Why is the ATO concerned? The ATO Assistant Commissioner Tim Loh has recently advised that taxpayers taking advantage of market conditions and the fall in value of the cryptocurrency markets may ‘trip’ over and lose their losses where the transaction is subject to a ‘wash sale’ arrangement. What is a ‘wash sale’ arrangement’? How does it apply to taxpayers trading in cryptocurrency? How does it apply to taxpayers trading in cryptocurrency in an ad-hoc manner? Is there still a capital and revenue divide for the conduct of such transactions? With the growth in the number of taxpayers entering the cryptocurrency market and the relative ease under which such transactions are made, tax professionals are likely to face these key questions when preparing income tax returns for clients in relation to the 2022 financial year. Join Adam Dimac from Hall & Wiicox and Phillip London Head of Tax at Tax and Super Australia for this key discussion.
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