ATO Launches Program to Track Crypto Tax Evasion

The Australian Tax Office (ATO) has launched a new tracking program to identify tax evaders, focusing on those not reporting their cryptocurrency gains. Starting this tax season, the ATO will closely monitor the 1.2 million crypto users in Australia, enforcing actions against repeat offenders.
While most crypto investors comply with tax regulations, the ATO aims to ensure all gains, including those from Bitcoin ETFs, are reported. A particular concern is the tax implications for refunds from the bankrupt crypto firm Celsius. Users are uncertain whether these refunds will be taxed and how to determine the cost basis for these assets, considering the price fluctuation since Celsius’ bankruptcy.
This new initiative reflects the ATO’s commitment to holding all crypto investors accountable and ensuring proper tax reporting.