The Australian Taxation Office says that digital currencies are "a form of property"
And that financial gains made from the selling of said cryptocurrencies will generally be subject to capital gains tax and must be reported to the ATO, according to ABC News citing a spokesperson from the tax office.
The ATO has also advised cryptocurrency owners to keep good records of their intentions, transactions, and payments as they warn that they will be on the look out for signs of cryptocurrency tax dodgers living beyond their means.
However, the matter at hand remains a grey area as it is yet to be tested in a court of law. Though, it'll be tough to go into court against the ATO I figure.
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