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Australian Tax Office says it can't rely on crypto users' own records

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CoinTelegraph

Fri, Nov 26, 2021

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Speaking at the 14th International ATAX Conference on Tax Administration conference on Nov. 23, ATO commissioner Chris Jordan stressed that many new crypto investors may not entirely understand their tax reporting obligations : “In a sector that is growing rapidly with new investors, we can’t rely on taxpayers knowing they need to keep records of their investment income and capital gains and disclose it on their tax returns.” “Our main concern is that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars,” he added.

Jordan explained that the ATO has been working on ways to “nudge” people in the right direction such as pre-filling data on tax returns to prompt crypto users to report their investments.

“We’ve expanded our data matching protocols to get more data from third parties to assist with emerging investments like cryptocurrency.” He added that, “We are working hard to improve the way we collect, manage, share, and use data, but we are just scratching the surface.” Jordan did note however that “most people do the right thing” as tax reporting compliance, or the “tax performance” of individuals and small businesses in Australia is high with “little or no intervention” from the ATO at 94% and 87% respectively.

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