By now, you would have heard someone you know talking about Bitcoin or cryptocurrency in general.
We get many questions about Bitcoin, in particular will it be taxed? And if so how much?!
Gains from cryptocurrency are similar to gains from other investments, such as shares. Generally as an investor, if you buy, sell, swap for fiat currency or exchange one cryptocurrency for another it will be subject to capital gains tax and must be reported.
The ATO has released that it will be writing to around 100,000 taxpayers with cryptocurrency assets explaining their tax obligations and urging them to review their previously lodged returns.
It also expects 300,000 taxpayers will be prompted to report their cryptocurrency capital gains or losses as they lodge their 2021 tax return. The ATO’s analysis estimates that there are over 600,000 taxpayers that have invested in crypto-assets in recent years!
Here at TTO we are on top of all things crypto, we have reviewed the specialised tax software available and are here to help with all your crypto tax queries.
Please click the link below or alternatively please give me a call to discuss your personal situation.