Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Australia Creates Tax Taskforce To Monitor Crypto Traders

The government of Australia is eyeing crypto traders as it establishes a taskforce to ensure tax compliance.

If there’s one thing that’s near and dear to the hearts of national governments, it’s taxes. The gathering (and spending!) of revenue is what keeps the wheels of government turning. Of course, some cynical folks would say spending taxpayer money ensures that palms are greased and votes are bought.

No matter the case, governments frown at any attempt to circumvent paying taxes, which is where cryptocurrency comes into play. Australia is the latest country to begin working on keeping a closer eye on crypto transactions for tax purposes.


Due to its decentralized nature, cryptocurrency does pose some tracking and taxation challenges for governments. The Australian government is worried that people are not paying their fair share of taxes due to gains made in the rise of cryptocurrency.

There’s good reason for this fear as the recent IRS/Coinbase legal battle showed. When examining user accounts for the crypto exchange, the IRS found that only 0.2% of usersdeclared a loss or gain from their cryptocurrency trading.

To ensure that doesn’t happen in the Land Down Under, the Australian Tax Office (ATO) is creating a taskforce that will monitor cryptocurrency transactions. The goal is to make sure that the exact taxes owed are being paid.


The ATO’s taskforce will be comprised by a group of specialists from multiple sectors: banking, technology, finance, and tax law. This group will come up with strategies to follow the money in crypto trading. The first meeting of this group will take place next month.

A spokesman for the ATO said:

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 ATO is also looking into how to tax virtual currencies and what tax liabilities may exist. As of now, cryptocurrency is considered an asset for calculating capital gains and not as fiat currency for tax purposes.

You can bet that more and more regulations will be used to tie down Bitcoin and its virtual brethren. It was just late last month when Australian banks reportedly began freezing bank accounts associated with Bitcoin users.

Original article on at

© Scoop Media

Business Headlines | Sci-Tech Headlines


'Visionary' Leaders: Primary Sector Council Announced

A group of visionary agribusiness leaders is set to help our primary sector capture more value from its work, Minister of Agriculture and Rural Communities Damien O’Connor says ... More>>


Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>


Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>


IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>


Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>