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Australian Government Looks For Crypto User’s Opinion On Crypto Tax Legislation

Australia | Cryptocurrency Australia | Cryptocurrency tax | Tax regulations Australia | Crypto Tax in Australia | cryptocurrency in australia | bitcoin in australia

While most governments are a little unreceptive of the cryptocurrency users before imposing any kind of crypto tax and regulations, the Australia government is breaking the records by openly inviting reviews and recommendations regarding crypto tax guidelines.

The Australian Tax Office announced at Monday that it has changed its cryptocurrency treatment on March 13 which was followed by open queries from the users.

Keeping all these queries in mind, the Tax Office of the country asked citizens to write their comments associated with practical problems that they are facing while trying to meet the demands at crypto tax measures.

The concerned authorities told that they are majorly accounting to solve the reported practical problems that sometimes create difficulties for the users to calculate any important losses or gains for cryptocurrencies taxation.

Theses changes are to be incorporated since the gains from trading one coin to another are also subject to taxed. The legislation forces the users to provide the transactions’ details, like their price in AUD and information regarding the involving parties and the time.

Also Read: Tax Filing Platform, Cleartax Teams Up With Zebpay To Help Indian Crypto Taxpayers

Crypto Tax Is An Issue For The Country

Crypto tax is a common problem within the country and its crypto users. The users frequently have also complain  that the purchases of expenditures and cryptocurrencies that are made with the tech caused a GST (goods-and-services tax).

This led to a solid construction of a regulation that applies the treatment of goods-and-services tax to cryptos in a similar way as the foreign currencies, last year.

KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.

Rohit Kukreja Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.

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