Cryptocurrency Data Matching Program

Cryptocurrency Data Matching

Cryptocurrency Data Matching Program

The ATO is collecting bulk records from Australian cryptocurrency designated service providers ('DSPs') as part of a Cryptocurrency Data Matching Program to ensure people trading in cryptocurrency are paying the right amount of tax, and correctly meeting their tax (and superannuation) obligations.

The ATO will collect data from cryptocurrency DSPs to identify individuals or businesses who have or may be engaged in buying, selling or transferring cryptocurrency during the 2014/15 to 2019/20 financial years (the ATO estimates that there are between 500,000 to one million Australians that have invested in crypto-assets, including SMSF trustees).

The ATO has also noted that cryptocurrency can be considered a "high risk, volatile investment", and they have already seen incidences of SMSFs losing significant amounts of their retirement savings.

They strongly recommend all trustees undertake their own investigation and appropriate due diligence before investing with any organisation investing super assets into cryptocurrency holdings.

HAVE QUESTIONS ABOUT CRYPTO CURRENCY?

CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW

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