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Author: Admin | 2025-04-28
Exchange or wallet.In May 2024, the ATO announced it was requesting personal and transaction details for 1.2 million Australian crypto investors from crypto exchanges in order to ensure tax compliance. Data collected on individuals may include:given and surname or surnames (if more than one name is on the account)date or dates of birthaddresses (residential, postal, other)Australian business number (if applicable)email addresscontact phone numberssocial media accountidentify verification document detailsregistration IP Addressuser IDaccount type (individual)sign up datetransaction data including wallet addresses, linked bank accounts, and transaction dates/timesThis new data collection program is a revamped version of previous data-sharing agreements with crypto exchanges and the ATO. The ATO can collect data as far back as 2014 and expects to collect details annually going forward.Since 2020, hundreds of thousands of Australian crypto investors have received letters from the ATO warning that crypto is indeed taxable, and that failure to declare could result in penalties for tax evasion. In the 2021 warning letter, recipients were given 28 days to disclose their crypto trades. In 2023, the ATO sent more crypto notices, advising investors they needed to amend their lodgement. Learn more about how the ATO tracks crypto.The Australian government does not see Bitcoin and other cryptocurrencies as money or foreign currency. Instead, the ATO classes crypto as property, and as an asset for Capital Gains Tax (CGT) purposes. This includes cryptocurrency coins, tokens, NFTs, and stablecoins. But depending on the specific transaction, crypto may also be viewed as additional income and taxed as Income Tax.How
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