ATO Gets Public Feedback on Cryptocurrencies from 800 People

September 07, 2018, 11:02 AM AEST - 3 years ago

Cryptocurrency and tax

Tax time has seen a flurry of questions to the Australian Taxation Office (ATO) especially in the emerging space of cryptocurrency, where new questions of interest have surfaced from the community.

As a result of this heightened interest together with feedback gathered from community consultation conducted earlier this year, the ATO has updated guidelines on ato.gov.au regarding the Tax Treatment of Cryptocurrencies.

Topics of main concern in the community consultation related to the practical issues of exchanging one cryptocurrency for another and recordkeeping requirements of cryptocurrency transactions.

Approximately 800 pieces of individual feedback plus submissions from law and accounting firms, and software publishers were received and analysed for common themes and traits.

We thank those who contributed. To find out about the most frequently raised issues and the ATO response following the community consultation go to lets-talk/ato.gov.au.

The ATO will continue to monitor public feedback and advise on new and emergent cryptocurrency risks.

If you plan to purchase, trade, or profit from the sale of cryptocurrency, make sure you are aware of your tax obligations. If you have purchased cryptocurrency in the past you may have tax related obligations.

Visit ato.gov.au/cryptocurrency for information about tax obligations of cryptocurrency.

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