The Australian tax regulator says cryptocurrency is one of its key areas of focus this year.
The Australian Taxation Office announced Monday that it will focus on digital assets this year as it expects to see more Aussies report capital gains or losses in their tax returns.The tax regulator treats crypto assets as digital property, hence Aussies who sell their digital assets, including non-fungible tokens , are expected to calculate and record their capital gains or losses in their tax returns.
For clarity, capital gain or capital loss is the difference between the price of an asset at the time it was purchased and the price at the time it was disposed of. According to the ATO, disposal occurs when the digital asset holder sells, gifts, trades, converts, or uses it to obtain goods or services.
“For those people who deliberately try to increase their refund, falsify records or cannot substantiate their claims, the ATO will be taking firm action to deal with these taxpayers who are gaining an unfair advantage over the rest of the Australian community who are doing the right thing,” Loh said.
Meanwhile, the ATO has previously warned crypto traders about the risks they face by reporting incorrect figures for tax purposes. At the time,that the regulator had contacted over 350,000 crypto investors via email to warn them about discrepancies in their tax reporting.
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