Cryptocurrency traders under the ATO spotlight

Everybody involved in acquiring or disposing of cryptocurrency needs to keep records in relation to their cryptocurrency transactions.

The ATO will acquire account identification and transaction data from cryptocurrency designated service providers for the 2021 financial year through to the 2023 financial year inclusively (relating to approximately 400,000 to 600,000 individuals each financial year).

Capital gains on crypto are viewed by the ATO in a similar way to shares.

Regardless if you have converted back to cash or not, you should declare them in your return. You can also claim capital losses in a similar way.

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