[2018-01-10] Australian Tax Office To Impose Tax On Cryptocurrency

[Rick Nolan]

The Australian Tax Office (ATO) is establishing a task force to monitor cryptocurrency transactions, according to a report in The Australian Financial Review.

The taskforce will seek to ensure cryptocurrency investors are paying the correct amount of tax. It is stated that a team of specialists across tax law, technology, banking and finance will devise strategies to follow the money on gains made from investment in digital currency.

Source: https://hype.codes/australian-tax-office-impose-tax-cryptocurrency

[onrise]

It is advisable for all the citizens of their respective country to pay the taxes on time and as per their laws. Because if government is allowing this cypto currencies in return they would also like to get the revenue in return else their is no point for them to open it up for their citizens. Higher the revenue they get from this share other countries may also think on the lines of OZ the way they are handling this things.

[igordemin]

It is advisable for all the citizens of their respective country to pay the taxes on time and as per their laws. Because if government is allowing this cypto currencies in return they would also like to get the revenue in return else their is no point for them to open it up for their citizens. Higher the revenue they get from this share other countries may also think on the lines of OZ the way they are handling this things.

Absolutely logical move.
You earn on crypto currrency - you pay taxes.
Like in any other sphere.

[uslfd]

Once more governments start to tax crypto earning - it will become very hard for govt to ban crypto because of the income stream. So I advise everyone of us to do whatever the law requires us to do - this is the right thing to do + it is very benenficial to crypto development in the long term

[squatter]

The Australian Tax Office (ATO) is establishing a task force to monitor cryptocurrency transactions, according to a report in The Australian Financial Review.

The taskforce will seek to ensure cryptocurrency investors are paying the correct amount of tax. It is stated that a team of specialists across tax law, technology, banking and finance will devise strategies to follow the money on gains made from investment in digital currency.

Not surprising. I expect similar actions across the globe. This is what government does best: scare you into paying taxes. I'm curious how they plan to "to ensure cryptocurrency investors are paying the correct amount of tax" though. Blockchain analysis is getting more sophisticated, but I suspect they are blowing smoke up our ass with that.

I don't think they have the means or ability to aggressively deal with decentralized exchanges, unregulated exchanges, mixers, IP address obfuscation, etc. But they probably have lots of "low hanging fruit" to pick, because lots of people apparently use regulated exchanges like Coinbase but don't pay their taxes.

[aso118]

The Australian Tax Office (ATO) is establishing a task force to monitor cryptocurrency transactions, according to a report in The Australian Financial Review.

The taskforce will seek to ensure cryptocurrency investors are paying the correct amount of tax. It is stated that a team of specialists across tax law, technology, banking and finance will devise strategies to follow the money on gains made from investment in digital currency.

Source: https://hype.codes/australian-tax-office-impose-tax-cryptocurrency

It is not a tax on cryptocurrency; it is a tax on income / gains made through cryptocurrencies. There is a big difference between the two. Governments, which want to kill Bitcoin, might impose a sales tax or some other form of tax on any bitcoin transaction. This is not such a move and seeks only to tax the profits.