Tax offices to crack down on cryptocurrency

Authorities remain on high alert for crypto gains made by people seeking to avoid tax

In their latest move, the Australian Tax Office is focussing on cryptocurrency assets, including capital gains made from investments.

While the body says some people make mistakes, there are also concerns that some people are using crypto to avoid tax.

Australians who have sold crypto, or NFTs will be required to calculate a capital gain or capital loss and record it in their upcoming tax return.

Authorities are warning that people can’t offset their crypto losses against a salary or wage.

The move comes as other nations like India begin taxing crypto gains.