The ATO is using a compulsory ‘100-point identification check system’ that will implement data-matching techniques to investigate cryptocurrency investors.

The tax authority has also mandated all domestic cryptocurrency exchanges register with AUSTRAC, Australia’s financial intelligence agency and watchdog, before a deadline that passed on 14 May. Under terms of compliance, the exchanges will also need to monitor and flag suspicious transactions as well as reporting all transactions involving cash over AUD$10,000.

Earlier during 2018, the Australian Tax Office published its guidance on the tax treatment of cryptocurrencies labeling them property treated as an asset resulting in capital gains tax exposure much like the current US tax structure.

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