The Australian Taxation Office (ATO) has been consistently trying to produce new regulatory framework for taxing the Cryptos. The ATO has sought to take the advice of the Australian commoners regarding how the taxation on digital coins should be done.
The Australian Taxation Office is considering the public views for implementing taxation on Cryptos. They have been conducting series of guidelines and drafts for the Cryptos and has now decided to have the public opinions as well. The office reported that the citizens want their transactions to be recorded and have the Australian dollar value saved for each crypto transaction. The ATO has received request letters which “resulted in queries from the community about how to approach specific tax events”. That is the reason why the ATO is seeking for public opinions on Crypto taxation rules.
“We have launched a community consultation to help us understand practical issues experienced when complying with cryptocurrency tax obligations,” explains the ATO.
The feedback of the Australian Citizens will be submitted by 20th of April. The letter also states that a specific task force has been alloted to track and identify the digital currency transactions. Moreover, the ATO has joined hands with the Australian Transaction Reports and Analysis Centre to comprehend the “tax implications of cryptocurrency arrangements.”
The ATO has reported this week that they are looking forward to hear from the public and take steps considering their opinions.
“We’re eager to hear your feedback about cryptocurrency and its tax implications as the technology may impact how business operates in the future”, the agency said.
Any Australian citizen can give out their views and take part in this. The deadline is by 20th April, 2018. All you have to do is look out for the webpage having the details of ATO’s cryptocurrency consultation on Taxation and pour out your opinion.