Australia Plans to Tighten Control Over Crypto Taxes Payments
The Australian Taxation Office (ATO) has listed cryptocurrencies and NFTs as a key focus for 2022.
Assistant Chairman Tim Loh has said:
“The ATO is targeting problem areas where we see people making mistakes.”
The service has reminded non-fungible tokens are considered property and are subject to capital gains tax, like other digital assets. He has said:
“We expect to see more capital gains or losses on tax returns this year. Through data collection processes, we know that many Australians are buying, selling or exchanging digital coins and assets, so it is important that people understand what this means for their tax liability.”
The ATO representative recalled in 2019 exchanges transmit to the regulatory authority all the necessary data on taxpayers trading cryptocurrencies.