Australia’s Tax Agency Will Target Cryptocurrency Investors Trading Beyond Borders
Australia’s Tax Agency Will Target Cryptocurrency Investors Trading Beyond Borders
Australia’s tax authority will use advanced data-matching techniques through existing data sharing agreements with other nations to target crypto investors trading on offshore exchanges at a time when CPA Australia – the country’s accounting body – estimates ‘hundreds of thousands’ of Australian taxpayers to file crypto-related declarations for the first time ever.
However, ATO added:
“Where people attempt to deliberately avoid these obligations we will attempt to take action. We have a range of existing powers that are designed to address unexplained wealth and conspicuous consumption that may arise through profits derived through cryptocurrency investment.”
@catataniranda