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Fresh crackdown on cryptocurrency for 1 million Australians

  • May 01 2019
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Fresh crackdown on cryptocurrency for 1 million Australians

By Cameron Micallef
May 01 2019

The Australian government has invested in a new data matching administrative tool to crack down on the estimated 1 million Australians using cryptocurrency and blockchain technologies.

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Fresh crackdown on cryptocurrency for 1 million Australians

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  • May 01 2019
  • Share

The Australian government has invested in a new data matching administrative tool to crack down on the estimated 1 million Australians using cryptocurrency and blockchain technologies.

Bitcoin

Deputy commissioner from the Australian Tax Office (ATO) Will Day said a new bulk record data matching service provider will make up a key element in the ATO’s compliance program.

“The ATO uses third-party data to improve the integrity of the tax system by identifying taxpayers who fail to disclose their income details correctly. We also use third-party data to assist taxpayers in meeting their tax obligations through pre-filling of tax returns,” said Mr Day.

Following the use of data matching, businesses and individual taxpayers will be given the opportunity to verify the information collected within 28 days. Taxpayers can correct a mistake by requesting a self-amendment or making a voluntary disclosure. The ATO recommends that taxpayers contact them prior to an audit being conducted.

“We want to help taxpayers to get it right and ensure they are paying the correct amount of tax,” Mr Day said.

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“Where people find that they have made an error or omission in their tax return, they should contact the ATO as soon as possible. Penalties may be significantly reduced in circumstances where we are contacted prior to an audit,” said Mr Day.

The ATO new tool is in conjunction with other regulators, in particular the Australian Transaction Report and Analysis Centre and the Australian Securities and Investment Commission, as part of a joint strategy that tax law requirements align with a whole-of-system approach.

Cryptocurrency has been on the ATO’s radar since it exploded in popularity in recent years. You can read more about the tax treatment of cryptocurrency, and how you can stay out of hot water, here.


Read more of cryptocurrency here.

Fresh crackdown on cryptocurrency for 1 million Australians
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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