Australian Tax Office to keep close watch on crypto beneficiaries, expects to collect information on 1.2 million crypto investors each year

According to ChainCatcher, the Australian Taxation Office (ATO) will closely monitor those who cash out their crypto gains before the end of the fiscal year. Adam Saville-Brown, general manager of Koinly, said that the ATO has been paying close attention to the crypto space in recent years.

The ATO has revamped its crypto data matching program, aiming to collect data from 2014 to 2026 from all crypto exchanges operating legally in Australia. The ATO expects the program to collect information on 1.2 million crypto investors each year, including names, addresses, emails, and even social media accounts and IP addresses. Most Australian crypto users are aware of their tax filing obligations, but the program "may catch a small number of remaining investors who fail to comply."