Australian tax authority reminds taxpayers to report capital gains from crypto investments.
The Australian tax agency has listed crypto-related profits among several priority areas where more efforts are needed to ensure correct reporting. The authority has reminded taxpayers they need to calculate any capital gain or loss from the sale of digital coins and tokens and record it in their tax returns.The Australian Taxation Office has announced four key areas where it will focus its attention this year.
The tax authority is warning Australians that if they dispose of crypto assets this financial year, including non-fungible tokens , they will need to establish any capital gain or capital loss and record it in their tax returns. Loh commented: The assistant commissioner remarked that the ATO knows that many Australian residents are buying, selling, or exchanging digital assets, so it’s important that people understand what this means for their tax obligations. He also reminded taxpayers they cannot offset crypto losses against their salaries and wages.
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