RATE Group | ATO Expecting To Collect $3 Billion in Tax Fines From Australian Cryptocurrency Traders …
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ATO Expecting To Collect $3 Billion in Tax Fines From Australian Cryptocurrency Traders …

30 Sep ATO Expecting To Collect $3 Billion in Tax Fines From Australian Cryptocurrency Traders …

Posted at 18:26h in Cryptocurrency News by

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Find Out How to Protect Yourself with AustraliaCryptoTax.com

Sydney, Australia, Sept. 30, 2019 (GLOBE NEWSWIRE) — As the Australian Taxation Office begins its crackdown on cryptocurrency trading, many everyday owners, traders, and investors in crypto could be at risk. Earlier this year the Australian Tax Office (ATO) announced that it will be allocating a billion dollars to track down and fine those who haven’t filed taxes on their crypto activity. With Bitcoin and other cryptocurrencies bouncing back this year, it’s likely many, perhaps you, will owe capital gains taxes.

The government announced that it will be partnering with both Australian cryptocurrency trading platforms as well as global ones in order to obtain information about users. It will use this data to track down and fine those who don’t make tax filings of their own accord. Many falsely believe that cryptocurrency transactions are untraceable; but by requiring platforms to report on their users as well as hiring…

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