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Australian authorities seek data from crypto exchanges to curb tax evasion

In a bid to combat tax evasion, Australia’s Tax Office has demanded personal data and transaction details from crypto exchanges.

Last month, the ATO voiced its intention to gather data from cryptocurrency exchanges to identify traders who may have failed to report their crypto-related activities. As reported by Reuters, the officials have set their sights on obtaining information from 1.2 million crypto trading accounts to track potential tax dodgers.

The ATO is particularly interested in transactions where digital assets are exchanged for fiat currency or used in purchasing goods and services. While highlighting the genuine lack of awareness among traders regarding their tax obligations, the ATO noted that the potential for anonymity and the use of false information in crypto transactions make them attractive avenues for tax evasion.

As part of its data collection efforts, the ATO is looking for a range of personal information, including dates of birth, social media accounts, phone numbers, and other user details.

It is worth noting that Australia treats cryptocurrencies as assets for tax purposes rather than foreign currency. As such, investors are subject to capital gains tax on profits generated from the sale of digital assets and trades.

SOURCE

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