Australian Tax Authority Issues Stark Warning for NFT Investors
In a release setting out its priority areas, the Australian Taxation Office (ATO) reminded consumers that selling a token can attract capital gains tax, just as it would for the sale of property, shares, or another asset.
Taxes on the sales of digital tokens, including non-fungible tokens (NFTs), were identified as one of the areas where the taxman is frequently seeing errors.“Through our data collection processes, we know that many Aussies are buying, selling or exchanging digital coins and assets so it’s important people understand what this means for their tax obligations,” said ATO assistant commissioner Tim Loh.“Remember you can’t offset your crypto losses against your salary and wages,” he said.
Source
t.me/Nfts_Daily
