Crypto capital gains one of four key areas for Australian Tax Office
“Remember, you can’t offset your crypto losses against your salary and wages,” said ATO assistant commissioner Tim Loh. The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus 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 percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months. The ATO, which has fired off many warnings to crypto investors over the past....
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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.
Australian Taxpayers Warned They Should Report Crypto Gains
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.....
Australia’s revenue service has reminded a growing number of crypto investors about their tax obligations. Rejecting the common misconception that crypto gains are only taxable when coins are cashed back into dollars, the tax office is going to prompt hundreds of thousands of taxpayers to report profits and losses from their cryptocurrency transactions. Tax Office Targets Australians With Crypto-Related Obligations Concerned about crypto investors evading taxes, the Australian Taxation Office (ATO) has set out to debunk the myth that cryptocurrency gains are only taxable when....
Australian bitcoin advocacy association Bitcoin Australia (BA) has published a paper detailing its recommendations for how bitcoin taxation should be managed by domestic authorities. By producing the paper, BA is preempting the Australian Tax Office (ATO), which is expected to release its own official guidelines sometime in the next few weeks. BA's recommendations are designed to fit within the framework of existing Australian federal tax legislation, factoring for income, capital gains and a goods-and-services tax (GST). At the proposal's heart, however, is the legal definition of digital....
The Australian Taxation Office (ATO) has announced that it intends to work bitcoin capital gains and sales tax guidelines into its system for users to declare on tax returns this year. Its US equivalent, the IRS, is said to be investigating a similar implementation. ATO senior assistant commissioner Michael Hardy provided a statement to the Financial Review's Sunday program on Australian TV, saying the office has been monitoring the development of bitcoin and wondering how to tax such "new types of payment tokens". He said: "The ATO is working on a holistic understanding of the taxation....
“Our main concern is that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars,” said the ATO commissioner. The Australian Tax Office (ATO) says it can’t rely on crypto investors to keep track of their crypto transactions and profits — even though most investors try their best. Speaking at the 14th International ATAX Conference on Tax Administration conference on Nov. 23, ATO commissioner Chris Jordan stressed that many new crypto investors may not entirely understand their tax reporting obligations: “In a....