Tax and Crypto Investors. Specialists of the Australian Tax Administration confirmed that they are fighting with cryptocurrency investors. Back in the spring, they were announced to conduct work in the direction of user identification. According to Liz Russell, a senior tax agent at Etax.com.eu, the Australian tax authority is on a "war path" with investors. The main goal is to achieve full payment of taxes, with actions that are related to cryptocurrencies.
The Office considers cryptocurrencies as assets. The profit from the sale of digital currencies is governed by the provisions on the payment of taxes on capital gains.
Due to the fact that the Bitcoin (BTC) jumped in price to 20 thousand US dollars at the end of last year and since that time they have fallen to 6,5 thousand dollars, the cryptocurrency investors had an opportunity both to receive and to lose the invested facilities. Liz Russell points out that this situation speaks of losses from sales of cryptocurrency received from the sale of other assets, such as digital currencies, and investment funds, as well as shares.
An exception to the rules is that crypto investors that use cryptocurrencies to pay for services. For example, Brisbane is the world's first cryptocurrency airport, which will be launched soon.
In mid-March, the country's Tax Service announced that a new type of fraud had spread. Attackers pretended to be employees of the Australian Tax Administration and collected taxes from users@BPI
