The ATO has been announcing what it will be focusing its attention on this tax season. One of the major items on their hit list is crypto trading. While cryptocurrency seems to operate anonymously, the ATO can track data from banks, financial institutions and cryptocurrency online exchanges to follow money back to the taxpayer. The Australian Financial Review has a useful article about it here.
Cryptotraders need to declare their activities – any profits and losses – they are making on investments. It is really important that you keep all records such as receipts of purchase or transfer, agents, accountant fees, and legal costs as well as digital wallets and software costs.
If you have any questions about including crypto trading activity in your tax return, or would like to book an appointment to discuss your tax return, please get in touch with the Taxpro team on 08 9240 7629!
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