Last month, the ATO released a guidance paper on how the government intends to treat and tax bitcoin.
The rulings contain outcomes which could affect the way bitcoin is transacted in Australia. Now that the rulings are available, we’ve been working carefully with our legal counsel and tax advisors to determine how the rulings affect us and our customers.
There’s been vigorous debate and speculation around this topic. Although these rulings have provided clarity to people who own, use or transact with bitcoin, there’s also still a lot of uncertainty. We’ll be able to share our thoughts once we’ve completed this internal consultation.
We understand that our customers are looking to us for guidance. It would be negligent of us to comment without receiving professional advice. In the meantime, we highly recommend you consult a registered tax agent when arranging your tax and personal affairs and determine how these rulings affect you.