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Highlights
- The Australian Taxation Office will be targeting capital gains made from crypto assets with the agency looking to crackdown on mistakes the public are making
- Bitcoin fell three per cent from yesterday and currently sits at US$29,866
The Australian Taxation Office will be targeting capital gains made from crypto assets with the agency looking to crackdown on mistakes the public are making.
The ATO announced on Monday it would be focussing on four priority areas, pointing towards cryptocurrency as a particular area of concern.
ATO assistant commissioner Tim Loh said he expects to see more capital gains and losses reported in tax returns this year, adding that Australians will be unable to offset crypto losses against salary and wages.
The ATO has said people will need to calculate a capital gain or capital loss and record it in their tax return if they have disposed of a crypto asset this year. This means that crypto assets will be treated in much the same way as property or shares when it comes to capital gains.
Also Read: Bitcoin (BTC) dips below US$30,000, sliding for seventh straight week
Moving on to market news. Bitcoin fell three per cent from yesterday and currently sits at US$29,866.
Meanwhile, Ethereum also dipped 3 per cent to sit at US$2,029.
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Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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