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  • We’ve started reviewing cryptocurrency records

    We’ve started collecting customer and transaction information from designated cryptocurrency service providers, where individuals, businesses and self-managed super funds (SMSFs) buy, sell and transfer cryptocurrency.

    We'll collect this data and match it with taxpayer records to verify ‘purchase and sale’ information, to ensure people are meeting their tax obligations.

    We’ll then be able to identify SMSF trustees or members who may need help to understand their obligations, so we can provide further advice and guidance of the rules around the tax treatment of crypto-assets.

    Following the data-matching exercise, we may contact you to verify the information we’ve collected. We’ll give you at least 28 days to clarify any information.

    If you acquire or dispose of cryptocurrency you must keep records of the transactions.

    Cryptocurrency can be considered a high-risk, volatile investment. We've already seen incidences of SMSFs losing significant amounts of their retirement savings. We strongly recommend all trustees undertake their own investigation and appropriate due diligence before investing with any organisation investing super assets into cryptocurrency holdings.

    Although we may contact you, it’s important to know scammers regularly impersonate us via phone calls, email, SMS, fake websites and forms. Refer to our Guidelines and support to help you identify scammers.

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      Last modified: 01 May 2019QC 58708