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ATO cracks down on cryptocurrency

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The Australian Tax Office (ATO) has developed a data matching program to ensure cryptocurrency users are paying the right amount of tax.

The ATO will now be able to record cryptocurrency purchases and sale information, in order to make sure Australian users are paying the right amount of tax.

They estimate up to 1 million Australians have invested in crypto-assets.

ATO Deputy Commissioner Will Day tells Ross Greenwood they can use the system to crack down on tax avoidance.

“We’re not blind to the fact that there might be those who use it to deliberately avoid their tax obligations.”

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