Press "Enter" to skip to content

Australian revenue sends message to customers of bitcoin brokers: "Declare earnings"

Cryptocurrency

Photo: Shutterstock

The Australian Taxation Office (ATO), an Australian government agency similar to the Brazilian Internal Revenue Service, sent an email reminder to cryptocurrency holders registered with brokers about this year's income tax return.

According to a Brazilian client of the Australian exchange ACX, who spoke with the Bitcoin Portal but asked not to be identified, the agency sent him a note with the following introduction:

"Your cryptocurrency transaction can result in capital gains tax obligations."

As detailed by the government agency, the client was identified as someone who had withdrawn the cryptocurrency before.

“Be sure to include any capital gains or losses in your tax return. When reporting your losses, you can post them to offset your future capital gains, ”he said.

According to the agency, trading cryptocurrencies for commodities, cash or other crypto is normally considered taxable for capital gains tax purposes. "Remember to keep your reports", reinforced the ATO.

The client, who lives in Australia, said he heard that other people also received the same email:

"It seems to be normal with exchanges based here."

The fact is that, although the Normative Instruction 1888 implemented by the Federal Revenue Service in May of last year, in force in Brazil, the Brazilian agency has not yet taken such an attitude.

Regarding his income tax return, the Brazilian resident in Australia said he did not have much to declare since he did not operate much and also because he did not make a profit with bitcoin.

"Most of the money I sent to the exchange here I bought BTC and sent it to Atlas Quantum … the rest you already know", he reported.

Email sent by the Australian Revenue Service (ATO) to exchange customers.

IRS and cryptocurrencies

It is worth remembering that the rules of the Federal Revenue of Brazil for the cryptocurrency market not only cooled the market but also served as one of the reasons for the closure of companies in the sector.

In accordance with the instruction of the IRS, all transactions made by Brazilian exchanges must be reported monthly to the IRS, regardless of the amount.


: Trade cryptocurrencies safely and quickly!

Register now! Voted the best broker in Brazil. 95% of approved deposits in less than 1 hour! Access: bitcointrade.com.br

This source of this article is portaldobitcoin.uol.com.br.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.