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Australia Consults Taxpayers On Virtual Currency Taxation

by Mary Swire, Tax-News.com, Hong Kong

26 March 2018


The Australian Tax Office (ATO) has launched a new consultation on potential reforms to ease the complexity for taxpayers of complying with their virtual currency tax obligations.

The consultation – Substantiating cryptocurrency taxation events, which will run until April 20 – is intended to support the ATO to develop additional guidance for taxpayers following a number of inquiries, in particular on how taxpayers should approach specific tax events.

The consultation is also intended as an opportunity for taxpayers to engage with the tax agency about the evolution of business models and processes as a result of digitalization.

TAGS: capital gains tax (CGT) | compliance | VAT tax authority guidance | tax | business | value added tax (VAT) | Australia | tax authority | currency | VAT compliance matters | Tax

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