SYDNEY (Reuters) – Australia's tax office will seize personal data and transaction details from up to 1.2 million accounts from virtual currency exchanges in a bid to crack down on users who may be failing to pay taxes amid growing interest in digital tokens. I asked for
In a notice issued last month, the Australian Taxation Office (ATO) said this data could help identify traders who failed to report exchanges of crypto assets, or who sold them as currency and used it to pay for goods and services. Stated.
The complex nature of the cryptocurrency industry can lead to a real lack of awareness of tax obligations, the ATO said.
“Cryptoassets can also be attractive to people looking to avoid tax obligations, as they can be purchased using false information.”
Personal data is requested, including transaction details such as date of birth, phone number, social media accounts, bank account, wallet address, and coin type.
Australia treats digital currencies as assets for tax purposes, rather than as foreign currency. This means that investors will have to pay capital gains tax on profits from the sale of crypto assets and when trading digital assets.
Cryptocurrency is growing in popularity in Australia. More than 800,000 Australian taxpayers have traded digital assets in the past three years, an increase of 63% in 2021, according to the 2022 Financial Report.
(Reporting by Renju Jose, Sydney; Editing by Michael Perry)
