March 28, 2023

350,000 cryptocurrency traders will pay the capital gains tax

350,000 cryptocurrency traders will pay the capital gains tax

The Australian Tax Administration (ATO) is going to remind local crypto traders about their tax obligations.

On Wednesday the representative of anti-terrorist operation declared:

Within two months we will contact about 350,000 people who have been trading cryptocurrency in the past few years.

According to him, in Australia, cryptocurrencies are consideredprivate property, so they are taxed on capital gains. Traders will need to provide complete information about the transactions, including dates, amounts and real names of the parties involved.

A tax spokesman added that investors,Those who sold cryptocurrency in 2017-2018 will have to report accordingly on capital gains from sales. Otherwise, such traders will be audited.

Mark Chapman, director of tax communications at H&R Block, said:

ATO will give investors a chance to correct the declaration, but if they do not, they will be forced to go through the official audit process.

Last year, the United States Internal Revenue Service (IRS) also sent alerts to digital currency holders. They indicated the exact amount of debt that investors should reimburse to the tax service.

According to the materials