Australian Tax Agency Seeks Public Input Concerning Cryptocurrency Taxes

The Australian Taxation Office (ATO) has been researching how to formulate regulatory guidelines for taxing cryptocurrencies recently. This week the ATO is seeking input from Australian residents concerning how the country should tax digital assets.

Over the past few months, the ATO has been drafting taxation guidelines for cryptocurrencies like bitcoin. The Australian tax agency has already described how it wants citizens to record all of their digital asset transactions and document the Australian dollar value amount at the time of each transaction. The ATO’s “Seeking Input” letter details its recently defined descriptions “resulted in queries from the community about how to approach specific tax events.” In order to deal with these requests, the ATO is asking for public opinion concerning crypto-tax laws.

“We have launched a community consultation to help us understand practical issues experienced when complying with cryptocurrency tax obligations,” explains the ATO.

Public Feedback Must be Submitted by April 20

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Source: Australian Tax Agency Seeks Public Input Concerning Cryptocurrency Taxes – Bitcoin News