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Crypto Asset Reform to Commence – is Australian DAO Regulation Next?

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Crypto Asset Reform to Commence – is Australian DAO Regulation Next?

In a joint media statement on 22 August 2022, The Hon Stephen Jones MP, Assistant Treasurer, Minister for Financial Services and The Hon Dr Andrew Leigh MP, Assistant Minister for Competition, Charities and Treasury confirmed that the Government is to commence consultation on a framework for the regulation of crypto assets.

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Draft legislation released clarifying crypto is not foreign currency for tax purposes

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Draft legislation released clarifying crypto is not foreign currency for tax purposes

In the absence of a comprehensive definition of ‘foreign currency’ in the Australian tax legislation the ATO and Australian courts have interpreted ‘foreign currency’ to be currency issued or recognised by an overseas sovereign state.

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Treasurer Confirms - Cryptocurrency Not treated as foreign currency

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Treasurer Confirms - Cryptocurrency Not treated as foreign currency

In the absence of a comprehensive definition of ‘foreign currency’ in the Australia tax legislation the ATO and Australian courts have interpreted ‘foreign currency’ to be currency issued or recognised by an overseas sovereign state.

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Is Cryptocurrency a Foreign Currency for Tax Purposes?

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Is Cryptocurrency a Foreign Currency for Tax Purposes?

Taxpayers using cryptocurrency in their businesses, including as a means of paying expenses such as staff or contractors or as a means of deriving income through investments, mining or trading, is becoming more common. After a particularly volatile year for the values of cryptocurrency many taxpayers may have significant gains or losses associated with their cryptocurrency transactions.