Australian tax office: Report crypto profits or else
The ATO said it already knows who is invested in cryptocurrencies and expects cooperation. The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like Bitcoin (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets.The ATO’s assistant commissioner, Tim Loh, told News.com.au that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or that....
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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....
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.....
The Australian Tax Office (ATO) has provided businesses with some more guidelines on how it intends to deal with bitcoin, stating that income and profits derived from bitcoin transactions are taxable. The letter, sent to an Australian bitcoin entrepreneur in response to a request made last June, was a private ruling to specific questions and noted its contents were valid only to that case. But it gives digital currency businesses in the country a better idea of how they should act to comply with tax regulations. The first question asked if transferring bitcoins to a private company in....
The Australian Government announced in its report entitled “Backing Australia's Fintech” that the current double tax law on digital currencies including Bitcoin is soon to be reformed. Digital currencies such as Bitcoin were in 2014 established by the Australian Taxation Office (ATO) as intangible assets for goods and services tax purposes. Thus, payments involving bitcoin have been considered as a form of barter rather than conventional transactions. However, the major issue with the GST law on digital currencies is that Australian residents who purchase items or goods using bitcoin are....
Aussie top crypto exchange Swyftx, which boasts over 600,000 users across Australia and Newzealand, conducted its annual survey for September 2022. Interestingly, the results reveal that Australian females make more crypto profits than Australian men. Despite the market’s high volatility and downtrends, 72% of crypto users have reported profits on their investments. Furthermore, the average […]