Headline : Australian Taxation Office Embarks on Crypto Scrutiny, Targets 1.2 Million Accounts

Read more from the original article on here at ng.investing.com.

---

No. of Paragraph 9

The Australian Taxation Office (ATO) is scrutinizing an estimated 1.2 million crypto-related accounts for potential tax discrepancies. According to reports, this action comes amid increasing crypto awareness in the country, prompting the Australian authorities to examine personal data and transaction details from crypto exchanges.

With the exercise, the ATO aims to uncover unreported transactions involving crypto assets, either as currency exchange or those involving goods and services. Understandably, there is often a genuine lack of awareness about tax obligations when dealing with cryptocurrencies. That arises from the complexity of the crypto industry and how crypto transactions vary from other mainstream financial processes.

Considering the relative lack of awareness, the ATO aims to use the current exercise to regulate and educate crypto users on their fiscal duties. However, the regulator highlighted that some crypto users may deliberately try to avoid tax obligations by using false information to execute crypto transactions.

It is essential to note that the tax regime in Australia treats cryptocurrencies as assets, not as foreign currency. By this classification, crypto investors are obligated to pay capital gains tax on profits made from selling crypto assets. With the ongoing scrutiny, the ATO noted that it is reinforcing its efforts to ensure all taxable activities are transparent and properly reported.

Read more from the original article on here at ng.investing.com.

Related Headlines : Australian Taxation Office Embarks on Crypto Scrutiny, Targets 1.2 Million Accounts (in Google.com):

Hello, below you have a "Web" tab to read more content and an "Image" tab to get related pictures

Example : Trends, Country, News, Jobs, Scholarships, Investment, Business, Politics, Adverts, Fashion, Events, Technology and more.