1/ 🧵 Australia's taxation office is taking bold steps to add the capital gains tax to the token wrapping event. This would be one of the unfair taxes imposed on crypto.
1/ 🧵 Australia's taxation office is taking bold steps to add the capital gains tax to the token wrapping event. This would be one of the unfair taxes imposed on crypto.
2/ 🧵 Event when the token is wrapped and the event when the token is unwrapped is now taken as the event of taxation.
3/ 🧵 Australian taxation office is already taxing the crypto but now they want to check the micro events to tax them.
Check out how Australia taxation office plans on taxing wrapping events of token.
https://inleo.io/@esmeesmith/australian-taxation-office-to-impose-capital-gains-tax-on-wrapped-tokens
This is an ominous sign of either misunderstanding how the defi niche works or a deliberate attempt to drive this economic tool out of Australia.