Australia will require declaration of earnings in cryptocurrencies
The Australian Tax Office (ATO) issued a new reminder to digital asset traders, with respect to transaction reports
This week, the Australian Tax Office (ATO) reminded traders to declare their earnings in cryptocurrencies on the annual income report.
This warning comes after Australia asked the exchanges to verify the identity of the users, just as they are now obliged to report any transaction that exceeds $ 10,000 that is considered “suspicious”.
“While there is no specific label in the capital gains program or in the income tax return to identify how many people have invested in cryptocurrency, we are still analyzing the housing activity this year to determine any significant impact of cryptocurrencies”, detailed an ATO spokesperson.
With this, merchants of digital assets must fully comply with the Australian legal framework regarding the reporting of transactions. They will also have to show the amount in Australian dollars and name the purpose of their transactions and other parties involved in the trade.
Earlier this year, the tax office had begun to identify digital assets people who handled cryptocurrencies in order to prevent tax evasion on the profits of digital assets.
K. Tovar
Source: CCN
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