Crypto capital gains one of four key areas for Australian Tax Office

– The Australian Taxation Office (ATO) will focus on crypto capital gains in 2022.
– A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold.
– The ATO will also look at record-keeping, work-related expenses and rental property income/deductions.
– The taxation body already has a fair idea of peoples investment activity but urges everyone to keep diligent records to avoid any penalties.
– The ATO has seen a significant rise in local crypto investors who may not be aware of the correct reporting methods.

 

 

Crypto capital gains one of four key areas for Australian Tax Office
Crypto capital gains one of four key areas for Australian Tax Office 2

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