Australia Tax Office Tries To Track Down Cryptocurrency-Tax Evaders28.8

Thus far, Australian cryptocurrency traders have been able to avoid the gaze of the tax man without too much effort. But this week, the Australian Taxation Office (ATO) launched a data-matching program, in an attempt to hunt down evaders.

According to ATO estimates, between 500,000 and one million Australians have holdings in some form of crypto asset. Of particular concern is the use of cryptocurrency to move and hide funds within the black economy, or links to unexplained wealth and undeclared taxable capital gains.

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