Australia has updated its guidance on the taxation of cryptocurrencies

The Australian government wants to know the public opinion about the tax regulation of the cryptocurrency. Australian taxation office (ATO) has reported
Monday that it has updated its guidance on cryptocurrencies, March 13, after the increase in the number of queries from taxpayers.

In result, officials have started to collect feedback from citizens to «understand the practical problems encountered in the compliance with tax obligations in respect of cryptocurrency».

«In particular, we are interested in any of the practical issues that may affect the ability of taxpayers to calculate the profit increase or loss from transactions with cryptocurrencies with the purpose of tax on capital gains,» — said on the Agency’s website.

Updates
policies point to the fact that capital gains from the exchange of one cryptocurrency to another is subject to tax obligations. The guidelines state that taxpayers provide detailed information about these transactions, such as their value in the Australian dollar, their objectives, timeframes and parties involved.

Taxation of cryptocurrencies was one of the most controversial issues in Australia related to the industry. Earlier, supporters and users of digital currencies actively criticized the fact that «double taxation» of cryptocurrency. In the autumn of last year, the authorities said that from July 2018 Australians will no longer have to pay tax on the goods and services tax (GST, the equivalent of VAT) when buying and selling of virtual currencies, as the government has approved a bill which will solve the problem of «double taxation» in the country.

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