The Australian Taxation Office (ATO) has been researching how to formulate regulatory guidelines for taxing cryptocurrencies recently. This week the ATO is seeking input from Australian residents concerning how the country should tax digital assets.
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The Australian Taxation Office is Looking for Public Opinion Concerning Cryptocurrency Tax Implications
Over the past few months, the ATO has been drafting taxation guidelines for cryptocurrencies like bitcoin. The Australian tax agency has already described how it wants citizens to record all of their digital asset transactions and document the Australian dollar value amount at the time of each transaction. The ATO’s “Seeking Input” letter details its recently defined descriptions “resulted in queries from the community about how to approach specific tax events.” In order to deal with these requests, the ATO is asking for public opinion concerning crypto-tax laws.
“We have launched a community consultation to help us understand practical issues experienced when complying with cryptocurrency tax obligations,” .
We’ve timed this consultation to coincide with an update to our website, which should address some of the feedback we have received to date about our cryptocurrency guidance.
Public Feedback Must be Submitted by April 20
The recent letter follows the ATO’s creation of a special task force dedicated to tracking and identifying cryptocurrency transactions. Furthermore, the tax agency has with the Australian Transaction Reports and Analysis Centre (Austrac) alongside other government bureaus. At the time the ATO detailed the agency’s strategy is meant for people to understand the “tax implications of cryptocurrency arrangements.”
This week the ATO’s letter explains it looks forward to hearing from the public.
“We’re eager to hear your feedback about cryptocurrency and its tax implications as the technology may impact how business operates in the future,” the agency adds.
Australian citizens who want to participate in giving public feedback can do so until April 20, 2018. Those who wish to make comments can visit the ATO’s consultation of substantiating cryptocurrency taxation events .
What do you think about the ATO asking for public feedback concerning crypto-tax implications? Let us know what you think in the comments below.
Images via Pixabay, and the ATO.
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This week, the text messaging platform Cointext announced the public launch of its feature service that allows anyone with a mobile phone to transact with bitcoin cash (BCH) without internet services. Cointext uses a phone’s Short Message Service (SMS) protocol, and the beta release can now be tested throughout the US, Canada, South Africa, Switzerland, Sweden, Netherlands, and the UK.
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Cointext Launches Beta Release Allowing Users to Send and Receive bitcoin Cash With SMS Technology
bitcoin cash users now have the ability to send BCH without an internet connection through a mobile phone’s SMS protocol. On March 27, the developers of launched the public beta version of its platform. The lead developer of Cointext, and also the company’s co-founder and CTO, Vin Armani, announced the launch.
“Cointext is the easiest and most powerful way to spread the use of bitcoin Cash because it works with any type of mobile phone and you don’t need any knowledge of cryptocurrency to use it,” Armani explained the day of the launch.
The Killer App
Because Cointext runs over the SMS communication layer for mobile phones, the platform’s wallet can do things most traditional crypto-wallets cannot. For instance, with Cointext BCH can be sent to a feature phone (Nokia-type) in order to target developing nations. Nearly 2,000 individuals have already signed up for Cointext during a soft launch for private testing. The platform is also giving away free BCH due to the donations provided by the BCH community. While supplies last, Cointext is giving $0.50 in bitcoin cash to first time users who text the word ‘CASH’ to the firm’s access number. Other Cointext command lines and can be found on the company’s website.
“Money, or currency, has always been the killer app for bitcoin, not merely a store of value,” Armani emphasizes.
Cointext is delivering the original promise of permissionless, borderless money to the unbanked around the world.
Cointext in action.
Cointext Hopes to Gain Billions of Users Worldwide
The development team explains that Cointext does not hold user funds, and all SMS transactions are settled on the BCH network on-chain. The SMS client cannot modify or censor any transactions, and it can’t recover funds if a user loses their phone number. The firm collects roughly $0.05 cents worth of BCH for sending messages, and the fee is always the same.
Armani details that Cointext will be looking for feedback during the beta trial from BCH users experimenting with the platform. The co-founder says he hopes the application can be utilized in 54 countries and attract the attention of billions of people.
“If everything goes smoothly, we’ll launch the next wave of access numbers in April and May, including the first language translations,” Armani adds.
What do you think about the Cointext project? Let us know in the comments below.
Images via Pixabay, and Cointext.
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On tonight’s episode of “The Crypto Show,” we broadcast live from a meeting of the UT-Dallas Cryptocurrency Club, among whom were also some members of Dash and bitcoin meetups. In the first hour we talk with Ken Anderson, Lead Developer Advocate for Swirlds, whose hashgraph technology could revolutionize, rival, and replace blockchain technology. We discuss the many features and advantages of hashgraphs over blockchain, and how they work. Toward the end, we discuss Ken’s other project, Mingo, what it is, and all about its token offering.
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