Australian Tax Office seeks data from 1.2 million crypto exchange users
For Australian regulators, cryptocurrencies are taxable assets, unlike other foreign currencies. This requires traders to pay a capital gains tax on the profit from sold crypto assets
Australia’s tax office reportedly seeks personal data and transaction details from up to 1.2 million cryptocurrency exchange users for a potential crackdown on crypto tax obligations. The Australian Taxation Office (ATO) said that the data will help identify traders who may have failed to pay their taxes on their crypto trades, according to a notice issued last month seen by Reuters. The ATO will be seeking personal data including users’ date of birth, social media accounts, and phone numbers, as well as transaction-related details like wallet addresses, type of coins trades, and bank account details. For Australian regulators, cryptocurrencies are taxable assets, unlike other foreign currencies. This requires traders to pay a capital gains tax on the profit from sold crypto assets.
