As a former ATO Crypto Specialist, current Crypto Tax Lawyer and active crypto community member, I have witnessed firsthand how our current tax laws are severely prejudiced against us.

 Tax practitioners have repeatedly warned both the government and the Australian Taxation Office (ATO) about this issue, yet it seems their concerns fall on deaf ears. Individuals are facing criminal charges for moving crypto into superannuation funds, get hit with massive tax bills because of the artificial taxing points in the law and the sheer absence of any specific ATO education on crypto tax, and struggle with heavy compliance obligations due to these draconian laws and entrenched ATO views.

The Board of Taxation has conducted an investigation into this matter and produced a final report. The crypto community actively volunteered its concerns and shared insights into how the current tax laws are crippling honest Australians who are invested in this emerging technology. 

However, this report remains hidden from public view. This lack of transparency is unacceptable in a democratic society that values open dialogue and accountability. The Board hides behind red tape and refuses to make available any of the submissions ahead of releasing a final report, even though it has a demonstrated history of sharing submissions ahead of time.

We believe that releasing this report will shed light on the struggles faced by crypto holders and provide valuable insights for reforming our tax laws. Furthermore, making all non-confidential submissions publicly available will allow for more informed discussions among stakeholders.

In 2020 alone, there was an estimated $1 trillion worth of transactions in Bitcoin globally. Other sources indicate that between 1 to 5 million Australians now hold some form of crypto asset.

The crypto community is not insignificant; we deserve fair treatment under the law just like any other economic sector.

We call upon the government to release the Board's final report into crypto asset taxation and make all non-confidential submissions publicly available.

Failing this, we will look to hold the relevant Treasury Ministers responsible for the ongoing prejudice against the crypto community ahead of the upcoming election and vote accordingly.