The Australian Taxation Office (ATO) will inform 100,000 residents of the need to review income data from cryptocurrency transactions for 2020. This was stated by the assistant to the agency’s chairman, Tim Loch, as reported by news.com.au.
He said that the anonymity of digital assets does not mean that citizens can ignore their tax obligations. Investors need to verify the accuracy of the information in their declarations.
“We monitor how cryptocurrencies interact with the real world through data from banks, financial institutions and exchanges. The service has found discrepancies with the figures in the declarations. This is not a game of hide-and-seek. All we ask people to do is follow the rules,” Loh explained.
In Australia, digital assets, including NFTs, are considered property and are taxed as capital gains.
According to a survey by the Independent Reserve exchange, nearly one in five Australians own cryptocurrencies.
In May 2021, Senator Andrew Bragg called for tightening cryptocurrency regulation in Australia.
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