Tax and the Normalisation of Cryptocurrency

Tax and the Normalisation of Cryptocurrency

The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal.…
Ato Secures Data Matching Program till 2023

Crypto Crackdown Underway with ATO Data-Matching Program

Over 600,000 Australians who have invested in cryptocurrency will now be unable to hide from their tax obligations as the ATO extends its data-matching program to 2023. The ATO’s cryptocurrency data-matching program, first launched in April 2019, will now scrutinise cryptocurrency transactions and account information from designated service providers for a further three financial years to…
Man reading letter from ATO regardinf Cryptocurrency Transactions

ATO Warning Letters Highlighting Cryptocurrency Tax Discrepancies hit Australian Mailboxes

The ATO’s cryptocurrency data-matching program, announced in May last year, has now resulted in an undisclosed number of letters being sent out to taxpayers, warning them to come clean with their capital gains or losses. Cryptocurrency records relating to up to one million individuals have been estimated to have been obtained by the ATO, with taxpayers given…

Introduction of Digital Currency Exchange Register: Cryptocurrency Tax Tracking

  New requirements for digital currency exchange providers will give further transparency to the regulators about trades and tax obligations of Australians investing in cryptocurrency.  Rules that came into effect yesterday mean that cryptocurrency exchanges will need to sign up to a new Digital Currency Exchange Register, and transactions exceeding $10,000 must be reported to AUSTRAC in…
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