The Australian Taxation Office (ATO) will step up its scrutiny of cryptocurrencies to ensure users accurately report earnings and determine whether it is being used for investment or business purposes, March 17 news.
According to government sources, the ATO will also keep records on users to ensure that expenses declared using cryptocurrencies, such as software, commissions or brokerage fees, are accurate.
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The ATO estimates that more than 600,000 taxpayers have invested in cryptocurrencies in recent years, with a surge in trading volumes. Although the value of digital assets held by self-managed super funds has fallen by around $5 million in 2021.
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