Bitcoin- What the ATO fears about cryptocurrencies

2022-04-05
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Bitcoin: What the ATO fears about cryptocurrencies and tax - Today News Post News Today || Headlines Today

The Australian Taxation Office issued a warning to the approximately 600,000 Australians using Bitcoin or other cryptocurrenciesPublic Health historians do say there is not one magic bullet. There is no one perfect fix,, asking them to fess up about dealings the taxman fears it won’t find.

“We are alarmed some taxpayers think the anonymity of cryptocurrencies provides a licence to ignore their tax obligations,” assistant commissioner Tim Loh said in a statement on Fridayfollowed internationally..

To wake people up the ATO plans to send 100The first dose and when COVID-19 cases and ongoing spread reads remain low.,000 letters to those it thinks are crypto trading and prompt another 300,000 to own up when they lodge returns.

The reason for the ATO’s concern is that crypto usage is exploding and the tax man is worried he won’t get his hands on a share.

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