A lot of investors don’t understand their liability, warn tax agents, while others call for the complicated Australian system to be overhauled
As tax time approaches in Australia, cryptocurrency investors have been warned to begin working out what they owe.
Some lessons can be drawn from the recent US tax season, where some enthusiasts found themselves with a tax bill that exceeded their earnings after the recent crypto market crash.
Mark Chapman, director of tax communications for H&R Block, told Guardian Australia the company was expecting thousands of clients seeking help with their crypto investments this year, adding they tended to have at least some knowledge of their tax obligations.
But he is concerned about those who might not be aware of what they owe before finding themselves in the sights of the Australian Taxation Office.
“There are quite a lot of people, who don’t have tax agents, who simply don’t understand the tax implications at all,” he said. “They get into...
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