The ATO has ramped up data matching relating to cryptocurrency transactions to ensure that taxpayers are meeting their taxation and superannuation responsibilities with cryptocurrency operations and ownership.
The ATO have announced they will collect data from cryptocurrency designated service providers, under notice, to identify individuals or businesses who have or may be engaged in buying, selling or transferring cryptocurrency during the 2014–15 to 2019–20 financial years.
The data acquired will be electronically matched with certain sections of ATO data holdings to identify taxpayers that can be provided with tailored information to help them meet their tax and superannuation obligations, or to ensure compliance with taxation law.
The objectives of the cryptocurrency data matching program include:
- Promoting voluntary compliance and increasing community confidence in the integrity of the tax and superannuation systems.
- Identifying and educating those individuals who may be failing to meet their registration and/or lodgement obligations and assisting them to comply.
- Gaining insights from the data that may help to develop and implement treatment strategies to improve voluntary compliance; which may include educational or compliance activities as appropriate.
- Obtaining intelligence to increase the ATO’s understanding of the behaviours and compliance profiles of individuals and businesses that have bought, sold or accept payment via cryptocurrency.
- Ensuring, through compliance activities, that individual and businesses that trade or accept cryptocurrency as payment comply with their lodgement, correct reporting and payment of tax (including capital gain and loss) and superannuation obligations.
To make sure you are compliant with new standards for data matching, I encourage you to contact me for more information at email@example.com