Crypto Users From Australia Are Going To Report Taxes via Crypto.com

2021-08-13 21:01:31

Crypto.com, one of the leading crypto exchanges in the world, provides Australia with crypto taxation services for every crypto transaction. Moreover, it is now possible for citizens from the USA, Canada, and Australia to report their crypto-tax via this free service. In order to achieve this, Crypto.com enables users to enter their crypto-transaction records in a special platform specifically for the purpose of tax reporting.

As soon as this happens, the platform will produce a special tax report for any of the following authorities: ATO (Australian Tax Office), IRS (Internal Revenue Service), and CRA (Canada Revenue Agency).

Crypto.com disclosed consulting tax specialists in order to guarantee maximum transparency when it comes to local tax laws. Specifically, the company claims that the entire platform is in compliance with Australian crypto-taxes laws.

For that matter, Australia warns its crypto-community to present truthful tax reports. As a matter of fact, the Australian government expects up to 600.000 crypto-users to provide a report. For the purpose of increasing interest, the ATO also intends to reach out to additional 400.000 crypto-users. This is very similar to the situation in the USA and Canada. Both countries are also considering treating any crypto asses as capital gains. All for the purpose of proper taxation.

For that matter, Australia warns its crypto-community to present truthful taxation reports. As a matter of fact, the Australian government expects up to 600.000 crypto-users to provide a report. For the purpose of increasing interest, the ATO also intends to reach out to additional 400.000 crypto-users.

This is very similar to the situation in the USA and Canada. Both countries are also considering treating any crypto asses as capital gains.  This is greatly due to the fact that all income is under $7,340. (10,000 AUD) is not subject to any taxation reports. All for the purpose of proper taxation.

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