ATO turns its attention to crypto
Individuals and businesses trading in cryptocurrency and non-fungible tokens beware, the ATO is cracking down on those not including their capital gains or losses in their tax returns. Although many people think crypto is relatively anonymous, the ATO is obtaining transaction data from cryptocurrency designated services providers for its data-matching program, and closely monitoring where crypto interacts with the real world through data from banks and financial institutions. Data from approximately 400,000 to 600,000 individuals will be obtained each year.
