Australian Taxation Office (ATO) initiated a public debate which purpose is the aspiration “to understand the practical moments connected with tax obligations of cryptocurrencies”.
The message of ATO says that there’s a special page on the website of the department, where everyone can leave the comments, remarks and wishes. The tax administration took this step after the growing number of inquiries from taxpayers.
“In particular, we are interested in the practical moments which can affect a possibility of taxpayers to make calculation of income from a gain of the capital and capital losses for a tax on income from a gain of the cryptocurrency capital.”
— ATO website says.
In the updated recommendations it is also noted that income gained as a result of exchange of one cryptocurrency for another is subject to the taxation. Taxpayers have to provide information on such transactions, including their purpose and cost in Australian dollars, time of carrying out and a detail about the participating parties.