Australian Authorities Urge Crypto Traders To Disclose Profits
The State Tax Office (ATO) informed crypto owners and traders about the need to provide information on their annual income on a mandatory basis, The Australian Financial Review reports.
The tax requirements in the crypto sphere in western countries are still more liberal compared to that in Asian countries. In the past, the Australian tax authorities have repeatedly resorted to such appeals but now decided to approach the issue seriously.
The desire to make this sphere more transparent is the reason why it was decided to deal with crypto traders and trading platforms, according to the Office.
Australian crypto exchanges will have to disclose the identity of their clients and report to the tax authorities on any financial transactions in excess of $10,000. Such operations, in the opinion of the authorities, look too suspicious.
The ATO claims to be acting in line with the country's laws regarding the fight against money laundering and the financing of terrorist organizations. However, many digital asset owners see this as control strengthening, which is contrary to the very spirit of cryptocurrency.
To comply with the tax laws, Australian crypto traders will need to keep records of their transactions, indicating the date and amount of the deal in Australian dollars. Besides, it will be necessary to specify the purpose of the transfer as well as to name all participants.
As previously reported, the Australian company National Transport Insurance will launch a pilot project for the beef export using blockchain.