KPMG Shares New Cryptocurrency Tax Estimator in Independent Reserve Exchange Partnership
KPMG Australia has introduced a solution that assists cryptocurrency investors to know their tax liabilities. Initially, the Crypto Tax Estimator will be exclusively accessible to users on the Independent Reserve, the leading digital asset trading platform in Australia.
Investors can easily generate their tax liability estimates by clicking a button. The estimates are derived from the transactions volumes of each user.
The estimation tool was incepted during the KPMG hackathon. Its design is based on the contributions made by taxation and blockchain experts from KPMG. Also, it supports all digital assets in the portfolio of the Independent Reserve crypto exchange, including BTC, BCH, LTC, XRP, and ETH.
Laszlo Peter, the head of the blockchain at KPMG Australia, noted that a significant number of Australians have invested in digital currencies. However, the country has a shortage of resources to educate the traders on the taxation of digital assets. Due to the potentially adverse effects of tax evasion, KPMG decided to launch a user-friendly tool to help crypto investors in knowing the tax liabilities.
Additionally, Peter stated that the increasing adoption of digital currencies demands for the enactment of favorable regulations on the taxation of crypto assets. He further added that KPMG was enthused by the partnership with the Independent Reserve. Peter concluded by saying that KPMG is committed to expanding its global reach.
According to Adrian Przelozny, the CEO of Independent Reserve, the launch of the estimation tool is a significant milestone towards the increasing of the knowledge on crypto asset taxation. In Australia, crypto assets are taxable, hence the development of the Crypto Tax Estimator.
Although there are several platforms that offer a similar service, this is the only one that is supported by a firm of KPMG's stature. Przelozny reiterated that the Independent Reserve is determined to increase the appeal of crypto trading to local investors. The launch of the estimator is exacted to contribute substantially towards this end.