The Australian Tax Office (ATO) is establishing a task force to monitor cryptocurrency transactions, according to a report in The Australian Financial Review.
The taskforce will seek to ensure cryptocurrency investors are paying the correct amount of tax. It is stated that a team of specialists across tax law, technology, banking and finance will devise strategies to follow the money on gains made from investment in digital currency.
We are consulting with key stakeholders who have expressed an interest in tax issues relating to cryptocurrencies. We will discuss common queries and scenarios, practical issues and the tax implications for current and anticipated future developments in relation to cryptocurrencies.
The Australian Tax Office
The first meeting of the ATO and various industry experts is expected to take place next month.
Recently, we have reported that the Swiss government has announced the creation of a new group to strengthen its regulatory framework related to blockchain startups and ICOs.