Australia tax department reminds citizens of tax on digital assets

The Australian Taxation Office (ATO) has issued an advisory reminding the country’s taxpayers to record all digital asset transactions and pay the suitable amount of capital gains tax on them. “Crypto is a popular type of asset and we expect to see more capital gains or capital losses reported in tax returns this year. Remember you can’t offset your crypto losses against your salary and wages,” Assistant Tax Commissioner Tim Loh said.