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Australian tax office: Report crypto profits or else – Cointelegraph
The Australian Tax Office says it knows who is invested in cryptocurrency and expects proper reporting on capital gains and losses.
The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like Bitcoin (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets.
The ATOs assistant commissioner, Tim Loh, told News.com.au that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or…
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