Our crypto asset data-matching program has been in place since April 2019. Under the program, we collected data on crypto transactions for the 2014–15 to 2019–20 financial years. This protocol outlines our approach to collecting a further 3 financial years of data up to and including 2022–23.
Crypto asset is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain.
Crypto can be bought or sold on a digital currency exchange platform using fiat currency. Some popular digital currencies, like Bitcoin, can be bought or sold for cash through special ATMs. Crypto operates independently of central banks, central authorities or government.
We are seeking to obtain data relating to crypto transactions and account information from designated service providers (DSPs). The data obtained will be used to identify the buyers and sellers of crypto-assets and quantify the related transactions.
We will match the data provided by DSPs against our records to identify individuals who may not be meeting their registration, reporting, lodgment or payment obligations.
This data-matching program follows the Office of the Australian Information Commissioner (OAIC) Guidelines on data matching in Australian Government administration (2014). The guidelines assist Australian Government agencies to use data matching as an administrative tool in a way that:
- complies with the Australian Privacy Principles (APPs) and the Privacy Act 1988 (Privacy Act)
- is consistent with good privacy practice.
We have a responsibility to protect public revenue and to maintain community confidence in the integrity of the tax system. Our data-matching programs assist us to fulfil this responsibility.