The cryptocurrency tax laws have always been a popular topic in the coming altcoin news. In a new series of interesting things, we are featuring the Australia crypto tax laws which certainly contain some unfair provisions that will most often put many crypto owners on the verge of receiving huge tax burdens.
Draconian at the very least, the crypto tax laws in Australia also apply to tokens obtained via hard forks which has holders having to cough up a lot of amounts in crypto tax payments. Even companies that pay staff salaries in virtual currencies may find a lot of incentive to do so given the additional burden it incurs at the end of the year.
According to a cryptocurrency news platform named Micky, the Australia crypto tax laws forced a trader to pay a 500% tax on his digital holdings. Adrian Forza of Crypto Tax Australia told Micky that the country’s tax laws stipulate the value of cryptocurrency used for tax purposes – coming from the purchase price.
Therefore, if an investor buys token X at $100 and its price depreciates to $10, the tax payment would be based on the $100 purchase price. The crypto tax in Australia now stands at about 40% which shows that paying $40 tax on a $10 worth of virtual currency is the case.
According to Forza’s declaration when commenting the situation:
“That’s a really unfair outcome because he’s basically received cryptocurrency and the value has dropped significantly and now, he has to pay tax on money he doesn’t have. This is something they will have to change as it is unfair.”
Given the 2018 bear market which saw prices plummet by more than 80% across the board, virtual currency bag holders in Australia have been paying unfair taxes. As the latest cryptocurrency news showed, crypto tax laws like these are not bearable for many and can drive investors and traders away from the country.
In fact, Forza said that the Australia crypto tax laws are designed to frustrate crypto investments. There are so many of them including ones on Ethereum Classic (ETC) – where the Australia’s regulators consider to be “the original Ethereum” even though the crypto industry at large considers Ethereum (ETH) as the original one and ETC the fork of it.
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