A recent statement issued by the Australian Tax Office (ATO) has claimed that the government organization cannot depend on the crypto investors in the region to declare their crypto-related taxes without supervision. The department claimed that many crypto investors think that the taxes on their crypto income do not apply before they convert it to Australian dollars.
ATO commissioner Chris Jordan told the media that since cryptocurrencies are a new field, many investors are unable to calculate and declare their taxes despite their best efforts properly. He was attending the 14th international ATAX conference recently. He further claimed that there are taxes applications on the capital gains that many crypto investors do not fully comprehend.
The ATO Commissioner Jordan claimed that ATO has sourced data feeds provided by digital asset demand-side platforms or DSPs to control and monitor the flow the information on the main crypto market. He further claimed that the federal agency has been making changes in its financial system to accommodate the users invested in the cryptocurrency market.
He claimed that the organization is currently focused on managing, storing, and responsible transfer of data that has been gathered from the cryptocurrency platforms. He claimed that the SAMs and retail investors in the region had been famously filing their taxes without intervention from ATO by 87% to 94% success rates.
Chainalysis’s Partnership with Commonwealth Bank of Australia
The Commonwealth Bank of Australia has recently partnered with cryptomarket analytics firm, Chainalysis. Todd Lenfield is the country manager at Chainalysis for New Zealand and Australia who recently told the media that the crypto organization is looking forward to working with regulators in the region like ATO and AUSTRAC.
It is worth noting that Chainalysis has already provided services to agencies like the FBI, SEC, and IRS hailing from the United States. The organization also searched in detail about the case of a Russian cryptocurrency operator called Suex OTC. The Russian platform was investigated by the Treasury Department of the United States during September on the matter of ransomware transactions.