The creation, trade and use of cryptocurrency is rapidly evolving. This information is our current view of the income tax implications of common transactions involving cryptocurrency. Any reference to 'cryptocurrency' in this guidance refers to Bitcoin, or other crypto or digital currencies that have similar characteristics as Bitcoin. The Australian Taxation Office (ATO) has become the latest organization to voice its concerns about the rising danger of Bitcoin-related scams. Earlier today, the organization published an announcement informing the public that scammers are impersonating the ATO and are demanding Bitcoin or other cryptocurrency as a form of payment for fake tax debts. If you're among those who are brimming with optimism about the potential riches from investing in cyptocurrencies like bitcoin, it's time to start thinking about tax. The Australian Taxation ... After months of deliberation, the Australian Taxation Office (ATO) has ruled that for taxation purposes, Bitcoin is neither money nor foreign currency. The ruling is similar to that of the IRS in the US, with the implications outlined below. As a general rule, transacted bitcoins need to be evaluated in terms of their fair market … Continued Thus far, Australian cryptocurrency traders have been able to avoid the gaze of the tax man without too much effort. But this week, the Australian This week, the Australian Taxation Office (ATO) launched a data-matching program, in an attempt to hunt down bitcoin and cryptocurrency evaders. Traders are, therefore advised to report their returns to the Australian Taxation Office. For this purpose, the ATO is set to send warnings to hundreds of thousands of Australian cryptocurrency traders, reminding them of their tax obligations. The tax office urges traders to ensure that they keep good records when they buy, sell or trade ... The Australian government is in the process of investigating a number of tax avoidance schemes involving cryptocurrency with support from other jurisdictions. This follows an announcement in April by the Australian Taxation Office (ATO) that it was stepping up its database in order to monitor if the correct taxation is being gathered from cryptocurrency holders across the country. The Australian Taxation Office (ATO) has warned taxpayers to be “on high alert” for phine scammers demanding payment through bitcoin ATMs
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