The Australian Department of the Treasury invited the public to discuss the agency’s initiative to exclude cryptocurrency assets from the list of taxable foreign currencies.
The current Australian cryptocurrency legislation and the lack of a unified position on the regulation of digital assets create uncertainty regarding the status of cryptocurrencies as an object of taxation.
The country’s government plans to minimize uncertainty and amend the existing definitions of digital currency in the laws on income tax assessment and goods and services tax.
The representative of the Department of Finance and Deregulation of Australia, Assistant Treasurer Stephen Jones (Stephen Jones) called on the public to express their opinion before September 30 on the agency’s initiative to exclude cryptocurrency assets from the definition of foreign currency as an object for income tax and capital gains tax.
According to the regulator, the clarification of the definition will exclude different interpretations of the terms and ensure the fulfillment of tax requirements by holders of crypto assets without changing the current tax regime.
Recently, the Australian Federal Police (AFP) announced the creation of a special cryptocurrency unit in the police structure, whose tasks will include combating money laundering and monitoring suspicious crypto transactions.
Source: Bits
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