The Australian Tax Office ATO will send letters to crypto investors about paying their taxes in the next few weeks.
According to the information reported by a source close to ATO on the subject, the regulator took this decision because crypto investors did not pay their taxes.
Having published its tax report and regulation on cryptocurrencies in 2019, ATO paved the way for tax collection from cryptocurrencies.
According to the sources, more than 350 thousand taxpayers will be sent an information letter by ATO in the next two months, and the letter will be requested to pay taxes on cryptocurrencies.
According to ATO’s research, it is stated that there are about one million citizens who are trading cryptocurrencies over Australia.
Tax expert Marc Chapman, who stated that ATO is doing tax audits very tightly and the traders who think that they will escape from this audit are wrong, say:
“Many people in Australia are already knowledgeable about tax, but some think the radar won’t hit me. However, this is not true. Although cryptocurrency transactions are virtual transactions and do not include the Australian Dollar, ATO is conducting a very strict audit in this regard. ”