The Australian Taxation Office is honing in on crypto capital gains reporting in 2022, and noted that it will be tracking NFT investments also.
The Australian Taxation Office has outlined crypto capital gains as one of four key areas of focus in 2022.
A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months.to crypto investors over the past few years, has also directly mentioned nonfungbile tokens as an asset class it will be scrutinizing for correct tax reporting.
With the prices of most crypto assets suffering from major losses in 2022, the ATO noted that any sold crypto asset, including NFTs needs to have a calculated capital gain or loss recorded with it, and will be “taking firm action” to deal with taxpayers who try to falsify their records ATO assistant commissioner Tim Loh also suggested that the taxation body already has a fair idea of people’s investment activity, but urged everyone to“While we receive and match a lot of information on rental income, foreign-sourced income, and capital gains events involving shares, crypto assets, or property, we don’t pre-fill all of that information for you.”
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