Attention all crypto holders ― as you may have seen recently in the news ― the Australian Taxation Office (ATO) has begun collecting crypto sale and purchase records from the 2014/15 tax year, and all years since then. From now on, it will be collecting this data on an ongoing basis.

The ATO is seeking to match the crypto records with taxpayers to make sure people are paying the right amount of tax

 

Where is the ATO getting the crypto records from?

The ATO is collecting information from Australian cryptocurrency businesses about purchases and sales of digital assets.

The businesses providing the data to the ATO include, brokerage services, pay facilitators, exchange services and bitcoin providers.

ATO Deputy Commissioner Mr Will Day said that the Australian cryptocurrency businesses had provided full cooperation during the collection of records.

 

What if you haven’t paid tax on a crypto transaction?

ATO Deputy Commissioner Mr Will Day said:

“We want to help taxpayers to get it right and ensure they are paying the correct amount of tax.

“Where people find that they have made an error or omission in their tax return they should contact the ATO as soon as possible. Penalties may be significantly reduced in circumstances where we are contacted prior to an audit.

“People can correct a mistake by requesting a self-amendment or making a voluntary disclosure, and can also contact us if they need help paying their tax.”

 

Need a loan to pay your tax?
If you need a loan to pay the tax you owe on your crypto transactions, then you can use your crypto currency ― Bitcoin, Ethereum, Ripple or Litecoin ― as security for a loan in US dollars.

 

For more information about crypto loans, click here

 

Maximiliano Geraldes