Published on mei 7, 2024, 11:44 am
Image source: Fox News
```json [ { "TLDR": "The Australian Tax Office is stepping up efforts to track down cryptocurrency traders who have not reported their tax obligations by requesting personal information and transaction details from 1.2 million users. Cryptocurrencies are taxable in Australia, and the crackdown reflects global trends of increased regulation and enforcement in the crypto sector to ensure tax compliance." } ] ```
The Australian Tax Office is intensifying its efforts to track down cryptocurrency traders who have not reported their tax obligations. It is reported that the ATO is requesting personal information and transaction details from approximately 1.2 million cryptocurrency exchange users in a bid to crack down on tax evasion within the crypto space.
According to the ATO, obtaining this data will assist in identifying individuals who have not paid taxes on their crypto transactions. The disclosed information will include users’ personal details such as date of birth, social media profiles, and contact numbers, along with transaction-specific data like wallet addresses, types of coins traded, and bank account information.
Cryptocurrencies are considered taxable assets in Australia unlike foreign currencies, necessitating traders to pay capital gains tax on profits derived from selling digital assets. This move by the Australian authorities comes at a time when the crypto market has seen significant gains; Bitcoin surged by over 44% since the start of the year, while Ether rose by 32% year-to-date. Other altcoins also experienced a surge in market capitalization.
However, navigating the complexities of cryptocurrency trading can lead to inadvertent lapses in fulfilling tax obligations as highlighted by the ATO’s notice. The scrutiny on unpaid crypto taxes extends beyond Australia – with reports suggesting that Canada’s tax agency is conducting hundreds of audits and investigations into crypto investors for unpaid taxes.
Furthermore, Turkey is expected to introduce legislation related to cryptocurrencies later this year, aiming to establish a legal framework for crypto taxation. In the United States, regulators are considering increasing long-term capital gains tax rates for high-income earners. Additionally, there are proposals for taxes on unrealized gains for ultra-high-net-worth individuals as part of Federal Budget plans.
As governments globally ramp up efforts to regulate and enforce taxation within the cryptocurrency sector, it underscores the importance for traders and investors to stay informed about their tax liabilities within this evolving landscape.
Original article posted by Fox News
