Australia Will Set Official Tax Guidelines on Bitcoin This Year
The Australian Taxation Office (ATO) has announced that it intends to work bitcoin capital gains and sales tax guidelines into its system for users to declare on tax returns this year. Its US equivalent, the IRS, is said to be investigating a similar implementation. ATO senior assistant commissioner Michael Hardy provided a statement to the Financial Review's Sunday program on Australian TV, saying the office has been monitoring the development of bitcoin and wondering how to tax such "new types of payment tokens". He said: "The ATO is working on a holistic understanding of the taxation....
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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....
The Australian Tax Office (ATO) today released its long-awaited guidelines on how bitcoin businesses and individual users will be taxed in Australia. The guidelines are similar in nature to those issued by Singapore in January, which received a mixed response from the bitcoin community. In summary, bitcoins will not be regarded as 'money', and will be taxed in a similar way to other non-cash or barter transactions. As in Singapore, this raises the specter of double-taxation for some bitcoin transactions. Likely to be impacted most are businesses who have been transacting in bitcoin and....
In early April the National Australia Bank (NAB) decided to cut ties with the bitcoin community and close any accounts that primarily dealt with the digital currency on May 2. The NAB believes dealing with digital currencies is too risky. Less than one week later, Australia’s first bitcoin ATM went live in Sydney, the first of several proposed ATMs in the land down under. To round off the month, the Australian Taxation Office (ATO) is preparing to meet with head figures of the Bitcoin industry along with accounting and tax experts to prepare guidelines on taxing and regulating all virtual....
Australian bitcoin advocacy association Bitcoin Australia (BA) has published a paper detailing its recommendations for how bitcoin taxation should be managed by domestic authorities. By producing the paper, BA is preempting the Australian Tax Office (ATO), which is expected to release its own official guidelines sometime in the next few weeks. BA's recommendations are designed to fit within the framework of existing Australian federal tax legislation, factoring for income, capital gains and a goods-and-services tax (GST). At the proposal's heart, however, is the legal definition of digital....
The Advertising Standards Council of India has released guidelines for the advertising and promotion of crypto assets and related services. “We had several rounds of discussion with the government, finance sector regulators, and industry stakeholders before framing these guidelines.”
India’s Crypto Ad Guidelines Published
The Advertising Standards Council of India (ASCI) published Wednesday “guidelines for advertising and promotion of virtual digital assets and services.”
The guidelines are applicable to all advertisements....