TheMerkle ATO Bitcoin Tax Evasion

2019 was the year when the term “cryptocurrency tax” became deeply embedded in token-holders’ lexicons. Sure, the idea that you’d have to pay tax on your bitcoin or other digital assets has been kicking around for years, but more column inches were devoted to the taxation of crypto last year than any preceding it. 

Undoubtedly this stems from various national agencies releasing detailed guidance on how to treat your cryptocurrency transactions and prepare an acceptable tax return, as well as news stories about the same authorities sending warning letters to taxpayers with crypto holdings. In any case, such publicity has served to convince many bitcoiners to educate themselves on their taxation responsibilities. Indeed, an increasing number of tax practitioners are asking their clients outright whether they have transacted cryptocurrency in the past year, prior to preparing their return. Although simply owning bitcoin or transferring crypto between one’s own wallets or accounts do not create tax liabilities, trading…

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Source: https://themerkle.com/how-to-ensure-bitcoin-tax-compliance-in-2020-and-beyond/