Tim Loh

The Australian Taxation Office (ATO) has outlined crypto capital gains as one of four key areas of focus in 2022. A capital gain or loss refers to the price difference between the time an asset was purchased and the time it was sold. The percentage owed to the ATO varies between income brackets and duration of ownership, but in general, the rate is reduced for assets held longer than 12 months. The ATO, which has fired off many warnings to crypto investors over the past few years, has also directly mentioned nonfungible tokens (NFTs) as an asset class that will be scrutinized for correct tax reporting. According to a Monday announcement, alongside capital gains from crypto, property and shares, the ATO will also look at record-keeping, work-related expenses and rental property income/...