Australia Says Not-For-Profits Must Obey Crypto Donation Rules

Australian not-for-profit organizations that are considering accepting donations in crypto assets must be aware of the basics for doing so, the Australian Taxation Office said Thursday.

Organizations need to have the capacity to receive crypto and must convert the value into Australian dollars, the ATO said.

• The donation’s value can be obtained from a reputable crypto exchange and will be relevant for the donor for tax purposes, it said.
• The ATO, which has been scrutinizing crypto issues recently, said last month that capital gains from crypto assets were among its key focus areas for the 2022 tax ...