The ATO has advised that it 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. The data obtained will be used to identify the buyers and sellers of crypto-assets and quantify the related transactions and will be matched against ATO records to identify individuals who may not be meeting their reporting obligations.
The Commissioner has also lodged a gazette notice setting out the record keeping requirements for cryptocurrency owners and traders.
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.
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