Bitcoin

“We want to help tax-payers”: Australia tightened Bitcoin regulation

The Australian tax authority currently collects data, control currencies fraud with Bitcoin, Ripple and other Crypto prevent. So shares the Australian tax office (Australian Taxation Office) officially, that in order to ensure that Australian citizens are crypto-currencies for tax evasion.

The data collects the authority of servers, the companies in connection with Bitcoin exchanges and other crypto-and compares this with their own people 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, money is offshore it is connected to win hide and seek sometimes with risks with apparently no assets and no declared taxable capital,

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 the information:

We want to help tax payers to do things correctly and pay the correct amount of taxes,

reaffirms the Australian Tax Office.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.