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Tax offices to crack down on cryptocurrency

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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.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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LimeWire is back with a music-themed NFT collection

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Travis Barker and Aitch are among the big names set to launch a new NFT collection with LimeWire

LimeWire is rebranding itself to a music-based NFT hub, and a crypto marketplace.

The controversial file sharing service was ordered to shut down in 2010 after a court injunction was issued by the U.S. Federal Court.

Travis Barker and his Blink-182 bandmates are reportedly very excited by the news. He says he has always been interested in the world of NFTs, and is “stoked” to be releasing his first.

“LimeWire presents a new commercial opportunity for artists of all sizes and genres to engage with their fans, gain more exposure in a unique way and retain more of their earnings.”

LIMEWIRE

The peer-to-peer file sharing platform is giving music fans the chance to buy and trade a variety of collectibles, including limited edition releases and unreleased demos.

The company says it wants to bring “digital collectibles into the mainstream”.

New collections will be added in the coming weeks.

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The original Wolf of Wall Street weighs in on crypto

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‘The Wolf of Wall Street’, says crypto investors should saddle up for at least two years before making any money

Jordan Belfort believes the fundamentals of Bitcoin are really strong and is optimistic for the future.

The 59-year-old former stockbroker says crypto-investors can either bet on protocols with a long-term focus, or put a small amount into smaller projects.

He says there’s limited supply, and as inflation continues to rise, Bitcoin will begin to trade like a store of value.

Belfort has changed his tune from previously criticising the ‘get rich quick’ scheme behind cryptocurrencies.

“If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of bitcoin are really strong,” he told Yahoo Finance.

But he says you should still proceed with caution “that most of the time you will lose and be prepared to lose it all”.

Belfort inspired the 2013 film, ‘The Wolf of Wall Street’, which centres around his life in the fast lane after a Wall Street crash.

Bitcoin is hovering below USD $20,000, and is down over 10 per cent in the last week.

Meanwhile, Ethereum has taken a modest drop by around one per cent.

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British Army targeted by crypto scammers

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The British Army has fallen victim to hackers who were promoting crypto scams

The Twitter and YouTube profiles of the U.K.’s Armed Services were recently changed to resemble an NFT collection called ‘The Possessed’.

On the Army’s YouTube account, the hacker deleted all videos and replaced with them with old clips of Jack Dorsey and Elon Musk.

The official Twitter account of ‘The Possessed’ NFT warned users of the scam accounts, which showcase tokens that represent ownership of online content.

It is not yet known who was behind the hacking scandal. But the accounts have returned to their rightful owners.

“The Army takes information security extremely seriously and until their investigation is complete it would be inappropriate to comment further,” the Ministry of Defence says.

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