forklog.com
16 May 2022 13:46, UTC.
Reading time: ~2 m
The Australian Tax Office (ATO) has listed cryptocurrencies and NFTs as key areas for 2022.
“ATO is targeting problem areas where we see people making mistakes,” said Assistant Chairman Tim Loh.
The service recalled that nonreciprocal tokens are considered property and are subject to capital gains tax, just like other digital assets.
“[…] we expect to see more capital gains or losses on our tax returns this year. […] Through our data collection processes, we know that many Australians are buying, selling or exchanging digital coins and assets, so it’s important that people understand what that means for their tax liability,” Loch said.
In 2019, a spokesperson for the ATO recalled that exchanges pass all necessary data on cryptocurrency taxpayers to the supervisory authority.
The service later announced plans to inform 100,000 residents of the need to review digital asset income data for 2020.
As a reminder, at the end of 2021, PureProfile analysts said the share of crypto investors in Australia increased from 18.4 percent to 28.8 percent.
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