Headed to the moon in the midst of a crash? The tax man would like to take his share.
The Australian Taxation Office (ATO) has issued its four priorities for the upcoming tax season, with capital gains from crypto and work-related expenses being listed. On the crypto front, simply because you managed to make money before last week’s crash hit off a decentralised system, does not mean the tax office is not owed something, much like selling property or shares, selling crypto or NFTs can mean tax is due.
„Crypto is a popular type of asset and we expect to see more capital gains or capital losses reported in tax returns this year. Remember you can’t offset your crypto losses against your salary and wages“, ATO assistant commissioner Tim Loh said.
„Through our data collection processes, we know that many Aussies are buying, selling or exchanging digital coins and assets so it’s important people understand what this means for their tax obligations.
