RE: Australian Tax Office (ATO) to Chase down Bitcoin Investors

[jpederson96]

Interesting Coincidence!

I was talking to Aus about The CryptoCurrency Tax Fairness Act which would provide tax exemptions to crypto investors in the US. Essentially, it has little chance of passing but the hope is to lay groundwork for future legislation to allow for movement towards lowering or eliminating taxes for entrepreneurs trying to invest in crypto.

BTC is similar in the USA to Australia on the fact that it is taxed with capital gains tax but some regualtions categorize things like ICOs as securities which apply different taxes and other regulations apply certain property taxes to BTC that is abnormal to capital gains tax.

In general, it is a giant cluster f*ck that is confusing which is one of several reasons that only about 800 of the thousands of investors have reported it on their taxes.