Australian tax authorities cracking down on cryptocurrency tax avoidance schemes

  • The ATO is working on 12 suspected tax avoidance cases at present.
  • Global tax agencies including; Australia, the U.S., the U.K., the Netherlands and Canada are all performing similar work, as part of a group known as J5.

The Australian Taxation Office (ATO) are potentially set to crack down on major tax avoidance scheme, which is reportedly being done via the use of cryptocurrencies.

Local press in Australia, The Sydney Morning Herald covered that the ATO is working on 12 tax avoidance cases at present, which has involved the abuse of crypto assets. The ATO’s deputy commissioner, Will Day, detailed that at least one of the cases involve a “global financial institution,” which is suspected of hiding assets and income details of taxpayers.

The action being taken by the ATO, comes as part of a larger crackdown, there are global investigations ongoing by tax authorities in five countries. The agencies are collectively known as J5, including; Australia, the U.S., the U.K., the Netherlands and Canada.

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