Australia Asks Users’ Opinion On Cryptocurrencies Tax Legislation

Their tax office is wanting to hear the concerns of the public about the matter.

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The government of Australia is willing to recieve the concerns of the users regarding the cryptocurrencies’ tax guidelines. The Australian Tax Office announced at Monday that it has changed its cryptocurrency treatment on March 13.  Soon afterwards there was a rise in queries from the users.

Therefore, the Tax Office of the country has asked citizens to write their comments about the practical problems that they are facing  while trying to meet these tax measures.

The agency described on its web page that they are mostly concerned in any practical problems that might create difficulties for the users to calculate any important losses or gains for cryptocurrencies taxation.

Theses changes are based on the fact that these gains from trading one coin to another are subject to tax liabilities. The legislation forces the users to provide the transactions’ details, like their price in AUD and information regarding the involving parties and the time.

Cryptocurrencies’ taxation is an issue for the country

Unsurpisingly, the taxation of cryptocurrencies is a common problem within the country. Users have also complained regarding the fact that the purchases of expenditures and cryptocurrencies that are made with the tech caused a GST (goods-and-services tax).

Finally, last year the creators of these measures have constructed a regulation that applies the treatment of goods-and-services tax to cryptos in a similar way as the foreign currencies.

Also read: Bitcoin Lingers Around $8,000 Level Due To Twitter Inc Ban On Crypto Ads

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