Australia’s controversial new guidelines for cryptocurrency taxation should be ignored for being unclear and should probably be seen as “toilet paper,” according to an Australian law firm.

On Nov. 9, the Australian Tax Office (ATO) released guidance that could impact how investors and traders involved in decentralized finance report their taxes.

In a Nov. 27 blog, Cadena Legal noted the guidance was “non-binding” instead of binding public rulings — arguing that such guidance should be seen as “toilet paper.”

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

The law firm noted…

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