Australian Taxation Office Creates Task Force to Go After Bitcoin Traders

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

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

“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.



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