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  • Cryptocurrency records under review

    We have started collecting customer and transaction information from cryptocurrency digital service providers, where individuals and businesses buy, sell and transfer cryptocurrency.

    This will allow us to match the data with taxpayer records and verify ‘purchase and sale’ information to ensure everyone is meeting their tax obligations.

    Data will be cross checked against previous and future lodgements. This may help us identify businesses that may need further advice and guidance of the rules around the tax treatment of crypto-assets.

    Following the data matching exercise you may be contacted by us and given the opportunity to verify the information we collect. You will be given at least 28 days to clarify any information that has been obtained from the data provider.

    If you are involved in acquiring or disposing of cryptocurrency you must keep records in relation to your cryptocurrency transactions.

    Although we may contact you, it is also important to remember scammers regularly impersonate the ATO via phone calls, email, SMS, fake websites and forms. Guidelines and support are available to help you tell when the contact might be from a scammer.

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    Last modified: 30 Apr 2019QC 58692