ATO Will Create Bitcoin Taxation Rules This Year

The US tax authorities have already decided how they will deal with cryptocurrencies like Bitcoin, and the Australian Taxation Office will soon do the same. An ATO taskforce has been setup to look at Bitcoin and other technologies like it to see how taxes should be applied to the growing industry. The ATO has publicly been aware of Bitcoin since 2012 and it began working towards regulation in 2014.

It is now expected that the new taxation laws will go into effect this year and will apply to anyone operating in Bitcoin this financial year.