Australian Tax Watchdog Contacting Crypto Holders to ‘Remind Them’ to Pay Up

In the coming weeks, hundreds of thousands of Australian crypto investors are set to receive a reminder of their tax obligations from the country’s authorities.

Citing an unnamed Australian Tax Office (ATO) representative, news.com.au reported on the forthcoming campaign on March 11.

“Up to a million” Australians estimated to be buying or selling crypto

In 2019, ATO had published its guidance framework on the taxation on cryptocurrencies, defining Bitcoin (BTC) and other crypto-assets as taxable forms of property.

In addition to this, the office published a Data Matching Protocol for cryptocurrency, which it uses to obtain transaction data from crypto exchanges on all taxpayers who have bought and sold cryptocurrency, the ATO representative explained, adding:

“Using this data we’ve found that due to the complex nature of cryptocurrencies, some people may not be aware that there may be tax obligations, so our campaign is designed to help raise awareness and give people the…