Australian Taxation Office (ATO) Has Outlined Crypto Capital Gains

Crypto capital gains are one of four critical areas of focus for the Australian Taxation Office (ATO) in 2022. The price difference between when an asset was purchased and sold is referred to as a capital gain or loss. The amount owing to the ATO varies depending on income and length of ownership, although, in general, the rate is lower for assets kept for more than a year. The Australian Taxation Office (ATO), which has issued numerous cautions to crypto investors in recent years, has specifically mentioned nonfungible tokens (NFTs) as an asset class. It will be inspected for proper tax reporting. Crypto capital gains one of four key areas for Australian Tax Office https://t.co/EGeguroDqu News “Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh. pic.twitter.com/h9YvaUwiiG — MCL-Token (@mcl_token) May 16, 2022 According to a May 16 notice, the ATO will examine record-keeping, work-related expenses, rental property income/deductions, and capital gains from crypto, property, and shares. With most crypto assets seeing significant market drops in 2022, the ATO stated that every sold crypto asset, including NFTs, must have a calculated capital gain or loss recorded. It will be “taking firm action” against taxpayers who attempt to falsify their records. Assistant Commissioner Tim Loh of the ATO also stated that the taxing organization already has a good notion of peo...