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Australian Police Seize $9.3M in Crypto, Bust Mastermind Behind Ghost Platform
7.10.2024
The Australian Federal Police have taken a major step against organized crime by seizing $9.3 million in cryptocurrency. The operation uncovered a secret encrypted communication platform, Ghost, leading to the arrest of its alleged mastermind. Through digital forensics, authorities cracked...
DeFi Users Seek Clarity as Australia’s Tax Office Fails to Explain New Capital Gains Tax Rules
24.11.2023
The ATO’s opaque DeFi tax guidance perplexes Australian crypto investors. Image by Vadym, Adobe Stock. The Australian Taxation Office (ATO) released new guidance on November 9, stating that capital gains tax (CGT) applies to certain decentralized finance (DeFi) transactions. The tax agency...
Australia Introduces Capital Gains Tax For Wrapped Tokens
14.11.2023
Source: Pixabay The Australian Taxation Office has issued an update on its capital gains tax for crypto products, stating that it also extends to wrapped tokens or token interaction with decentralized lending protocols. The previous edition of the capital gains tax stated that capital gains...
Australian Taxation Office to Focus on Capital Gains From Crypto Assets
18.5.2022
The Australian tax agency has listed crypto-related profits among several priority areas where more efforts are needed to ensure correct reporting. The authority has reminded taxpayers they need to calculate any capital gain or loss from the sale of digital coins and tokens and record it in their...
Crypto capital gains one of four key areas for Australian Tax Office
16.5.2022
“Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh
Australian Tax Office says it can't rely on crypto users' own records
26.11.2021
“Our main concern is that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars,” said the ATO commissioner
Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains
29.5.2021
Australia’s revenue service has reminded a growing number of crypto investors about their tax obligations. Rejecting the common misconception that crypto gains are only taxable when coins are cashed back into dollars, the tax office is going to prompt hundreds of thousands of taxpayers...
Tax Office to Contact 350,000 Australians and Remind Them to Report All Crypto Profits
12.3.2020
Australian tax agents have set out to close a gap they say costs the state several billion dollars. Taxpayers who file various work-related claims and investment property deductions or declare income from sharing economy platforms such as Uber and Airbnb may be asked for explanations and receipts....
IRS Plans to Issue Guidance on Virtual Currency Taxation
21.5.2019
Internal Revenue Service (IRS) commissioner Charles Rettig has explained to U.S. representatives that the tax department plans to issue clearer guidance toward cryptocurrency taxation soon. Since 2014, Americans have been asking the tax agency for better clarification in regard to official...