TagAustralian Taxation Office

Australian Tax Office Warns Traders About Declaring Cryptocurrency Profits

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The Australian Taxation Office (ATO) has reissued a warning to traders to ensure they declare their cryptocurrency profits when reporting their annual revenues. The ATO has warned Aussie crypto traders numerous times in the past but the issue is now reaching fever pitch. Cryptocurrency regulatory requirements across Western nations tend to be quite lax when compared to their Asian counterparts...

Australia: Bitcoin Trumps iTunes Vouchers as Preferred Payments for Tax Scammers

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As the tax season approaches, Australians have more reasons to be wary of persons claiming to be from the Australian Taxation Office (ATO). In the four months since July 1, Australians have lost nearly AU$1 million to scammers posing as the tax officials according to the ATO. During the same period where more than 28,000 scam attempts were reported by the tax body, bitcoin has emerged as the...

Bitcoin Scammers Impersonating Tax Officials Net AU$50K in Melbourne

Despite a scam alert issued by the Australian Taxation Office late last month, fraudsters impersonating employees of the tax body have still managed to con victims thousands of dollars. Per Australian newspaper reports, four victims have so far lost amounts totaling AU$50,000 on the understanding that they were settling a tax debt. According to detectives at Maribyrnong Crime Investigation Unit...

Australia’s Taxman Warns of Scammers Demanding Tax Debts be Paid in Bitcoin

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Australia’s taxman is once again sounding the alarm over fraudsters impersonating tax officials and demanding that tax debts be paid in bitcoin as well as other ‘unusual’ methods. In the latest scam alert, the Australian Taxation Office has warned that scammers are going around threatening to get the federal police to send Australians to jail if their tax debts were not cleared urgently. The tax...

Bitcoin Not A Currency, Says Australian Tax Office

ATO

Australia’s Tax Office has spoken, and it has declared that it will not treat Bitcoin as money or as foreign currency. It has instead opted to treat Bitcoin transactions as barter transactions, in a move that would have far reaching implications on Bitcoin use down under. Australia’s Approach to Definition of a Currency Definition of a currency or money in Australia falls under the Currency Act...

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