This week, the Australian authorities launched a major campaign to prompt as many as 350,000 crypto investors to comply with their tax obligations.

In an interview with Cointelegraph on March 12, a spokesperson for the Australia Tax Office (ATO) said the campaign was designed to help raise awareness and give taxpayers “the opportunity to fix any mistakes” they may have made in reporting their capital gains on crypto trades.

Encouraging voluntary compliance

As of 2019, Bitcoin (BTC) and other crypto assets have been defined as taxable forms of property under the ATO’s guidance framework.

In sending letters to as many as 350,000 individuals who have traded in crypto in recent years, the spokesperson said that ATO’s initial approach:

“Aims to promote voluntary compliance through identifying and educating those individuals who may be failing to meet their tax obligations simply because they are unaware of the tax consequences of trading in cryptocurrency.”

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Originally posted by:

Marie Huillet

www.cointelegraph.com

March 12th, 2020