Taxation treatment of Digital Currency
Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Public Accountants, Law Council of Australia and The Tax Institute (together, the Joint Bodies) write to you as the peak professional accounting and tax practitioner bodies in Australia representing the tax profession.
The Joint Bodies welcome the opportunity to make a submission to the Treasury in relation to the Treasury Laws Amendment (Measures for Consultation) Bill 2022: Taxation treatment of digital currency (draft legislation) and accompanying explanatory material.
In the development of this submission, we have closely consulted with members of the Joint Bodies with specific knowledge, experience and expertise in the taxation of cryptocurrencies and other digital assets. We set out below our observations and overarching comments for your consideration.