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REMEMBER TO INCLUDE CRYPTOCURRENCY GAINS OR LOSSES IN YOUR INCOME TAX RETURN!

Cryptocurrency transactions are an area of focus for the Australian Taxation Office (ATO), if you dispose of an asset such as crypto currency or non-fungible tokens (NFTs) this financial year, you will need to calculate a capital gain or capital loss and record it in your tax return.

Many of the trading platforms now report transaction data directly to the ATO and this process generally will pick up that a taxpayer has a Capital gain event that they need to record in their Tax Return.

If you would like to read more about working out Crypto currency reporting, the below link to the ATO website provides further details.

https://www.ato.gov.au/individuals/investments-and-assets/crypto-asset-investments/

 

The content within these articles was correct at the time of writing. Please contact us for updated information and advice. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.

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