- The ATO is scrutinizing an estimated 1.2 million crypto-related accounts for potential tax discrepancies.
- With the exercise, the ATO aims to uncover unreported transactions involving crypto assets.
- The Australian tax regime treats cryptocurrencies as assets, not as foreign currency.
The Australian Taxation Office (ATO) is scrutinizing an estimated 1.2 million crypto-related accounts for potential tax discrepancies. According to reports, this action comes amid increasing crypto awareness in the country, prompting the Australian authorities to examine personal data and transaction details from crypto exchanges.
With the exercise, the ATO aims to uncover unreported transactions involving crypto assets, either as currency exchange or those involving goods and services. Understandably, there is often a genuine lack of awareness about tax obligations when dealing with cryptocurrencies. That arises from the complexity of the crypto industry and how crypto transactions vary from other mainstream financial processes.
Considering the relative lack of awareness, the ATO aims to use the current exercise to regulate and educate crypto users on their fiscal duties. Howe…
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