Australian Taxation Office warns crypto investors

Uğur Bayram

Aug 25, 2021

As it is known, the market crash that occurred in the past months caused the cryptocurrencies to fall.

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As it is known, the market crash that occurred in the past months caused the cryptocurrencies to fall. However, investors are opting to put their money in coins rather than crypto, planning for it to fall further.
Australian Taxation Office (ATO) deputy commissioner Tim Loh believes that most BTC buyers may try to hide their income from tax reporting.
Loh said:
“ATO pairs cryptocurrency with individuals' tax returns and helps us ensure investors pay the right amount of tax. We estimate that over 600,000 taxpayers have invested in crypto assets in recent years.”
Loh said that crypto investors have caught the attention of the tax office. For crypto investments, he said, transaction data is tracked.

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