Australian tax office: Report crypto profits or else

The Australian Taxation Office has urged citizens to accurately report any profits made in the process of trading cryptocurrencies like (BTC), anticipating tax filings from a pool of 600,000 Aussies who it now believes to be invested in digital assets.

The ATO’s assistant commissioner, Tim Loh, told that people still make the mistake of treating crypto like a currency as opposed to an asset. The ATO wants to rid citizens of the myth that cryptocurrency profits are tax-free, or that they only need to be declared when cashing back out to fiat money.