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

Description

Consultation closed on draft legislation clarifying that cryptocurrencies are not taxed as foreign currency

On 30 September 2022, the Australian Treasury closed the public consultation on the exposure draft Treasury Laws Amendment Bill 2022, which clarifies the treatment of cryptocurrencies. The Bill specifies that crypto-assets are not considered foreign currency for tax purposes. However, crypto-assets held as investments will continue to be subject to capital gains tax.

Original source

Scope

Policy Area
Taxation
Policy Instrument
Taxation, nes
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central government

Complete timeline of this policy change

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2022-09-06
in consultation

On 6 September 2022, the Australian Treasury published and opened a consultation on an exposure dra…

2022-09-30
processing consultation

On 30 September 2022, the Australian Treasury closed the public consultation on the exposure draft …

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