The Australian Taxation Office (ATO) is seeking transaction data on 1.2 million accounts from crypto exchanges to identify users who are evading taxes. This news follows recent reports that a spot Bitcoin (BTC) exchange-traded fund has been approved May soon appear on the Australian ASX stock exchangeAccording to reports.
According to a notice issued last month and Reported by Reuters, the ATO aims to identify traders who failed to report crypto asset exchanges or when they sold digital currencies to pay for goods and services. one in recent announcement, the ATO states that “data-matching programs help us meet our responsibility to protect public revenues and maintain community confidence in the integrity of the tax and supersystems.” The dialogue reads:
The novel and complex nature of crypto can create a real lack of awareness of the tax obligations associated with these activities. Furthermore, the ability to purchase crypto assets using false information may make them attractive to people wishing to avoid their tax obligations.
The personal data sought by the ATO includes dates of birth, phone numbers, social media accounts and transaction details such as bank accounts, wallet addresses and the type of coins involved.
Are crypto assets or currencies?
Australian authorities treat digital currencies as property and not foreign currency for tax purposes. As a result, investors have to pay capital gains taxes on profits made from selling crypto assets and trading digital assets.
The popularity of crypto assets is growing in Australia, with a 2022 Treasury report showing that more than 800,000 Australian taxpayers had transacted in digital assets over the past three years, with an increase of 63% in 2021.
Taxes and how to file them are still a hassle for crypto traders and investors, feel free to Consult our guide To clear up some of the most common misconceptions.
australia-pursues-crypto-buyers-info-in-tax-probe
