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The ATO plans to collect cryptocurrency data for up to 1 million individuals as part of new compliance activities.
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ATO expands data-matching program for crypto assets
01 May 2024
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The ATO has advised in a recent notice that it will collect data from cryptocurrency designated service providers as part of a data-matching program to ensure taxpayers are meeting their tax and super obligations.
The data will be collected from cryptocurrency service providers, under notice, 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 the records related to between 500,000 and 1 million individuals will be obtained.
“The data acquired will be electronically matched with certain sections of ATO data holdings to identify taxpayers that can be provided with tailored information to help them meet their tax and superannuation obligations, or to ensure compliance with taxation law,” the notice by the Commissioner of Taxation said.
The data collected will include a selection or fields listed for 2014–15 through to 2019–20 financial years including name, address, Australian Business Number, date of birth, contact number, email address and social media account.
It will also include items such as status of the account, linked bank accounts, wallet address, lost or stolen cryptocurrency amounts linked to accounts, transaction date, transaction time, type of cryptocurrency, type of transfer, transfer description and total account balance.
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“The purpose of this data matching program is to ensure that taxpayers are correctly meeting their taxation and superannuation obligations in relation to cryptocurrency transactions and ownership. These obligations may include registration, lodgment, reporting and payment responsibilities,” the Commissioner said.
The ATO is hoping the data matching program will enable the Tax Office to identify and educate those individuals who may be failing to meet their registration and/or lodgment obligations and assist them to comply.
The regulator is also hoping to gain insights from the data that may help to develop and implement treatment strategies to improve voluntary compliance; which may include educational or compliance activities as appropriate.
It is also aiming to obtain intelligence to increase the ATO’s understanding of the behaviours and compliance profiles of individuals and businesses that have bought, sold or accept payment via cryptocurrency.
It will also help the ATO ensure that individual and businesses that trade or accept cryptocurrency as payment comply with their lodgment, correct reporting and payment of tax (including capital gain and loss) and superannuation obligations, the notice said.
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