Australia’s Tax Authorities Contact Crypto Traders to Remind Them to Pay Taxes
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13 March
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The Australian Taxation Office (ATO), the country's tax authority, has reported it plans to contact about 350,000 people to remind them to pay taxes on their crypto-related profits.

An agency spokesman said on Wednesday:

"Over the next two months we expect to contact as many as 350,000 individuals who have traded in cryptocurrency in the last few years."

Under the current legislation, cryptos are properties, so they are subject to capital gains tax, which means all profits related to this type of asset must be reported to the ATO.

According to the agency's spokesman, crypto traders must have a record of all their activities, which must include the dates on which the transactions were carried out, their value, their purpose as well as information about the other involved parties.

It should be noted the ATO could also contact users who sold cryptos during the fiscal year 2017-2018 in order to ensure they properly reported their profits.

The IRS, the US Internal Revenue Service, has also contacted US residents in the past to ensure they correctly reported their benefits related to cryptocurrencies.

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