Australian cryptocurrency (or crypto) owners will need to pay due diligence when they lodge their tax returns this year as the Australian Tax Office (ATO) has announced that it will focus on capital gains from crypto-assets for the 2022 tax season.
In a statement released on May 16, the ATO emphasised that Australians would have to calculate a capital gain or loss and record it if they disposed of a crypto asset, including non-fungible tokens (NFTs) in the 2021-2022 financial year.
“Crypto is a popular type of asset, and we expect to see more capital gains or capital losses reported in tax returns this year,” ATO Assistant Commissioner Tim Loh said.
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