Updated January 30, Regulators are playing catch-up when it comes to the brave new evolving world of cryptocurrencies. The Australian Taxation Office believes bitcoin, ripple, ethereum and hundreds of other digital currencies are "a form of property". Until that happens, the ATO has advised cryptocurrency owners to keep good records of their intentions, transactions, and who received payments. It might be wise to heed that advice, given the tax office has warned it will be looking out for tell-tale signs of crypto tax dodgers living beyond their means.
This includes using "a range of existing powers" which are used to address "unexplained wealth and conspicuous consumption that may arise through profits derived from cryptocurrency investment". One of Australia's leading tax experts has warned that many investors mistakenly think their cryptocurrency profits are tax-free.
This means the gains they make from investing in cryptocurrencies may be taxed fully as income — rather than capital gains — so they will miss out on the tax discount after holding the currencies for more than a year. Some tax experts believe at least 90 per cent of people who claim to be "cryptocurrency investors" are really speculators, bitcoin profits capital gains if they have held the asset for more than 12 months.
Once the preserve of criminals, cryptocurrencies have become the vehicle of choice for speculators and dissidents. Their rise in popularity has largely been due to people's "fear of missing out" when one sees their friends and neighbours investing and making huge gains. Ms Belotti's views are best understood when one considers the economic instability from her upbringing.
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Here are your thoughts. By Carla Howarth and Ros Lehman. By finance correspondent Phillip Lasker. Unbeknownst to many people, there are tax implications of selling cryptocurrencies like bitcoin.
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