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Cryptocurrency tax tracking upped with new register

cryptocurrency

So you think your Cryptocurrency transactions can’t be tracked?

New rules now require cryptocurrency exchanges to sign up to a new Digital Currency Register. All transactions exceeding $10,000 will need to be reported to AUSTRAC in line with existing rules for bank transfers and cash transactions. Taxpayers will need to show where the money came from and also that they have followed the ATO’s rules. Ignorance of the rules is not considered an adequate defence for failing to pay the appropriate tax. There are currently strong warnings from the ATO for taxpayers to review cryptocurrency guidance ahead of tax time 2018. So, if you’re unsure of what your cryptocurrency transactions mean tax-wise make sure you give us a call.
An ATO spokesperson told Accountants Daily earlier this year, “Where people attempt to deliberately avoid these obligations we will take strong action, in particular using a range of existing powers that are designed to address unexplained wealth and conspicuous consumption that may arise through profits derived from cryptocurrency investment,”

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