ATO announces data-matching of cryptocurrency (June 2024 Tax Update)

Relevant For:

Australian investors, traders, and businesses dealing with cryptocurreny transactions.

Key Points:

  • The ATO will collect data from cryptocurrency exchanges for the 2024 to 2026 income years.
  • Data includes financial info, transaction details, account balances, and personal data.
  • Aimed at identifying and addressing tax risks in crypto activities.
  • Capital gains tax (CGT) applies to gains from crypto disposals.
  • Income from crypto trading or payments must be reported.
  • GST applies to crypto payments by GST-registered businesses.
  • Fringe benefits tax (FBT) applies to crypto assets received as remuneration.

Full Article:

The ATO has announced a data-matching program that will collect information from cryptocurrency exchanges on crypto trades for the 2024 to 2026 income years.

According to the ATO, the innovative and complex nature of crypto can lead to a genuine lack of awareness of the tax obligations associated with these activities.

The data to be collected includes financial data on the cryptocurrency accounts, including linked bank accounts, transaction details, account balances, as well as personal information of account holders including their names, dates of birth, email addresses, social media accounts, and ABN.

The ATO says that the crypto asset data-matching program will help them to identify and address multiple tax risks including:

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