shutterstock 176951723 Australian Taxation Office to Focus on Capital Gains From Crypto Assets Taxes Bitcoin News

Australian Taxation Office to Focus on Capital Gains From Crypto Assets Taxes Bitcoin News

-The Australian Taxation Office (ATO) has announced four key areas where it will focus its attention this year. These include record-keeping, work-related expenses, and rental property income and deductions. Ensuring better scrutiny on the reporting of capital gains from property, shares, and crypto assets completes the list of stated priorities.

-The tax authority is warning Australians that if they dispose of crypto assets this financial year, including non-fungible tokens (NFTs), they will need to establish any capital gain or capital loss and record it in their tax returns.

-Loh commented: “Crypto is a popular type of asset and we expect to see more capital gains or capital losses reported in tax returns this year.”

-The assistant commissioner remarked that the ATO knows that many Australian residents are buying, selling, or exchanging digital assets, so its important that people understand what this means for their tax obligations.

 

 

shutterstock 176951723 Australian Taxation Office to Focus on Capital Gains From Crypto Assets Taxes Bitcoin News
Australian Taxation Office to Focus on Capital Gains From Crypto Assets Taxes Bitcoin News 3

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