Australian Taxation Office – DIGIT INFO

Australian Police Seize $9.3M in Crypto, Bust Mastermind Behind Ghost Platform

DIGIT — Mon, 07 Oct 2024 00:46:22 +0000

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 the suspect’s crypto accounts. With previous operations yielding millions in seized assets, the ongoing investigation […]

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Australia’s confusing new crypto tax guidance is ‘toilet paper,’ says law firm

DIGIT — Fri, 01 Dec 2023 05:20:36 +0000

“I am actively telling people they are best ignoring it,” Cadena Legal’s founder tells Cointelegraph after controversial new tax guidance on DeFi was released in November.

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Crypto capital gains one of four key areas for Australian Tax Office

DIGIT — Mon, 16 May 2022 05:51:33 +0000

“Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh.

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Australian Tax Office says it can’t rely on crypto users’ own records

DIGIT — Fri, 26 Nov 2021 01:04:41 +0000

“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.

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Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains

DIGIT — Sat, 29 May 2021 11:36:55 +0000

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 to report profits and losses from their cryptocurrency transactions. Tax Office […]

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Tax Office to Contact 350,000 Australians and Remind Them to Report All Crypto Profits

DIGIT — Thu, 12 Mar 2020 00:30:36 +0000

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. Investors and traders earning income from cryptocurrencies are […]

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Australian Bank Bans Use of Mortgage Funds for Crypto Speculation

DIGIT — Sat, 14 Jul 2018 06:55:20 +0000

One of Australia’s oldest financial institutions, Bank of Queensland, has prohibited the use of home equity loans for virtual currency speculation. The move has been attributed to concerns pertaining to the growing regulatory oversight of the cryptocurrency sector in Australia. Also Read: Tether Announces Appointment of New Chief Compliance Officer Bank of Queensland Cracks Down on […]

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Australian Regulations for Cryptocurrency Exchanges Introduced

DIGIT — Wed, 04 Apr 2018 00:04:17 +0000

Australia’s new legislative guidelines for the operation of cryptocurrency exchanges were introduced on the 3rd of April 2018. From now on, Australian digital currency exchange businesses will be required to register and comply with anti-money laundering/counter-terrorism financing (AML/CTF) laws. Also Read: Companies Outsource Marketing to India Amid Ban on Crypto Ads Australia Introduces AML/CTF Requirements for […]

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Australian Tax Agency Seeks Public Input Concerning Cryptocurrency Taxes

DIGIT — Thu, 29 Mar 2018 02:30:12 +0000

The Australian Taxation Office (ATO) has been researching how to formulate regulatory guidelines for taxing cryptocurrencies recently. This week the ATO is seeking input from Australian residents concerning how the country should tax digital assets. Also read: South Korean Exchange Paying Users to Report Illegal Crypto Schemes The Australian Taxation Office is Looking for Public Opinion Concerning […]

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