The Australian Treasury has launched a public consultation on draft legislation to clarify that crypto assets are not taxed as foreign currency and that capital gains tax will continue to apply to crypto assets that are held as investments.
The draft legislation relies on amending the existing definition of digital currency in the GST Act (A New Tax System (Goods and Services Tax) Act 1999) before adopting it as an exclusion from the definition of foreign currency in the Income Tax Assessment Act 1997.
Source: Orbitax
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