Crypto audits increase
The Australian Taxation Office (ATO) is ramping up audit activities and targeting taxpayers that have under declared their income from cryptocurrency investments. The ATO data analysis shows a dramatic increase in crypto trading since the beginning of 2020. It is estimated that there are over 600,000 taxpayers that have invested in crypto-assets in recent years.. This year the ATO is writing to about 100,000 taxpayers with cryptocurrency assets explaining their tax obligatio