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Tax legislation regarding the creation of cryptocurrency

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Hello,

Having been involved in the Cryptocurrency industry for a few years, as well as seeing the legislation catch up to govern it gradually fall into place; I'm quite interested in the specific rules/laws governing the actual creation of cryptocurrency itself.
I've had a good read of the material available and it seems there is literally nothing in this area.
Please note; i'm not asking for how to go about creating the currency, nor after any opinionative narratives - but specifically, what do i need to record, how to go about it the right way.

Thankyou,
drblockchain

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ATO Certified Response

Former Community Support

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Hi @drblockchain,

 

Thanks for getting in touch. We can help you find general info here on Community, but it sounds like you're already across the information over on ato.gov.au.

 

In this case, we'd suggest you write in to request a private ruling. Private rulings are binding advice that sets out how a tax law applies to you in relation to a specific scheme or circumstance. They're a free service, and we usually aim to reply within 28 days of receiving your request.

 

Please note that our offices close from 6:00pm Friday 21 December and will reopen from 8:00am Wednesday 2 January 2019, so if you apply for a ruling between these dates it may take a little longer than usual.

 

Thanks!

1 REPLY 1

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @drblockchain,

 

Thanks for getting in touch. We can help you find general info here on Community, but it sounds like you're already across the information over on ato.gov.au.

 

In this case, we'd suggest you write in to request a private ruling. Private rulings are binding advice that sets out how a tax law applies to you in relation to a specific scheme or circumstance. They're a free service, and we usually aim to reply within 28 days of receiving your request.

 

Please note that our offices close from 6:00pm Friday 21 December and will reopen from 8:00am Wednesday 2 January 2019, so if you apply for a ruling between these dates it may take a little longer than usual.

 

Thanks!