Australian Treasury Consults Public on Bitcoin Foreign Currency Tax Exclusion

Australia’s ministerial department of Treasury reached out to the public to seek consultation regarding draft legislation that would exclude cryptocurrencies from being taxed as a foreign currency if passed. In a press release, Assistant Treasurer Stephen Jones highlighted the Australian government’s intent to exclude crypto assets from being regarded as a foreign currency for tax purposes. However, the legislation would have no impact on the collection of capital gains taxes on crypto held as investments. The public has been provided with 25 days, from Sept. 6 to Sept. 30, to share their opinion on the proposed legislation.