Australia Offers Slightly More Clarity on BTC Taxation
It has been three weeks since the Australian tax office postponed offering guidance on how taxpayers Down Under should report Bitcoin earnings. “The group provided valuable feedback on ATO propositions that have been part of our deliberations for an Australian position on this tax treatment. We have sought further advice from external legal counsel, which has delayed the release of the guidance paper. On Tuesday, a little bit of insight emerged as to how this guidance might look. On the Australian Tax Office’s Completed Matters page, a consultation meeting with Bitcoin businesspeople that....
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ATO (Australian Taxation Office) just released its guidance on the tax treatment of cryptocurrencies. The set of regulations coincides with Australia's 2013-1014 income tax returns. It has been a long time coming as CoinTelegraph initially reported that the ATO is planning to prepare the guidelines, and then postponing, then offering slightly more clarity, and now here we are. Bitcoin's popularity in Australia as well as New Zealand is booming, and increasingly more local startups are looking to adopt the cryptocurrency. Currently, there are 190 active companies in Australia using Bitcoin....
An Indian industry association has written to the country’s finance minister seeking clarity on cryptocurrency taxation in Union Budget 2022-23. “The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion.”
Industry Wants Clarity in Crypto Tax Laws in Union Budget 2022-23
Indian industry association Indiatech has written to the country’s finance minister, Nirmala Sitharaman, regarding cryptocurrency taxation. The association represents major....
However, it seems only normal governments around the world want to make sure Bitcoin is part of their AML regulation. Moreover, this decision indirectly gives cryptocurrency the label of “money” in Australia. Exciting changes are coming to Bitcoin in Australia, as the federal government will change their regulatory stance on cryptocurrency. Avoiding double taxation is the primary objective, and local AML/CTF regulations will be extended to cryptocurrency. First and foremost, the Australian government has announced they will change the way GST on Bitcoin is calculated, as they want to avoid....
The Australian senate committee made 12 proposals to modify the current license and regulations over crypto assets, as well as the laws of taxation. The lawmakers believe Australia could take the lead in the digital economy if the laws were amicable. The Senate Committee on Australia as a Technology and Financial Center (ATFC) states that […]
Amidst the world’s jurisdictions preparing legislation for the crypto sector, Australia adopts a less-favoured approach when it comes to taxation. On Tuesday, Australia released its national budget for the year 2022-2023. The Aussie government mentioned in the papers that digital assets would be recognized as an asset class regarding tax policies and not as foreign […]