Owners of Bitcoin and other cryptocurrencies have been warned the Australian Tax Office has a new data matching program to ensure those trading in the digital asset are paying their fair share of tax.

ATO deputy commissioner Will Day said data obtained from cryptocurrency designated service providers (DSPs) would be the key pillar of the scheme, which would also involve the Australian Securities and Investments Commission and the Australian Transaction Reports and Analysis Centre.

“The ATO uses third party data to improve the integrity of the tax system by identifying taxpayers who fail to disclose their income details correctly. We also use third-party data to assist taxpayers in meeting their tax obligations through pre-filling of tax returns," Mr Day said.

“This data will be collected under notice from the DSPs on an ongoing basis."