Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains
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....
Related News
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....
“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....
The taxman commeth for Australian crypto investors and Binance wants to help them out. The Australian branch of leading cryptocurrency exchange Binance has increased the ability for users to accurately report tax liabilities amidst increased pressure from local tax authorities.Binance has partnered with cryptocurrency tax startup Koinly to assist users grappling with ever-increasing tax obligations down under. Binance users in Australia have been offered access to Koinly’s tax reporting solution through the integration.Koinly was founded in 2018 and supports over 600 exchanges and wallets,....
Crypto holders in the United States, Canada and now Australia can generate tax reports using the exchange. Cryptocurrency exchange Crypto.com has launched a free tax reporting service for users based in Australia. In an announcement today, Crypto.com said it had tailored its existing tax services for United States- and Canada-based crypto users to allow Australians to accurately report cryptocurrencies on their taxes. The exchange said it worked with professional tax advisers to ensure that the service was consistent with laws for filing cryptocurrency taxes in the country.Crypto.com....
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.....