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Digital Currency and Australian taxes .. You will pay huge sums

2019-06-24 11:25 am | Resource: News Section | No Views : 147

Digital Currency and Australian taxes .. You will pay huge sums Australia is one of the best countries to support the digital currency market in general and is interested in the continued promotion of this new financial technology.
Australia plays a vital role in the widespread adoption of crypto in the world, a key factor in overall market growth.
Furthermore, it was recently reported that the world's first Bitcoin ETF may be launched soon by an Australian accounting firm, BDO.
However, according to Micky.com, digital currency investors residing outside the country are forced to pay huge taxes on their encrypted assets under the Australian Tax Office's e-currency tax regulations.
Apparently, the taxes paid are higher than the investment that was essentially crypto itself, to be a big point of contention between investors and the country's tax office.
Adrian Forza, director of the Australian Crypto Tax Office, said one of his clients had to pay $ 100,000 in huge taxes on assets of up to $ 20,000.
The situation arises because, according to the rules of the Australian Taxation Office [ATO], the value of the default assets must be declared at the time the person receives them.
Forza customer announced the value again in January 2018, when he got the currency for some of his development work at a foreign company. At the time of the announcement, the crypto value was $ 250,000. However, it was worth only $ 20,000 when the tax bill appeared.
Forza, for his part, declared that the situation was a "catastrophe"
"This is a really unfair result because it has essentially received an encrypted currency and the value has dropped dramatically, and now it has to pay a tax on the money it does not have, something that they will have to change because it is unfair."
Forza also suggested that it was necessary for Australia's Digital currency tax rules to have "greater clarity" on profits earned through investment. According to Forza, the correct understanding of the electronic currency tax laws and their application was a major obstacle for investors.

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