The ATO has set its targets on cryptocurrency profits this tax season. Here’s what experts say you …

the ato has set its targets on cryptocurrency profits this tax season heres what experts say you need to watch out for

Sumary of The ATO has set its targets on cryptocurrency profits this tax season. Here’s what experts say you need to watch out for.:

  • Following the ATO announcement it would be focusing on cryptocurrency profits this tax season, experts have warned crypto exchanges may not provide adequate resources to help users declare profits or losses..
  • Amid the hype around cryptocurrency this year, a quarter of Australians now invest in crypto, according to financial comparisons company Finder..
  • BTC Markets has said more Australians invest in cryptocurrencies like Bitcoin than precious metals like gold and silver;.
  • and a survey by US-based exchange Kraken suggests 4 million Australians plan to dive into the cryptocurrency market in 2021..
  • However, with a lack of regulation for exchanges operating in Australia, experts say lack of expertise along with unclear guidelines by platforms may hamper people ability to navigate lodging their returns..
  • Mark Chapman, director of tax communications at H&R Block, told Business Insider Australia he believes many Australians blundered into the cryptocurrency space without considering the tax implications….

Want to know more click here go to source.

From -
Close
Generic selectors
Exact matches only
Search in title
Search in content

Site Language


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close