"The Australian Revenue Agency (ATO) is tightening policy to try to plug the loopholes of cryptocurrency investment such as bitcoin.
In addition to operating expenses and incorrect claims, cryptocurrency will be an area of concern.
Mark Chapman, Tax Director of H & R block, told reporters that there has been "systematic abuse" in the field of encryption, with an annual budget of more than $2.5 billion.
Authorities say they will use 100 point identification checks to implement data matching technology to investigate cryptocurrency investors. This topic is a "fuzzy field", and many people do not know the current rules. Chapman said:
"Many people simply don't know they have tax obligations - in terms of taxes, cryptocurrency is a barren western region. But we must realize that whether you pay tax on capital gains and income tax depends on whether you invest or trade. "
The Australian revenue service provided guidance on this issue earlier this year. The document points out that although cryptocurrency (especially bitcoin) is not regarded as currency or foreign currency, it is regarded as an asset subject to capital gains tax.
Recently, the development of cryptocurrency in Australia has shown a series of new momentum. Earlier this month, the bank CBA also banned the use of credit cards to buy cryptocurrency. However, the news is not always negative – Brisbane Airport became the world's first airport to accept cryptocurrency retail and services in January.
Australia may not be the only country to start strengthening its control over cryptocurrency taxes. A recent report found that 0.04% of U.S. cryptocurrency users are paying taxes. Of the 250000 Americans surveyed, more than 57% admitted to knowing that their encrypted transactions required taxes.
With the emergence of such statistics, we may see that governments around the world are seeking to strengthen tax control., Technology Zone
What is bitcoin bifurcation
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