The ATO escalates its crackdown on Bitcoin tax evasion by demanding data on 1.2 million accounts.
The Australian Taxation Office (ATO) has issued a notice to exchanges demanding personal data and transaction details of up to 1.2 million accounts. According to the notice from last month, the ATO aims to "identify traders who had failed to report the exchange of crypto assets."
The ATO's data request includes personal information such as dates of birth, phone numbers, social media accounts, and transaction details like bank accounts, wallet addresses, and types of coins used in trades.
In Australia, Bitcoin is treated as an asset for tax purposes, not as foreign currency. As a result, investors are required to pay capital gains tax on profits made from selling Bitcoin.
The Canada Revenue Agency (CRA) is also conducting extensive audits and investigations into Bitcoin holders for unpaid taxes. Similarly, in Turkey, the government plans to introduce legislation for Bitcoin-related taxes later this year. In the United States, regulators are considering a rise in the long-term capital gains tax rate for high earners and a 25% tax on unrealized gains for ultra-high-net-worth individuals.
