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An Australian government statutory agency and the principal revenue collection body for the Australian government.

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Don't Let The ATO Catch You Trading Crypto Without Paying Taxes

Sydney, Australia, June 24, 2019 (GLOBE NEWSWIRE) -- The Australian Tax Office has allocated $1 billion to fight tax avoidance with particular emphasis on cryptocurrency trading. Not to worry - Australia Crypto Tax, an online tax calculator, takes you through the tricky terrain of calculating your cryptocurrency taxes so you can stay compliant.Thought cryptocurrency purchases and sales are not taxable? That in any case these transactions are hidden, or at least that the government is not prosecuting yet? Think again. Use our simple, user-friendly website to generate your Capital Gains taxes in AUD on your Bitcoin and other Cryptocurrency trades. Your capital gains or losses are generated in Australian Dollars (AUD) using the standard cost-basis (FIFO). Coin to coin transfers are priced with historical pricing data from Coin Market Cap. The Australian government has identified that about 4% of its ...Full story available on Benzinga.com
Benzinga

Australian Tax Office (ATO) Investigates Criminal Tax-Avoidance Activity via J5 Crypto Taskforce

The Australian Tax Office (ATO), in charge of collecting taxes in the country, is currently investigating 12 different international tax avoidance schemes. The information was released by The Sydney Morning Herald a few hours ago. The agency is currently being focused on crypto-enabled activities. Australian Tax Agency Goes Behind Tax Avoidance Schemes The decision to […]
Bitcoin Exchange Guide

Australian Tax Office (ATO) Seeks Annual Tax Returns

Regulators are framing the severe set of laws to effectively regulate cryptocurrencies or digital assets within the regions. Just like HongKong’s SFC planned for tightening regulations, the Australian Tax Office or ATO has sent warnings to Australians to open up their annual returns gaining from cryptocurrency. “However, we have observed through our ATO community channel and advice areas an increase in questions relating to tax obligations of cryptocurrency activity, which we see as a positive in people wanting to do the right thing in meeting their obligations.” Cryptocurrency Not a Currency But a Property – Australia Australia’s consent sees Bitcoin and cryptocurrency as a property and not currency. They assume it a property for taxpayers for which they’re liable to pay capital gain tax on digital assets sold for a profit after July 2017. The tax on cryptocurrency in Australia counts for the period of 12 months, as such if anyone is holding the cryptocurrency without using it or selling it either, will be responsible to pay 50 percent capital gains tax discount. This is how they make holders of crypto as the investors. Accordingly, taxpayers have to keep regular records of their transactions with the dates and the number of transactions in terms of Australian dollars citing the purpose of the transaction and the party involved to complete the trade. Moreover, ATO urges to add the other party’s wallet addresses for better clarity regarding the records. With this, it also intimidates crypto enthusiasts that they can also access such records by connecting through the exchanges or wallets that completes the transactions. Determining the Impact of Cryptocurrency All the digital currency exchanges in Australia has to be registered with the Australian Transaction Reports and Analysis Centre. Consequently, ATO reports that these exchanges have to be vocal about their customers whose transactions surpasses $10000 limit. Additionally, these trading platforms have to verify the identity of their customers. While investigating the impact of cryptocurrencies, ATO spokesperson told that; “While there is no specific label on the capital gains schedule or income tax return to identify how many people have invested in cryptocurrency we are still looking at lodgement activity this year to determine any significant impact of cryptocurrencies,” The post Australian Tax Office (ATO) Seeks Annual Tax Returns appeared first on Coingape.
CoinGape

Australian Taxation Office Warns Public Against Paying Fake Tax Debts At Bitcoin ATMs

The Australian Taxation Office (ATO) has warned its citizens about tax scammers demanding payment through bitcoin ATMs. In its warning, ATO said that it has fielded reports of over 28,000 attempted scams since July of this year and estimated that Australians have paid almost $1 million to scammers. It added that payments through Bitcoin ATMs have now overtaken iTunes vouchers as the most common method of scam payment reported to the tax authority. Assistant Commissioner Kath Anderson said scammers are growing increasingly sophisticated and hope to exploit vulnerable people, often using aggressive tactics to swindle people out of their money or personal information. “November is a prime time for scammers as they know lots of people have tax bills to pay,” Anderson said. “Be wary if someone contacts you demanding payment of a tax debt you didn’t know you owed. Our advice is simple – the ATO will never ask you to make a payment into an ATM or via gift or pre-paid cards such as iTunes and Visa cards, or direct credit to be paid to a personal bank account. If you have any doubts about the legitimacy of a call, hang up and call us.” Last month, scammers managed to scam more than $35,000 out of four Australian immigrants by telling them they needed to pay a tax debt. The victims were told that if they failed to pay an alleged tax debt then they would be arrested. In some cases they were told that the scammer had spoken to the individual’s accountant or to the Australian Federal Police in order to confirm the debt. Anderson said ATO officials would never demand immediate payment of a debt, use aggressive or rude behaviour, or threaten taxpayers with arrest. “That’s just not how we do business,” Anderson said. “We understand that it can sometimes be difficult to pay tax bills on time, so we urge anyone who is worried about paying to contact us as soon as possible as there are a range of ways we can help.” Anderson also said that she is concerned about the number of taxpayers sharing their personal information with scammers, adding that the tax authority have recorded nearly 6,000 instances of taxpayers handing their sensitive data to scammers since July. “Your identifying information like tax file numbers, bank account numbers or your date of birth are the keys to your identity, and can be used by scammers to break into your life if they are compromised,” Anderson said. “If you’ve received an unsolicited email or text, or if you have any doubts about whether any contact is legitimately from the ATO, don’t hesitate to get in touch with us to check. Scammers have been known to impersonate tax agents too it’s recommended that you hang up and call your agent direct on a number you have sourced independently.” Earlier this year, the Australian Competition and Consumer Commission published its annual Scamwatch report, revealing that Australians had lost an estimated $2 million in scams involving cryptocurrencies and initial coin offerings (ICO). About $1.2 million was lost in bitcoin scams alone.
BlockTribune

Australian Taxation Office Issues Word of Caution for Bitcoin Tax Payers Against Fraudsters

Beware of Fraudsters Demanding Tax Debts in Bitcoin, Australia’s Taxman Warns The nefarious activities of scammers impersonating tax officials and demanding that tax debts be paid in bitcoin and via other “unusual” channels has now come to light. The Australia’s taxman has now warned citizens against the activities of these scammers. The Australian Tax Office said these scammers are threatening to get the federal police to send Australians to jail if their tax debts were not paid urgently. In substantiating this report, the tax authority cited a case of Darren (real names withheld) who was contacted by a fraudster telling him that he owed the tax man AU$ 9, 000, threatening that the sum be paid immediately or Darren will risk a five years jail time. To clear thing up, Daren was said to have given the contact details of his tax agent to the scammer who called conveniently. Darren’s tax agent was found to be in a meeting. However, there was another individual named Grey who purportedly worked in the same practice and who offered to assist. Grey then ‘corroborated’ the fraudster’s claims. Australia’s tax authority noted that a fake conversation was initiated between Grey and the original scammer with Grey agreeing there was an error with Darren’s tax return and that he owed money to the tax man. Grey told Darren to go to a specific location and pay the $9,000 immediately. Darren withdrew cash and deposited it into a Bitcoin [ATM] machine, ATO wrote on their website. Darren’s and many other victim’s experience will not be the first time the tax man is sounding a warning against fraudsters who now collect such payments via cryptocurrencies. At some time in March, the ATO warned against artists who were posing as employees of the tax authority. At the time it was estimated that the fraudsters had collected bitcoin more than AUD$50,000 from their victims in a scheme that had started in 2017. Kath Anderson, ATO’s assistant commissioner had said then that they, “became aware of scammers seeking payment in Bitcoin last year,” Kath Anderson, ATO’s assistant commissioner, said then. “So far, we have seen over $50,000 paid in Bitcoin to scammers claiming fake ATO tax debts.” The renewed operations ATO say is not only done via bitcoin but by also demanding ‘tax debts’ to be paid in other unusual methods such as iTunes balance, pre-paid visa cards and store gift cards. The ATO said citizens can avoid being conned by staying informed about the activities of the tax office to have a clear knowledge of the ‘debts owed and avoid being scammed.
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What is actually crypto — asset, currency or collectible?

Coinrail has a recovery plan, Cambodian investors need a license, Vietnam approved a cybersecurity bill, Australia will collect Capital Gains Tax, Japan will release new guidelines, SEC threatens McAfee, BitTorrent's price, the US officials will disclose their crypto holdings.

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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get pic.twitter.com/Klo5GwOWY7 — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on Bitcoinist.com.
Bitcoinist

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.
AMBCrypto

Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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