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.
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