trades require that traders declare any profits generated.
As the treatment of cryptocurrencies will play an even greater role in the future, we await further comments from the commissioner.”
What is your response to the ATO’s decision to leverage international data-sharing agreements to target crypto investors?
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