ATO to target ignorant crypto owners, data reveals
Australian cryptocurrency owners need to be aware of their profits and whether they incur tax, experts have warned.
A recent study by the University of Queensland found that 1.5 million Australian cryptocurrency owners are uncertain whether their digital assets are tax-free.
The Tax Office would pursue all cryptocurrency owners who failed to meet their tax obligations, according to the study.
The study also noted cryptocurrency owners were set to find out the “hard way” that their assets are not tax-free, as the 31 October deadline loomed.
The research consisted of 745 coin holders and found that 66 per cent were aware they would need to pay tax on their…
