Australia to tighten tax collection from crypto investors

The Australian Taxation Office (ATO) включила cryptocurrencies and NFTs in its 2022 key priorities.

“The ATO is targeting problematic areas where we see people making mistakes,” said Tim Loch, Assistant to the Chair.

The agency noted that non-fungible tokens are considered property and are subject to capital gains tax, like other digital assets.

“[…] we expect to see more capital gains or losses in tax returns this year. […] Thanks to data-collection processes, we know that many Australians buy, sell or exchange digital coins and assets, so it is important that people understand what this means for their tax obligations,” Loch noted.

In 2019, an ATO representative reminded that exchanges pass to the tax authority all the data needed on taxpayers trading cryptocurrencies.

Later the service announced to inform 100,000 residents about the need to review income data from digital asset transactions for 2020.

Back in late 2021, PureProfile analysts reported that the share of crypto investors in Australia rose from 18.4% to 28.8%.

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