For Australia, no one should escape tax obligations, especially not cryptocurrency investors. The proof, the country has created a special unit to closely monitor crypto-trading.
A special force to monitor cryptocurrency traders
Cryptocurrency has become an unavoidable topic, many countries seek to regulate their use in their respective territories, and to each his own way. Gibraltar has legalized the ICO , the South Korean Ministry of Justice is seeking to ban crypto trading ( but it has not yet arrived ), Thailand has chosen a softer way with crypto-education ... Quantcast to Australia, she decides to keep an eye on the transactions.
The Australian government is engaged in the careful monitoring of local traders, and for this, it sets up a specialized group focused on taxation. It is actually a kind of "special force" that will focus on tax compliance and whose main task will be to ensure that Australian crypto-investors pay their taxes well .
ATO in force, banks to the rescue
Since this is a tax issue, the creation of the famous working group is entrusted to the Australian Tax Office (ATO) , whose spokesperson has just confirmed the information.
"We are consulting with key stakeholders who have shown interest in tax issues related to cryptocurrencies. We will discuss current issues and scenarios, practical issues and tax implications for current and future developments in relation to cryptocurrencies. " ATO spokesman
In terms of providing the necessary transaction information, both incoming and outgoing, the ATO-based group relies on AUSTRAC (the Australian Transaction Reports and Analysis Center), but can also rely on local banks . This is another opportunity for Australian banks to "fight" cryptocurrencies, knowing that some of them would have frozen the accounts of their bitcoin clients .
In the wake, the ATO is also trying to put in place the right device to better tax cryptocurrencies . In the meantime, these are considered as assets for the calculation of capital gains and not as fiduciary currencies.
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