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Cryptocurrency?

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The ATO will begin collecting data from cryptocurrency-designated service providers, under notice, to identify individuals or businesses who have or may be engaged in buying, selling or transferring cryptocurrency during the 2014–15 to 2019–20 financial years.

The Tax Office has estimated that records relating to between 500,000 and 1 million individuals will be obtained.

The data-matching program will give the ATO visibility over whether taxpayers are correctly meeting their taxation and superannuation obligations in relation to cryptocurrency transactions and ownership. These obligations may include registration, lodgement, reporting and payment responsibilities.

The ATO will give taxpayers 28 days to clarify any information that has been obtained from the data provider, before any compliance action is taken.

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

“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.”

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