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Australian law firm Cadena Legal says the country’s new decentralized finance (DeFi) guidelines on crypto tax should be considered “toilet paper.”
Tthe Australian Tax Office’s guidance is confusing, especially on capital gains taxes (CGT), the first said in a November 27 blog,
“As this is mere non-binding web guidance, you could, as my lecturer said, treat it as toilet paper,” the blog said. “It should not be considered a `relevant authority’ and instead we can look to foreign court cases, academic opinions and the legislation itself.
The comments come after the Australian Tax Office published non-binding guidance on Nov. 9 that could influence the way investors in DeFi firms report their taxes.
If you hate the ATO’s recent web guidance on crypto, read this:https://t.co/JA5GYsDVFt
— Harry Dell 🇦🇺 taxpapi.eth (@harrydelltaxlaw) November 27, 2023
Resolving Crypto Tax Issue May Need Public Ruling
Cadena founder Harrison Dell, who worked for the ATO, told CoinTelegraph that a public ruling could resolve the issue.
Dell said the the guidance is “inciting panic in the Australian crypto community,” he told CoinTelegraph, adding that “I am actively telling people they are best ignoring it and get their own advice.”
Dell said the government should propose new legislation that would iron out the creases in the ATO guidance, but that he said is likely to take a long time.
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