GettyAs news.com.au reports, the Australian Tax Office (ATO) is in the process of contacting up to 350,000 Australian taxpayers who had cryptocurrency transactions in the past couple of years. This is by far the largest crypto tax crackdown reported by a tax regulator. Tax treatment for cryptocurrencies under Australian tax code is similar to the US tax code for the most part. Under the Australian tax code, crypto currencies are treated as a “form of asset” and subject to capital gains taxes. This story confirms that — contrary to popular opinion — crypto transactions are traceable and being monitored by tax regulators around the world.

Source: Forbes March 11, 2020 22:07 UTC