Australia Sets Up Crypto-Tax Task Force

January 11, 2018 Taxation in Australia

LitecoinCANBERRA – Dodging taxes using cryptocurrencies will soon be harder in Australia.

The government of Australia has announced the formation of a new task force aimed at ensuring that taxpayers who make profits from cryptocurrencies are not able to hide their incomes.

The new task force will be comprised of a group of expert in banking, tax law, and technology, and they are scheduled to meet for the first time in February to begin work on their task.

The main goal of the group will be to create strategies and mechanisms which will allow the government to track the flow of cryptocurrencies, and to accurately detect whether Australian taxpayers are paying taxes on profits made from cryptocurrency.

Currently, cryptocurrencies in Australia are considered to be an asset, and any profit made from their sale is considered to be a capital gain.