The Australian Taxation Office is set to issue warning letters to hundreds of thousands of cryptocurrency investors in a clampdown on tax misreporting.
“Under this program we obtain cryptocurrency transaction data from currency exchanges on taxpayers who have bought and sold cryptocurrency,” an ATO spokesman said in the report.
The planned warnings come as other tax agencies around the world move to more closely monitor for tax evasion involving cryptocurrencies. The U.S. Internal Revenue Service last summer issued similar warning letters about misreporting income from trades, and released its first guidance on crypto tax for five years in October.