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<p class=”mol-para-with-font”>The tax office has issued a stern warning to Australia’s 600,000 cryptocurrency investors who think their Bitcoin wealth is untraceable.</p><p class=”mol-para-with-font”>Bitcoin on Wednesday climbed above $69,000 for the first time since May.</p><p class=”mol-para-with-font”>With the cryptocurrency back in vogue Tim Loh, an assistant commissioner with the Australian Taxation Office, 비트겟 issued a warning to those hoping to hide their wealth.</p><p class=”mol-para-with-font”>’The ATO matches cryptocurrency to individuals’ tax returns helping us ensure investors are paying the right amount of tax,’ he said.</p><p class=”mol-para-with-font”>’We estimate that over 600,000 taxpayers have invested in crypto assets in recent years.'</p><p class=”mol-para-with-font”><span class=”mol-style-bold”>Scroll down for video </span></p><div class=”artSplitter mol-img-group” style=”style”> <div class=”mol-img”> <div class=”image-wrap”>
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</noscript> </div> <p class=”imageCaption”>The tax office has issued a stern warning to Australia’s 600,000 cryptocurrency investors who think their Bitcoin wealth is untraceable.
Bitcoin on Wednesday climbed above $69,000 for the first time since May (pictured is a stock image)</p></div><div class=”moduleFull mol-video”><div><div itemprop=”video” itemscope=”itemscope” website content=”Tax office issues warning to Australians who buy cryptocurrency” itemprop=”name” /><meta content=”PT00M36S” itemprop=”duration” /><meta website itemprop=”thumbnailUrl” /><meta website itemprop=”contentURL” /><meta content=”2021-08-26T04:47:33+0100″ itemprop=”uploadDate” /><meta content=”576″ itemprop=”height” /><meta content=”1024″ itemprop=”width” /><meta content=”Tax office issues a stern warning to 600,000 Australians who buy cryptocurrency and think it’s untraceable as Bitcoin surges close to $70,000″ itemprop=”description” /><div class=”item”> <div class=”vjs-video-container vjs-fixed vjs-span-two-col news” id=”v-5244488535215718917″> <video controls=”” class=”video-js vjs-default-skin” website office issues warning to Australians who buy website office issues a stern warning to 600,000 Australians who buy cryptocurrency and think it’s untraceable as Bitcoin surges close to website preload=”none”> <source website type=”video/mp4″></source> </video> </div> </div> </div></div></div><p class=”mol-para-with-font”>Like share investors, those who buy and sell cryptocurrency have to pay a capital gains tax if they make a profit and this must be declared on a tax return.</p><p class=”mol-para-with-font”>Cryptocurrencies, like shares, are also increasingly being bought over exchange platforms that provide data to the tax office.</p><p class=”mol-para-with-font”>But peer-to-peer trades between individuals are harder to track unless the tax office obtains records from phone companies.</p><p class=”mol-para-with-font”>Bitcoin has had a volatile year, climbing above $80,000 in March when billionaire Tesla chief Elon Musk announced he had bought $US1.5billion of the world’s most valuable cryptocurrency and would accept it as payment for his electric cars.</p><div><div data-track-module=”am-related_carousel^related_carousel” data-track-selector=”.rotator-panels a:not([class*=external])” data-dm-rotator-rotate=”false” data-track-pos=”static” data-preferred-shared-network-enabled=”” data-dm-rotator-auto-init=”” id=”p-21″ class=”related-carousel with-fb-or-tw news half” data-dm-rotator-active-class=”active” data-dm-rotator-page-count=”1.0″ data-dm-social-article-auto-init=”” data-dm-rotator-page-size=”1″> <div class=”rotator bdrcc”> <div class=”rotator-title”> <h2>RELATED ARTICLES</h2> <ul class=”rotator-pages link-xocc”> <li class=”rotator-prev”>Previous
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</div></div> </div><p class=”mol-para-with-font”>It then dived to $45,000 by May after he changed his mind on the grounds mining cryptocurrencies with complex mathematical formulas used too many fossil fuels. </p><p class=”mol-para-with-font”>In early August Fred Schebesta, 비트코인 거래소 the millionaire co-founder of the Finder comparison website, was predicting Bitcoin would reach $61,000 by the end of 2021.</p><p class=”mol-para-with-font”>But with Bitcoin on Thursday worth $67,000 Mr Schebesta, a cryptocurrency investor, updated his forecast to have the cryptocurrency hitting $87,000 by Christmas, and still reaching $338,000 by 2025. </p><p class=”mol-para-with-font”>’Bitcoin going up in value is great.
But what’s better is when Bitcoin goes up in value slowly because it shows strength,’ he told Daily Mail Australia.</p><div class=”artSplitter mol-img-group” style=”style”> <div class=”mol-img”> <div class=”image-wrap”>
</noscript> </div> <p class=”imageCaption”>With the cryptocurrency back in vogue Tim Loh, an assistant commissioner with the Australian Taxation Office, issued a warning to those hoping to hide their wealth</p></div><p class=”mol-para-with-font”>’When it goes up too fast it means it’s going to potentially come crashing back. </p><p class=”mol-para-with-font”>’Whereas this run up has been really nice and slow and considered. </p><p class=”mol-para-with-font”>’This shows extreme strength, for me, and I think this will create a real strong base for Bitcoin to go much much, much higher.'</p><p class=”mol-para-with-font”>Mr Schebesta said other cryptocurrencies like Ethereum, used for business transactions, were now pulling up Bitcoin as bargain hunters looked for alternatives before coming back to Bitcoin.</p><p class=”mol-para-with-font”>’When Etherium ran up, it pulled Bitcoin up for the first time, which I think is a really interesting new pattern where other coins can also pull Bitcoin up where in the past, Bitcoin was the one that pulled everything else up,’ he said.</p><div class=”artSplitter mol-img-group” style=”style”> <div class=”mol-img”> <div class=”image-wrap”>
</noscript> </div> <p class=”imageCaption”>In early August Fred Schebesta, the millionaire co-founder of the Finder comparison website, was predicting Bitcoin would reach $61,000 by the end of 2021.</p></div><p class=”mol-para-with-font”>’Think of the stock market.
If the two biggest stocks suddenly go up, then everyone looks at the other stocks and thinks they now look pretty cheap relative to them.</p><p class=”mol-para-with-font”>’So everyone buys the other stocks as well. So that’s what started happening, the second biggest stock started really rallying, and then the first one looked cheap.'</p><p class=”mol-para-with-font”>Ethereum on Thursday was worth $4,300, still a fraction of Bitcoin’s $67,000. </p><p class=”mol-para-with-font”>Australians have until October 31 to lodge their tax return if they are doing it themselves or have until May 15 next year if they are going through a tax accountant. </p><p class=”mol-para-with-font”>Those working from home can claim a flat 80 cents an hour rate on their tax return for 비트코인 거래소 the last financial year, ending on June 30, or use the lower 52-cent rate and manually add up their phone, internet and electricity expenses. </p><p class=”mol-para-with-font”>Mr Loh said the tax office was this year targeting cryptocurrency investors and 비트코인 거래소 those who overclaimed on their work-from-home expenses. </p><p class=”mol-para-with-font”>’This year, we’re focused on work-related expenses including working from home, income and deductions for rental properties and capital gains tax on cryptocurrency, shares and property,’ he said.</p></div>
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