Australia: Consultation opened on draft legislation clarifying that cryptocurrencies are not taxed as foreign currency

On 6 September 2022, the Australian Treasury published and opened a consultation on an exposure draft of its proposed amendments to taxation rules that will clarify that crypto-assets are not considered foreign currency for tax purposes. However, the Treasury noted that crypto-assets held as investments will continue to be subject to capital gains tax. The consultation closes on 30 September 2022.