Australia Seeks Public Input on Crypto Tax Guidelines - CoinDesk

[Goozzi]

Australia's government wants to hear from the public about its tax treatment of cryptocurrencies.
The Australian Tax Office (ATO) said Monday that it has updated its guidelines for cryptocurrencies on Mar. 13, following an increase in queries from taxpayers.
As a result, officials have launched a public comment process in order to "understand [the] practical issues experienced when complying with cryptocurrency tax obligations."

Source: https://www.coindesk.com/australia-seeks-public-input-crypto-tax-guidelines/?utm_content=bufferb99c2&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

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[buwaytress]

Looks like they're going the way of EU and even Malaysia in seeking public input. Note that this doesn't necessarily guarantee that their existing stances will sway. The current administration has been rather cynical when it comes to revenue derived from crypto. It's partially reflected in how they're looking at new rulings for online gambling (which arose from bitcoin use in online casinos). Expect at best that they'll adopt a quasi-Western Europe approach that will tax capital gains, if not outright transactional volumes.

This was the country that introduced GST on crypto, at least there's no VAT on crypto in EU.

[matuson]

This is the right decision. But it seems to me that the government's intervention in the turnover of cryptocurrencies can have a negative impact on their popularity. Decentralization and deregulation of cryptocurrency was a major property that attracted a large number of users. Perhaps reducing the capitalization of cryptocurrency is a response to the actions of governments.

[marielbeckham]

Will keep an eye on this. It's interesting what the final results will be there.

[jseverson]

Note that this doesn't necessarily guarantee that their existing stances will sway.

Yeah, I feel like it has more to do with the practicality of filing Bitcoin-related taxes rather than Bitcoin being treated as property -- I'm fairly sure that part is non-negotiable. I like how they're making it easy for taxpayers to comply though, with detailed guides and even asking for input. I wish my country were the same way lol.

This is the right decision. But it seems to me that the government's intervention in the turnover of cryptocurrencies can have a negative impact on their popularity. Decentralization and deregulation of cryptocurrency was a major property that attracted a large number of users. Perhaps reducing the capitalization of cryptocurrency is a response to the actions of governments.

Well there is a case to be made that the government talking about crypto would increase public awareness and interest. It all depends on the context though. This one in particular seems neutral, and could even be construed as a friendly move.