Australia Decides To Treat Crypto As An Assets Class In 2022 Budget
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 […]
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With the growing popularity of cryptocurrencies, investors from all over the world are looking to buy the best new cryptocurrency assets in 2022. This guide reviews the 6 best new cryptos to buy in Australia in 2022. Top 6 New Cryptocurrency Australia to Buy 2022 Tamadoge – Best New Crypto to Buy in Australia in 2022 Battle Infinity – Top New P2E Platform to invest in Australia Lucky Block – New NFT Cryptocurrency Project to Buy in Australia Ethereum – Best New Altcoin to Invest in Australia Solana – Highly Scalable Cryptocurrency Project in 2022 Dogecoin....
Australia chooses not to treat bitcoin as currency. Australia's Tax Office has spoken, and it has declared that it will not treat Bitcoin as money or as foreign currency. It has instead opted to treat Bitcoin transactions as barter transactions, in a move that would have far reaching implications on Bitcoin use down under. Australia's Approach to Definition of a Currency. Definition of a currency or money in Australia falls under the Currency Act. To summarize, the Australian Currency Act permits transactions relating to money in Australia only to be undertaken using Australian currency or....
India in its Union Budget 2022 has decided to introduce a ‘Crypto Tax’. Finance Minister Nirmala Sitharaman proposed a 30% tax on any income from the transfer of virtual digital assets. No Tax deductions or exemptions apart from the cost of acquisition shall be permitted, according to Sitharaman. With this decision, a lot of ambiguity […]
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....
The new federal budget states that Bitcoin will fall under the “current tax treatment of digital currencies, including the capital gains tax treatment, where they are held as an investment.” The first federal budget under the Anthony Albanese led-government has outlined that Bitcoin (BTC) will continue to be treated as a digital asset, and not taxed like a foreign currency.This clarification comes in response to El Salvador’s adoption of BTC as legal tender in September last year, with the Australian government essentially ruling out a shift in classification despite it being used as a....