The government of Australia is focusing on crypto traders as it forms a taskforce to ensure tax compliance. By establishing taskforce the government can easily monitor cryptocurrency transactions, as per to the report of the Australian Financial Review.
Australia is the latest country to initiate working on cryptocurrency trading for the goal of the tax.
The government of Australia is deeply worried that crypto investors unable to finance their fair taxes due to profit earned in the recent rise of cryptocurrency. This is the main aim to establish the taskforce to monitor the crypto investors.
The ATO’s taskforce will be involved with a team of experts & specialists from different sectors such as banking, technology, tax law, and finance. This team of experts will conceive the strategies and appraise the follow the money in cryptocurrency trading. In the month of February 2018, the meeting of this will be conduct.
A spokesman for the ATO said:
“We are consulting with key stakeholders who have expressed an interest in tax issues relating to cryptocurrencies. We will discuss common queries and scenarios, practical issues and the tax implications for current and anticipated future developments in relation to cryptocurrencies.”
Presently, the ATO is devising to tax virtual currencies & forming tax liabilities for their respective taxes. And Cryptocurrency is considered an asset for certain capital gains & not considering it as fiat currency for the tax purposes.
It can be said,The number of agreements and regulations will exist to tie down all the cryptocurrencies. It was at the end of the last year when Australian banks reportedly began freezing their accounts link with Bitcoin users & banning transfers to crypto exchange