The Australian Revenue Authority (ATO) plans to send out notifications to 350,000 citizens who have traded in cryptographic currency over the past few years, requesting them to submit income declarations.
Hundreds of thousands of Australians will be notified by paper or email within the next two months. In Australia, cryptov currencies are considered an asset form and are therefore subject to income tax. That is, traders must submit an income tax return on the income earned from the purchase and sale of digital assets and pay taxes.
ATO representative stressed that traders should keep records of transactions, including data from crypt currency exchanges, checks on the purchase or transfer of crypt currency, records from digital wallets. In addition, taxpayers should be provided with data on the purpose and amount of transactions at the time of execution.
"In April last year, we launched a program to obtain data on taxpayers from cryptocurrency exchanges. With this data, we realized that some taxpayers do not even know that they have to submit a declaration. This is due to the complex nature of crypt-currency assets. Therefore, sending out notifications should ensure awareness among taxpayers. All necessary information can be obtained on our website or from your tax agent," said a representative of the ATO.
According to the representative of the Australian Tax Service, traders who traded in crypt currencies in 2017 and 2018, also need to check their declarations and, in case of incorrect data, correct them.
Recently, the Australian Prudential Regulatory Authority (APRA) announced that it plans to oversee crypt currency wallets.
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