2024 Cryptocurrency

The ATO compliance approach: evolving ATO web guidance and crypto token wrapping

Published Date: 26 Apr 2024


The crypto economy offers examples of the Australian Taxation Office (ATO) compliance approach and associated taxpayer compliance risks. Given the novel nature of the crypto economy, there are various debates arising across tax policy and legal principles for the tax treatment of crypto and the role of the ATO, tax practitioners and taxpayers. With recent research indicating that tax practitioners are concerned about how tax law applies and how to approach continually evolving cryptoeconomic activities, recent updates to ATO guidance exemplify the role of timely web guidance in contrast with advice and the challenges faced therein. This article outlines the Commissioner of Taxation’s guidance published on its website, focusing on the updates introduced on 9 November 2023. In doing so, this article articulates the role of guidance in contrast with other forms of advice and the key issues arising from the use of, and reliance on, ATO web guidance, with a focus on the tax implications for wrapping crypto tokens.

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2024 Cryptocurrency

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