Australian Tax Office Warns Crypto Investors on Capital Gains Obligations

• In airy of the caller downturn successful the crypto market, ATO Assistant Commissioner Tim Loh said that "crypto losses can't beryllium offset" against an investor's wage oregon wages.

• “Crypto is simply a fashionable benignant of plus and we expect to spot much superior gains oregon superior losses reported successful taxation returns this year,” said Loh.

• “Through our information postulation processes, we cognize that galore Aussies are buying, selling oregon exchanging integer coins and assets truthful it’s important radical recognize what this means for their taxation obligations,” Loh added.

• Australian citizens are not required to wage taxation erstwhile purchasing cryptocurrencies, arsenic agelong arsenic the acquisition is made with fiat currencies.

• Investors tin get a 50% simplification successful superior gains taxation if they clasp connected to an plus for 1 twelvemonth oregon much aft purchase.

Please enactment that our

privacy policy,

terms of use,

cookies, and

do not merchantability my idiosyncratic information

has been updated.

The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a

strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of

Digital Currency Group, which invests in

cryptocurrencies

and blockchain

startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of

stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.