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Australia’s taxman is clamping down on cryptocurrency hodlers


Australia is clamping down on the taxation of cryptocurrencies. The country’s tax office is collecting bulk records from Australian cryptocurrency service providers as part of a data matching scheme to make sure traders are paying the correct amount of tax. Data matching is an administrative and law enforcement tool whereby information from a variety of third-party sources is compiled electronically, validated, and analyzed to enable people to do things such as pre-filing their tax returns. In its statement, the Australian Tax Office (ATO) says it is estimated that 500,000 to 1,000,000 Australians have invested in crypto-assets. “The ATO uses third party…

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