Find out about managing your tax when you buy, sell or invest in crypto assets. Tax responsibilities Crypto assets (crypto) are a digital representation of value that you can transfer, store or trade electronically. This also includes non-fungible tokens (NFTs). When you buy, sell, or dispose of crypto assets in any other way, you have tax…
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Time for regulation, says ASIC, as survey finds huge rise in popularity of digital assets but investors motivated by fear of missing out. Crypto assets are now the second-most popular investment but too many holders are unaware of the dangers and there is “a strong case” for regulation, according to ASIC. The call comes after…
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Cryptocurrency is catching on fast in Australia and accountants need to be alert to the tax implications, says the ATO. Trades in cryptocurrency leapt 64 per cent in 2021 and the ATO is using data matching to make sure nothing slips through the net, acting assistant commissioner Sylvia Gallagher said last week. With more than…
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According to the Australian Taxation Office, more than 600,000 taxpayers have invested in crypto assets in recent years, and many have failed to declare their capital gains. The technology that supports cryptocurrencies is relatively new, but the tax laws that apply are well established under capital gains tax provisions for cryptocurrency investors. Australia is supporting…
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