The Australian Revenue Service (ATO) has listed cryptocurrencies and NFTs as a key focus for 2022.

“The ATO targets problem areas where we see people making mistakes,” said Tim Loh, vice president. said.

The service reminded that tokens are considered property and are subject to capital gains tax like other digital assets.

“[…] Expect to see more capital gains or losses on tax returns this year. […] “Through data collection processes, we know that many Australians are buying, selling or exchanging digital currencies and assets, so it is important that people understand what this means for their tax liability.”

In 2019, the ATO representative recalled that exchanges forwarded all necessary data about taxpayers trading cryptocurrencies to the regulatory authority.

The service later announced that it plans to notify 100,000 residents of the need to review their 2020 digital asset revenue data.

Recall that PureProfile analysts announced an increase in the share of crypto investors in Australia from 18.4% to 28.8% at the end of 2021.