Are you an Australian citizen and worried you might not be paying all the taxes you are due on your bitcoin investments? Well, worry no more because the government is here to help. A group of experts has been assembled to make sure no satoshi goes untaxed in the land down under.
Australian Bitcoin Taxation Office
The Australian Taxation Office (ATO), the government agency and principal revenue collection body for the Australian government, has reportedly created a special task force to help it track and identify all cryptocurrency transactions in the country for tax collecting purposes. It is meant to help tax officials to “explore common queries and practical issues” involving cryptocurrency trading and tackle tax evasion, according to the Australian Financial Review.
Besides this group of tax and law experts, the agency is also assumed to be working closely with the Australian Transaction Reports and Analysis Centre (Austrac) as well as state revenue offices, especially in relation to real estate deals. Austrac is the government’s financial intelligence agency all the exchanges in the country must be registered with to operate legally. Banks are also part of this effort as they are known to be very concerned about AML/KYC (anti-money laundering and know your customer) compliance.
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