Million

when

Australian Tax Office (ATO) has been <a href="https://www.reuters.com/technology/australia-seeks-client-data-crypto-exchanges-tax-crackdown-2024-05-07/" target="_blank" rel="noopener">working</a> with a double focus to contain cryptocurrency market growth as a mechanism of tax evasion. Approximately, 2 million accounts are under investigation, and the ATO works to trace down those who haven’t reported their crypto transactions accurately.&nbsp; 
As per the <a href="https://www.ato.gov.au/individuals-and-families/investments-and-assets/crypto-asset-investments/keeping-crypto-records" target="_blank" rel="noopener">notice</a>, the ATO approached crypto exchanges and demanded account holders’ information and records of transactions. The data can range from date of birth, phone numbers, and social media accounts to sensitive things like bank accounts, wallet addresses, and coin types traded.&nbsp; 
The digital currencies in Australia are regarded as taxable assets in the country and not as foreign currency input. Consequently, holders of such assets or those trading cryptocurrencies need to pay the capital gains tax on any profits derived from selling them or exchanging them with other currencies. The ATO has communicated how crucial it is to follow the law when it comes to taxes, especially with the rapid technological development of digital assets.&nbsp; 
These actions by the ATO are merely echoes of such actions that have previously been conducted by tax authorities all over the globe. In Canada the tax agency (CRA) cryptocurrency tax evasion became a high priority and<a href="https://www.cryptotimes.io/2024/05/07/cra-collects-54-million-in-undeclared-crypto-transactions/"> $54 million have been collected</a> from undeclared transactions.&nbsp; 
Also read: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <a href="https://www.cryptotimes.io/2024/05/07/cra-collects-54-million-in-undeclared-crypto-transactions/">CRA Collects $54 Million in Undeclared Crypto Transactions</a> 
</blockquote>

ATO Investigates 2 Million Crypto Accounts for Tax Evasion

The Crypto Times

Other articles published on May 7, 2024

Australia’s ATO Demands Crypto Transaction Data from Exchanges

SEC Faces Backlash from Digital Chamber Over Wells Notice to Robinhood’s Crypto Trading (RH Crypto)

Recent Fluctuations and Withdrawals in the Cryptocurrency Market

Revolut X Crypto Trading Platform Launches For UK Retail Customers

Ripple’s Potential Price Trajectory: Analyst Predicts $1.5 and $5.89 XRP Targets

Ethereum (ETH) Innovates Crypto Wallet Accessibility with EIP-3074 Upgrade

Join our free newsletter for daily crypto updates!