Australia Tax Office Launches Investigation into the Taxation of Cryptocurrencies

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The Australian Tax Office (ATO) has launched an official consultation on the practical issues associated with businesses regarding cryptocurrencies and their tax treatment.

The purpose of the consultation is to gain feedback on issues such as compliance arising from fulfilling taxation obligations in relation to transactions with virtual currencies.

More specifically, the ATO is interested in any pragmatic issues that are impacting taxpayers’ capabilities to calculate any capital gains and losses for capital gains tax (CGT) purposes.