The Australian Taxation Office (ATO) has announced that it intends to work bitcoin capital gains and sales tax guidelines into its system for users to declare on tax returns this year. Its US equivalent, the IRS, is said to be investigating a similar implementation.
ATO senior assistant commissioner Michael Hardy provided a statement to the Financial Review’s Sunday program on Australian TV, saying the office has been monitoring the development of bitcoin and wondering how to tax such “new types of payment tokens”. He said:
“The ATO is working on a holistic understanding of the taxation treatment of bitcoin to be in a position to provide certainty for the Australian community.”
February 10, 2014 at 05:35PM
