Australian Taxation Office Looks for Crypto User’s Information

The Australian Taxation Office (ATO) asks crypto exchanges to provide crypto user information and their transaction details. The Australian authorities aim to crack down on traders and investors who may not pay crypto taxes.

ATO seeks information to identify those who did not report the exchanges about their assets, those who withdraw the digital asset, and those who use cryptocurrency to buy any goods or services. As per the Australian government, Australia treats digital currency as an asset and users need to pay taxes when they gain profits from selling or when they trade those.

top blockchain development companies to watch out for

What Information Australian Taxation Office are Looking for:

  • Name
  • Date of birth
  • Contact details including phone numbers
  • Transaction details
  • Wallet address
  • Cryptocurrency name and token type

The Australian Taxation Office (ATO) said in a press release “The crypto industry’s complex nature can lead to a genuine lack of awareness of tax obligations. Also, the ability to purchase crypto assets using false information may make them attractive to those seeking to avoid their tax obligations”,

Read: Top Blockchain development companies in 2024

Australia has been a crypto-friendly country for years. Almost 15% of Australians use cryptocurrency. And the number of crypto users is expected to reach 7.48m by 2028.

In 2022, a treasury report mentioned that, in 2020, 2021 & 2022, more than 800,000 Australian taxpayers had transacted in cryptocurrency, and in 2021 there was a 63% rise.

Related Posts

Leave A Comment