Australian Tax Office Reissues Warning About Declaring Cryptocurrency Profits

Australian Tax Office Reissues Warning About Declaring Cryptocurrency Profits

Declaring Cryptocurrency Profits

The Australian Tax Office (ATO) has again warned traders to ensure they declare their cryptocurrency profits when reporting their annual revenues. The ATO has issued this warning many times in the past.

Cryptocurrency regulatory requirements across Western nations is not that strict when compared to their Asian counterparts but Australia seems to be trying to really make it strict.

The ATO have warned Aussie crypto traders and exchanges that they must declare their cryptocurrency profits as the tax regulators are looking to enforce greater transparency.

Digital asset exchanges across Australia now verify the identity of their users and will need to report any transactions over $10,000 that are deemed ‘suspicious’. The ATO cited that this is linked to Aussie anti-money laundering and anti-terrorism finance laws.

A spokesperson for the ATO recently made a statement saying:

“While there is no specific label on the capital gains schedule or income tax return to identify how many people have invested in cryptocurrency we are still looking at lodgment activity this year to determine any significant impact of cryptocurrencies.”

The statement was reported in the Australian Financial Review.

Leave a Comment