Australia: Government announces Terms of Reference for review of taxation of digital transactions and assets

On 21 March 2022, the Australian Government published the Terms of Reference for the review that is to be undertaken by the Board of Taxation to assess the regulatory situation regarding the taxation of digital assets and transactions. The Terms of Reference outline the issues that the Board would have to assess during the review. Firstly, the Government requires the Board to present the issues regarding the taxation identified by digital payment providers, investors, and businesses. Secondly, the Board will be required to list the policies implemented by other countries. Finally, the Board should provide recommendations if it determines that legislative changes for taxation are needed.