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ATO’s new cryptocurrency data-matching program

The Australian Taxation Office (ATO) is collecting bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. There has been significant growth in participation of crypto-assets in recent years. It is estimated that there are between 500,000 to one million Australians that have invested in crypto-assets.
The Commissioner has given notice  that it will collect data from cryptocurrency designated service providers, under notice, to identify individuals or businesses who have or may be engaged in buying, selling or transferring cryptocurrency during the 2014-15 to 2019-20 financial years.

The purpose of this data matching program is to ensure that taxpayers are correctly meeting their taxation and superannuation obligations in relation to cryptocurrency transactions and ownership. These obligations may include registration, lodgement, reporting and payment responsibilities.

Following the data matching exercise people may be contacted by the ATO and given the opportunity to verify the information collected, before any compliance action is undertaken. People will be given at least 28 days to clarify any information that has been obtained from the data provider.

From CAP TAX News – 02 May 2019 / Edition 16

http://click.e.cpaaustralia.com.au/?qs=7f076fd753078dd0e6a235f49f24aa90d6a9c746e7d0534d5a7531ff69b9082e249799826c99525049cc54b0d71f5d35409de4042a5900f0

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