On 16 May 2022, the Australian Taxation Office set out its tax priorities for 2022 which include, among other things, the monitoring of citizens’ reporting of cryptoasset and non-fungible token (NFTs) capital gains and losses.
The statement sets out that if citizens dispose of an asset such as property, shares, or a cryptoasset (including NFTs) this financial year, they will need to calculate a capital gain or capital loss and record it in their tax return.