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Tax office in Australia hunts Bitcoin HODLers for taxes

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Tax office in Australia hunts Bitcoin HODLers for taxes

Hundreds of thousands of Australians holding cryptocurrencies will receive a letter in the coming weeks regarding their payment of taxes. The tax liability also applies to digital currency. Individual states of Australia are trying to remind everyone to file their tax return and to add their money in cryptocurrencies.


Taxation is an unpleasant thing, but without it our society cannot exist. That is also why they try to force the citizen to fulfill it in an eternal battle. Australia has now decided to fight cryptocurrency leaks. It sends a warning letter to those who have links to cryptocurrency services.


To let the Australians know they were serious, the authorities also published their protocol to track data packages. They can quickly link an account to a currency exchange office, then to a person and, lastly, to his / her place of residence, where a complaint letter will be sent.


Statement by the Australia Tax Office (ATO):


“With the help of this data, we found that due to the complex nature of cryptocurrencies, some people do not even know that tax liability applies. So we launched this campaign to make as many people as possible aware that they were wrong and that they had to pay taxes. They have the opportunity to correct their mistakes. ”

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