Australia: ATO issues tax guideline for crypto-assets

On 12 July 2022, the Australian Taxation Office (ATO) issued a guideline to assist Australian citizens in declaring their capital gains or losses from cryptocurrency transactions. The ATO considers crypto an asset for capital gains tax (CGT) purposes. Therefore, any loss or gain must be declared to the tax authority within the same year. Furthermore, investors are required to keep record of every crypto asset. Examples of how gains or losses can incur include trading, exchanging or gifting crypto assets, or converting crypto assets to fiat currencies.