Continued progress on the tax treatment of digital assets and transactions in Australia – Lexology





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The Board of Taxation has released a Consultation Guide (August 2022) as part of its appointment in December 2021 to Review the Tax Treatment of Digital Assets and Transactions in Australia (Review).
The Consultation Guide is seeking responses to 15 questions falling under the following themes:
Any written submissions are due by 30 September 2022. The Board of Taxation (BoT) is also running a number of consultations sessions throughout September to gather feedback to the specific questions posed in the Consultation Guide and also more broadly to gather insight about other issues relevant to the current Australian tax treatment of crypto-assets. It is expected that BoT will issue its final report by December 2022.
The Review is part of a much broader focus by the Australian Government (and international revenue regulators) on the many and complex tax issues arising from digital assets. While the Australian Taxation Office has frequently released guidance on the treatment of digital assets since 2014, the Review by BoT is a welcome step to ensure that the tax policy and administration best reflects the current state of the technology and its challenges.
 
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