From cadenalegal.com.au: The ATO has been issuing non-binding web guidance, leading to concerns among tax professionals about its reliability for interpreting complex tax laws.

The guidance lacks the authority of public rulings, making it less protective for taxpayers in forming reasonably arguable positions.

Recent ATO web guidance on the taxation of decentralized finance (DeFi) activities has particularly upset the crypto tax industry, as it may not consider crucial aspects like beneficial ownership or other relevant authorities.