2024

April

Read

Australia’s tax office is targeting up to 1.2 million users, seeking their personal data and transaction details from crypto exchange.
<a href="https://crypto.news/tag/australia/" target="_blank" rel="noopener noreferrer nofollow">Australia</a> appears to be targeting over a million crypto investors, seeking their personal data and transaction details from crypto exchanges, as Reuters <a href="https://www.reuters.com/technology/australia-seeks-client-data-crypto-exchanges-tax-crackdown-2024-05-07/" target="_blank" rel="noopener noreferrer nofollow">has learned</a>, citing a notice issued in April by the Australian Taxation Office.
According to the report, the tax office is targeting up to 1.2 million accounts, in a bid to combat potential tax evasion amid a surge in interest in crypto. In the notice, the tax watchdog said the ability to purchase crypto assets using fake information “may make them attractive to those seeking to avoid their tax obligation.”
While the list of exchanges targeted by Australian regulators remains undisclosed, the report notes that the tax agency has requested information encompassing personal details like dates of birth, phone numbers, and social media profiles.
You might also like: <a href="https://crypto.news/irs-to-target-crypto-tax-evasion-with-enhanced-enforcement-in-2024/" rel="noopener noreferrer nofollow"> IRS to target crypto tax evasion with enhanced enforcement in 2024 </a>
Additionally, transaction particulars including bank account information, wallet addresses, and crypto types also appear to be under scrutiny. Australia taxes crypto as assets rather than foreign currency, meaning investors are liable to pay capital gains tax on profits from selling or trading these assets. The tax rate varies depending on the capital gains, while income earned from disposing of crypto held for longer than 12 months is <a href="https://coinledger.io/blog/australia-crypto-tax-rates" target="_blank" rel="noopener noreferrer nofollow">eligible</a> for a 50% discount.
The latest move comes a few weeks after Indonesia and Australia’s tax officials <a href="https://crypto.news/indonesia-and-australia-sign-agreement-on-crypto-taxation/" target="_blank" rel="noopener noreferrer nofollow">signed</a> an agreement in Jakarta to establish a crypto information-sharing framework. The agreement aims to improve the identification of assets that may be taxed in either country. Australia is also working with other countries to make a plan called the Crypto-Asset Reporting Framework (CARF), aimed at helping share information about crypto transactions automatically. The goal is to have a standard way to tax cryptocurrencies worldwide.
Read more: <a href="https://crypto.news/what-you-need-to-know-about-the-irss-crypto-question-on-tax-returns-opinion/" rel="noopener noreferrer nofollow"> What you need to know about the IRS’s crypto question on tax returns | Opinion </a>

Australia targets crypto exchanges to hand over tax data on 1.2m users

crypto.news

Other articles published on May 7, 2024

Solana Price Soars 5% Despite $380M SOL Transfer To Coinbase, What’s Next?

WadzPay Announces Expansion into the Stablecoin Market

Coinbase Faces Class-Action Lawsuit Over Alleged Securities Deception

Rivian (RIVN) Stock Soars as Crypto Market Eagerly Awaits Q1 Report

EigenLayer (EGL) Airdrop Sparks Intense Discussions in Cryptocurrency Circles

Dogecoin on the Rise: Over 5 Million Wallets Now Profitable As Potential Surge Looms

Join our free newsletter for daily crypto updates!