Australia Offers Slightly More Clarity on BTC Taxation

On Tuesday, a little bit of insight emerged as to how Australian Tax Office’s guidance might look.

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Australia Offers Slightly More Clarity on BTC Taxation

It has been three weeks since the Australian tax office postponed offering guidance on how taxpayers Down Under should report Bitcoin earnings.

- Aerial view of Central Business District, Sydney

On Tuesday, a little bit of insight emerged as to how this guidance might look. On the Australian Tax Office’s Completed Matters page, a consultation meeting with Bitcoin businesspeople that took place in late April was summarized.

Here is the full text because of the reported outcomes [emphasis our own]:

“The group provided valuable feedback on ATO propositions that have been part of our deliberations for an Australian position on this tax treatment. We have sought further advice from external legal counsel, which has delayed the release of the guidance paper.

“It remains our priority to provide the community with the final guidance paper in time for people to complete their 2013–14 income tax returns. The key information that a taxpayer will need about each transaction or event with Bitcoin is the date, the amount in AU$, what it was for, and who the other party was (their Bitcoin address, at a minimum).”

So, while the guidance has not yet been finalized, Australian taxpayers should note that the government will want to know with whom you are transacting your bitcoins, when, for how much and why.

For tax purposes.

Last week, Australian business people, lawyers and Bitcoin groups called on the Australian government to provide the promised clarity regarding cryptocurrency regulations in the country of almost 23 million.

Interestingly, the ATO has created an email address specifically for Bitcoin concerns, bitcoin@ato.gov.au, whose main point of contact is senior assistant commissioner Michael Hardy.

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