free web page hit counter Australian Taxation Office Creates Task Force to Go After Bitcoin Traders

Australian Taxation Office Creates Task Force to Go After Bitcoin Traders

2809 Views

Australian Taxation Office Creates Task Force to Go After Bitcoin Traders

Are you an Australian citizen and worried you might not be paying all the taxes you are due on your bitcoin investments? Well, worry no more because the government is here to help. A group of experts has been assembled to make sure no satoshi goes untaxed in the land down under.

Australian Bitcoin Taxation Office

Australian Taxation Office Creates Task Force to Go After Bitcoin Traders The Australian Taxation Office (ATO), the government agency and principal revenue collection body for the Australian government, has reportedly created a special task force to help it track and identify all cryptocurrency transactions in the country for tax collecting purposes. It is meant to help tax officials to “explore common queries and practical issues” involving cryptocurrency trading and tackle tax evasion, according to the Australian Financial Review.

Besides this group of tax and law experts, the agency is also assumed to be working closely with the Australian Transaction Reports and Analysis Centre (Austrac) as well as state revenue offices, especially in relation to real estate deals. Austrac is the government’s financial intelligence agency all the exchanges in the country must be registered with to operate legally. Banks are also part of this effort as they are known to be very concerned about AML/KYC (anti-money laundering and know your customer) compliance.

The New Normal

Australian Taxation Office Creates Task Force to Go After Bitcoin Traders Targeting bitcoin traders for tax evasion investigations seems to be a common practice right now for authorities all over the world and not just Australia. A few recent countries where similar efforts are being made include South Korea, India, and South Africa among others. The most famous case is probably the IRS vs Coinbase, where US investigators use the services of companies like Chainalysis to hunt down bitcoin users for evading taxes.

“We are consulting with key stakeholders who have expressed an interest in tax issues relating to cryptocurrencies. We will discuss common queries and scenarios, practical issues and the tax implications for current and anticipated future developments in relation to cryptocurrencies,” an ATO spokesperson commented. The purpose is to “help inform the ATO’s strategy for supporting the community in understanding the tax implications of cryptocurrency arrangements they may enter into, including any additional advice and guidance.”Are you looking forward to paying your bitcoin taxes? Tell us what you feel in the comments section below.

Source: Bitcoin.com

Images courtesy of Shutterstock.

Comments

Elliot Waves Cheat Sheet

The Elliott wave principle is a form of technical analysis that finance traders use to analyze financial market cycles and forecast market trends by identifying extremes in investor psychology, highs and lows in prices, and other collective factors. Ralph Nelson Elliott (1871–1948), a professional accountant, discovered the underlying...

Elrond Announces Wallet and Global Payments App Launch on 31st January 2021

Recently, Elrond also announced the launch of its digital wallet and global payments app dubbed Maiar, scheduled for Jan. 31 2021.Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a nov...

Enjin Coin (ENJ) Makes Gaming History With Coincheck Exchange Listing

On the 19th of January, Enjin announced that the Enjin Coin (ENJ) has been approved by the Japan Virtual Currency Exchange Association (JVCEA). This approval enables Enjin Coin (ENJ) to be listed on the Coincheck exchange. The JVCEA is the regulatory body in charge of cryptocurrency exchanges in Japan.Listing Enjin Coin on Coinch...

Trading for Beginners – The Best Strategy System with Moving Averages

What is a moving average?A moving average is a widely used indicator in technical analysis that helps smoothing out price action by filtering out the “noise” from random price fluctuations. They are calculated by taking the average closing price of a currency pair for the last ‘X’ number of periods. It is a trend-following, or lagging, i...


All about Bitcoin Halving - History and Price Predictions

What is a Bitcoin halving?A halving is a planned reduction in rewards miners receive (the term is mentioned in Bitcoin’s code). Halvings happen once every 4 years, and more precisely, every 210,000 blocks of transactions. As the name suggests, each one cuts the amount of Bitcoin miners receive per block reward in half. For miners, obvious...

The Future of Instant Payments: Which Cryptocurrency Will Take the Lead?

One of the reasons why digital tokens became popular in the first place is the ease of use. You are able to go to a cryptocurrency exchange like this one and convert them, make transactions in just a few clicks, and there are no banks and other middlemen that can complicate the process. However, instant payments are not something synonymo...


Why is ETC (Ethereum Classing) going up so fast at the moment? - The Callisto Project

Callisto Project is coming up on March 5 2018Quick summary:It is not a hard fork, it's an airdrop. The difference is there won't be a shared history.Both chains will continue to exist.Those holding ETC at block 5.5 million (around March 5 2018) will receive an equivalent amount of CLO.If you want your CLO the safest bet is storing your ET...


Game-changer for Litecoin to be released

A "GAMECHANGER" for Litecoin will be released later this month with businesses expected to be able to accept the cryptocurrency "without worrying about price volatility", a financial expert has warned.Charlie Lee, Litecoin founder and former director of engineering at Coinbase, says transaction processor LitePay will be released on Februa...