Australian tax office targets 1.2M crypto investors for tax compliance
Australian Tax Office seeks data from 1.2M crypto users for tax compliance. Cryptocurrencies are classified as taxable assets in Australia and capital gains tax applies. Global crackdown on crypto tax evasion has gained momentum, especially in Canada, Turkey, and the U.S. In a move aimed at enforcing tax compliance within the burgeoning crypto market, the Australian Taxation Office (ATO) is reportedly seeking data from up to 1.2 million crypto currency exchange users. The initiative, detailed in a notice seen by Reuters, underscores the ATO’s efforts to identify individuals who may have neglected their tax obligations related to crypto trading. ATO going after tax evaders The sought-after data includes a range of personal information such as users’ dates of birth, social media account details, and phone numbers, alongside transaction-related specifics like wallet addresses, types of coins traded, and bank account information. This comprehensi...