The Australian Tax Office (ATO) is intensifying its monitoring of individuals who have cashed out their cryptocurrency profits before the end of the financial year on June 30. Taxpayers are now submitting their tax returns, and the ATO is scrutinizing crypto transactions closely. The ATO has enhanced its crypto data matching program to gather information from 2014 to 2026 from all legally operating crypto exchanges in Australia. This initiative aims to collect data on 1.2 million crypto investors annually, including personal details and transaction history. Uncertainty remains regarding the tax implications of Bitcoin and Ether repayments from Celsius, leaving users perplexed about their tax obligations. Investors are advised to seek guidance from tax professionals to accurately assess their tax liabilities. Despite the recent introduction of Bitcoin ETFs in Australia, investors are reminded that Capital Gains Tax applies when selling holdings for a profit. The ATO's crackdown underscores the importance of complying with crypto tax regulations in Australia. Read more AI-generated news on: https://app.chaingpt.org/news
