Australia's tax office reportedly seeks personal data and transaction details from up to 1.2 million cryptocurrency exchange users for a potential crackdown on crypto tax. The Australian Taxation Office (ATO) has issued a directive to crypto exchanges, mandating them to submit personal data and transaction details of about 1.2 million accounts.

Australia’s Taxation Office (ATO) has issued a notice to crypto exchanges. According to Reuters, the ATO has requested the personal data and transaction details of up to 1.2 million accounts as it looks to crack down on potential tax evasion. The data will be crucial in identifying crypto investors and ensuring compliance.

The ATO’s recent directive mandates designated cryptocurrency exchanges to furnish extensive data. It encompasses personal particulars like names, addresses, bank account details, and, most importantly, complete transaction histories. This comprehensive information allows the ATO to track crypto-related income and capital gains effectively.

The Australian Taxation Office (ATO) has requested personal data and transaction details of up to 1.2 million accounts from cryptocurrency exchanges. This data grab is a significant step towards increased scrutiny and enforcement of crypto tax laws in Australia. If you're involved in cryptocurrency, understanding your tax obligations is now more important than ever. Stay informed and seek professional advice to ensure you comply with the ATO's requirements regarding cryptocurrency.

Australia's tax office has sought from cryptocurrency exchanges the personal data and transaction details of up to 1.2 million accounts as it looks to crack down on potential tax avoidance. This move signals a heightened focus on cryptocurrency taxation and underscores the importance of accurate reporting for all Australian crypto investors.