350,000 Aussie Crypto Users Are Receiving Tax Warning Letters
(Source: forbes.com)

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(Original link: forbes.com)

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Interestingly, the ATO letters seem to be targeting a large number of crypto users irrespective of the size of their crypto holdings . Generally, tax authorities like the IRS are more inclined to focus on cases with high dollar amounts to justify the cost of administration. ATO crypto warning letter receipt Reddit ATO crypto warning letter receipt Reddit
Tax treatment for cryptocurrencies under Australian tax code is similar to the US tax code for the most part. Under the Australian tax code, crypto currencies are treated as a “form of asset” and subject to capital gains taxes. Therefore, selling, trading or exchanging cryptocurrency and converting it into Australian dollars or a foreign currency or using it to obtain goods or services can trigger taxable events. Record keeping is also essential similar to the US tax system. Recipients of ATO crypto tax notices should seek out a reliable cryptocurrency tax software to complete their tax filing (or amend previous returns).
Disclaimer: this post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional. Follow me on Twitter or LinkedIn . Check out my website or some of my other work here .
Shehan is the Head of Tax Strategy at CoinTracker.io ( bitcoin & crypto tax software ). He is one of the handful of CPAs in the country who is recognized as a real-world … Read More
Shehan is the Head of Tax Strategy at CoinTracker.io ( bitcoin & crypto tax software ). He is one of the handful of CPAs in the country who is recognized as a real-world operator and a conceptual subject matter expert on cryptocurrency taxation.
He is a CPE instructor who has been awarded with various awards: 2019 CPA Practice Advisor 40 under 40 accounting professionals , Outstanding Young CPA of the year & Among 21 accountants mentioned on Accounting Today who will be helping shape (and reshape) accounting in 2020 and beyond by Accounting Today
Shehan is a renowned speaker who has done speaking engagements with many organizations including Google, Coinbase, Lyft, AICPA, American Bar Association, and State CPA Societies. Read Less...