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The Australian Taxation Office (ATO) is targeting approximately 1.2 million cryptocurrency-related accounts to tighten the noose on tax discrepancies.
According to Reuters, this step marks an approach by the Australian government to “crackdown on users who may be failing to pay their taxes amid a rising interest in digital tokens.”
ATO’s Scrutiny On Crypto Transactions
The ATO scrutinizes these 1.2 million crypto-related accounts to detect any reported and actual transaction inconsistencies. This includes examining personal data and detailed transaction records from various cryptocurrency exchanges.
Notably, as disclosed, the primary goal of this move is to identify unreported transactions, whether they involve cryptocurrency exchanges or are used for purchasing goods and services.
According to Reuters, cryptocurrencies are treated as assets, not as foreign currency in Australia. This classification means that any profits from selling these digital assets are subject

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