The Australian Taxation Office improves procedures to identify cryptocurrency tax evaders

ChainCatcher news, the Australian Taxation Office (ATO) has stated that it will closely monitor those who realize their crypto gains before the end of the fiscal year on June 30 in the country. Koinly's General Manager Adam Saville-Brown said, "The ATO has been closely watching crypto in recent years, and this year is no exception."

Koinly's Head of Tax Education Michelle Legge stated, "The ATO has modified its crypto data matching program, aiming to collect data from all crypto exchanges operating legally in Australia from 2014 to 2026. Whether you are using Binance, Bitcoin Base, CoinSpot, or other sites, the ATO can collect your data."

The ATO expects this program to collect information on 1.2 million crypto investors each year, including names, addresses, emails, and even social media accounts and IP addresses. Adam noted that most Australian crypto users are aware of their tax reporting obligations, but the program "may catch a few remaining investors who have failed to comply."