the Bitcoin regulation in Australia: The Australian tax authority, users of crypto-currencies in the future-more specifically, the fingers look. The authority wants to exchange data with crypto-exchanges, tax fraud with crypto-currencies.
By Phillip Horch
30. April 2019BTC$5.286,00 1.26%part Facebook Twitter LinkedIn xing mail
The Australian taxation office, currently data to tax fraud with Bitcoin, Ripple and other crypto-currencies, collects prevent. The Australian tax office (Australian Taxation Office) shall communicate officially, that you do not want to make sure that Australian citizens are crypto-currencies use for tax evasion.
The data it collects on the authority of servers, which are in connection with Bitcoin exchanges and other crypto-companies and compares these with their own personal directories. Want Day, Deputy Commissioner of the authority sees this as an important step in the policy of the authority to enforce:
The Australian tax authority used data of third parties, to improve the integrity of the tax system, by identified taxpayers who provide their income data correctly. We also use data from third parties to help taxpayers in fulfilling their tax obligations through pre-filling of tax returns.
the tax authority wants to help users of Bitcoin & co.
As you can see from the communication, has increased the number of Australian Bitcoiners. Estimates are from 0.5 to one Million crypto-users in the land Down Under. The doubts the authority expressed in relation to Bitcoin & co., relating to any illegal activities:
The Australian tax authority looks at the crypto – currency and Blockchain technology as an enabler for existing risks. Crypto were used currencies, in order to move funds within the shadow economy to hide money offshore, sometimes associated with risks with apparently no assets and no declared taxable capital gains,
notify the authority. Finally, the authority is to plan your program internationally. So they wanted to cooperate with tax authorities in other countries to ensure a better exchange of data. In your approach, you will want to pay attention to transparency; so we’ll give captured Australians, a total of 28 days to verify information:
We want to help tax payers to do things correctly and pay the correct amount of taxes,
confirmed the Australian Tax Office.
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