Australian Tax Office: We can't rely on crypto users' own records for tax returns - Aliens: AI Crypto News & Markets Updates

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Australian Tax Office: We can't rely on crypto users' own records for tax returns

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Aliens

Fri, Nov 26, 2021

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The Australian Tax Office (ATO) stated that it cannot rely on crypto investors to track their own transactions and profits. This was expressed despite the best efforts of most investors.

At the 14th International ATAX Conference on Tax Administration, ATO Commissioner Chris Jordan emphasized that many new crypto investors may not fully understand their tax obligations.

“In a sector that is growing rapidly with new investors, we can’t rely on taxpayers knowing they need to keep records of their investment income and capital gains and disclose it on their tax returns," he said.

Jordan added: “Our main concern is that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars,” said the ATO commissioner.

Source: Cointelegraph

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