Tax office of Australia (ATO) drew attention to possible loopholes in the investment in bitcoin and other cryptocurrencies.
Director of tax communications mark Chapman (Mark Chapman) said that cryptocurrencies, along with the expenses for works and incorrect claims will be the focus of attention.
As noted by Chapman, the authorities will use 100 percent testing because the subjects — “the murky realm” is largely not familiar with regulations.
“Many people simply do not know their tax obligations — cryptocurrency is a wild region with respect to taxes, but it is important to know that there are potential tax liability associated with capital gains and income tax, depending on whether it is investing or trading,” said Chapman.
The field of the use of bitcoin and other cryptocurrencies in the country continues to expand. For example, recently the users have got the opportunity to buy BTC and Ethereum (ETH) at newsstands.