The Australian Tax Office will take out cryptographic currency to make sure they deposit their crypto earnings on their taxes this year, reported Business Insider Australia in February. 28.

The Australian Tax Office will use data matching and " 100-point identification checks " to track down crypto investors, as well as the Bilateral tax treaties and anti-money laundering commitments to obtain more information on crypto and traditionally anonymous markets.

Paul Drum, a member of the National Fiscal Liaison Group said that this movement is a " decisive moment for the ATO " and " [enable] them d & rsquo; To access and completely review the cryptocurrency trading account data for the first time : "

" The effectiveness of the I & # 39; Anonymity of Bitcoin and other cryptocurr-based incies begins to fade.These upcoming changes mean that people should not assume that they can hide forever behind Blockchain technology, nor assume that ######################################################################################### 39, there are no tax consequences. "

In May 2017, the Australian government confirmed that it would treat Bitcoin" just as the US government would. money ", and that it would no longer be subject to double taxation.

The End of Double Taxation Legislation Was Offi adopted in September 2017, which means that goods and services tax (GST) would no longer apply to both the purchase of cryptography and its use in a stock exchange. The September 2017 law also stipulates that crypto will be treated as a fiat currency for the purposes of the GST, antedating the bill until July 1, 2017.

However, in February 2018, the l & # 39; The Australian Tax Office has stated that cryptocurrencies are considered to be " property ", which means that financial profits from the sale of cryptocurrencies should be subject to a capital gains tax. The ATO has issued a warning at the end of January that they will take "energetic measures" against those who try to dodge their tax obligations.

The ATO website contains a section on the taxation of cryptocurrencies, particularly Bitcoin. stated that in their opinion:

"Bitcoin is neither money nor a foreign currency, and the provision of Bitcoin is not a financial provision for the purposes of the goods and services tax (GST) Bitcoin is, however, an asset for the purposes of the capital gains tax (GTC). "

The article adds that there will be no income tax or GST on goods and services as the total cost is less than $ 10,000. On the other hand, a company may be invoiced for goods and services with BTC transactions, and it is possible to apply a CGT if the " has [s] " BTC in part of his transaction Mark Chapman, director of tax communications for H & R Block and former senior director at ATO, said that for those involved in cryptocurrencies, it is better to emander professional tax advice because of the complexity of the ATO guidelines, according to the news .com:

"Many people are just not aware of their tax obligations – cryptocurrency is a Wild West area with regard to taxation – but it is essential to be aware that there is potential tax liabilities surrounding capital gains and income tax, according to that you invest or negotiate […] you do not want to fall under the hands of the tax man. "

March 1, what he would consider Bitcoin

In the United States, where the Internal Revenue Service (IRS) treated cryptocurrencies as property for tax purposes since 2014, only 0.04% of personal finance service CreditKarma's customers reported cryptocurrency transactions on their tax returns this year.