The Australian Taxation Office will focus on four areas this year, one of which is capital gains from cryptoassets.
La Australian Taxation Office, ATO, has included cryptocurrency-related gains among several priority areas where more efforts are needed to ensure correct reporting. The authority has reminded taxpayers that must calculate any capital gain or loss from the sale of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. coins and tokens and record it on their tax returns .
That tax agency reported four key areas on which it will focus its attention this year. These include record keeping, work-related expenses, and rental property income and deductions. Ensuring better scrutiny in the reporting of capital gains from property, shares and cryptoassets completes the list of priorities set out.
“The ATO is focusing on problem areas where we see people making mistakes.” said Assistant Commissioner Tim Loh. The senior official emphasized that taxpayers should rethink their claims and abide by the applicable rules, he reported. Bitcoin.com .
Report profit or loss
Also, the tax authority is warning Australians that if they dispose of cryptoassets this tax year, including the tokens no fungibles (NFT), They will have to establish any capital gains or losses and record them on their tax returns. In this regard, Loh commented:
Cryptocurrencies are a popular asset class and we expect to see more capital capital is most commonly defined as the large sum of money you would use to invest. gains gains refer to an increase in value or profit. or losses reported on tax returns this year.
The Assistant Commissioner commented that the ATO knows that many Australian residents are buying, selling or exchanging digital assets, so it is important that people understand what this means for their tax liabilities. He also reminded taxpayers that can’t make up for crypto losses with their wages and salaries.
La decisión de la agencia de centrarse en informar y gravar las ganancias de las inversiones en criptomonedas se produce un mes después de que un estudio compartido en abril revelara que más de un millón de australianos, o el 5 % de los mayores de 18 años, poseen una o más criptomonedas. Según sus autores de la firma de investigación de mercado Roy Morgan , young Australians are the most likely cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. holders.
It is worth remembering that Australia has made several important decisions this year on crypto. Last Thursday, May 12th the first 3 ETFs began trading (exchange-traded funds) of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. y Ethereum a decentralized open-source blockchain with smart contracts functionality. in that country. Earlier, in March, a crypto law proposal not yet approved.
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