Source: Australian Tax Forum Journal Article
Published Date: 1 Apr 2022
The increasing popularity of digital or cryptoassets raises issues, not only for the declaration of income earning activities, but also the consequential tax obligations. We explicitly consider the positioning of cryptocurrencies as a means of settling tax debts and the associated regulatory barriers impeding the implementation of such by the Australian Taxation Office (ATO). While the ATO offers taxpayers 'flexibility' in the settlement of their tax obligations, the current regulatory framework does not provide the legal basis to support paying via bitcoin. We examine the tax administration regulations and related judicial guidance to explore the issues surrounding cryptocurrencies and tax debts. Furthermore, we outline the associated practical and political issues.
Acceptance of myTax in Australia - Journal 01 Mar 2023
Tax practitioner perspectives on selected 2019 TPB Review recommendations - Journal 01 Mar 2023
The loss and destruction of cryptocurrencies and CGT event C1 - Journal 01 Feb 2022
Crypto-donations and tax deductibility - Journal 01 Oct 2021
The potential for the unintentional loss of tax losses in the COVID-19 environment - Journal 01 Jun 2020
Corporate tax transparency reporting and Benford's law - Journal 01 Apr 2019
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.