Australia Will Use Existing Tax Laws for Crypto Assets

The Australian government will use existing legislation to tax cryptocurrencies, instead of bringing in a new law.

The taxation of digital assets and transactions is already covered under existing tax laws, and the Australian Taxation Office can help improve the certainty around crypto assets by providing additional guidance materials, the Australian Treasury said Friday.

The Treasury said that ATO has agreed to set up a crypto working group to consult with industry and tax professionals on developing a package of publicly available crypto tax advice.

• The government was responding to the Board of Taxation’s review of the tax ...