Australia’s love affair with digital assets is driving a change in the country’s tax landscape, according to one of the speakers at this weekend’s crypto conference on the Gold Coast.
Koinly tax chief Danny Talwar said regulators are adapting quickly to the impact of digital assets and causing all sorts of problems for holders.
“Anyone following the digital asset space in Australia right now will likely feel like a new regulation or guideline pops up every week,” Mr Talwar said.
“While digital assets were traditionally thought of as just cryptocurrencies, the term digital assets now also refers to everything from NFTs (non-fungible tokens) to DeFi (decentralized finance) tokens and platforms.”
Australia’s premier crypto convention will feature Mr. Talwar discussing crypto topics with other experts, including Deloitte partner Neil Pereira and RMIT Blockchain Innovation Hub speaker Elizabeth Morton.
Among his topics, Talwar would examine what it meant for digital asset holders for ASIC to report crypto assets as part of his key strategic plans for 2022-2023.
It would also examine common misconceptions about crypto and taxation as well as the complexities and uncertainties faced by taxpayers.
The adoption of digital assets has seen the ATO and Treasury scramble to issue new guidance with a survey undertaken in April indicating that over a million Australians now own at least one type of cryptocurrency.
Earlier this month, the ATO updated its guidance on the tax treatment of airdrops, which are events where users of certain digital protocols are rewarded for their use via tokens that have financial value.
This follows an announcement from the Treasury that said it would undertake token mapping to map all crypto assets held by taxpayers.
Mr. Pereira also discusses the implications of crypto tax rules on running a business and Ms. Morton on how the current situation challenges tax practitioners and taxpayers.
The Australian Crypto Convention will be held at the Gold Coast Convention and Exhibition Center this weekend, September 17-18.