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….