Shining a spotlight on Australian digital currency tax laws

It comes without much surprise that taxation offices around the world are having to keep up with the growing trend of cryptocurrency and the tax implications that follow, writes Janya Eighani.

Digital currency under Australian taxation law is a relatively new concept, and as it gains momentum, it is vital for cryptocurrency traders to keep up with regulations set out by the Australian Taxation Office (ATO).

The situation in Australia

Since the ATO released the Convenient Guidance Paper, the position stands that bitcoin and most cryptocurrencies are a form of property and are taxable.