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ATO, Treasury discussing crypto-regulation

ATO, Treasury discussing crypto-regulation

The taxation, classification and regulation of cryptocurrencies is a topic of conversation between the Australian Treasury and members of the ATO, although any developments are only at embryonic stages.

That's according to the Assistant Treasurer Michael Sukkar.

Speaking at a media event hosted by Pritchitt Partners in Sydney on Wednesday, Mr Sukkar said the departments had been thinking about regulation of cryptocurrencies but added that it was still early days.

“I have been thinking about that, and working informally with Treasury – and with some people within the ATO quite frankly – as to how we characterise, potentially tax, and treat cryptocurrency,” he said.

“It’s very much in an embryonic stage from my perspective, unless there’s work going on that I don’t know about.”

Mr Sukkar said other jurisdictions that have looked to take action in this space have “taken a very dim view” of cryptocurrencies, and that Treasury’s first focus should be on taxation.

“In the short term, really the most important thing for us to do is give pretty good guidance particularly through the ATO on how people treat these for tax purposes,” he said.

“That would almost be a starting point for anyone who’s realised a gain in this financial year, and as I’ve been told, those gains were very big.”

Mr Sukkar’s comments follow remarks from the ATO that it is “meeting with key advisers including tax experts and lawyers” to assess the tax implications of cryptocurrency transactions.

ATO, Treasury discussing crypto-regulation
ATO, Treasury discussing crypto-regulation
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