One of the key principles I operate by is that our actions must back up our words.
~ Chris Jordan Tax Commissioner
Mr Chapman in February said that now is time for those involved in cryptocurrencies to pay attention to the “tax side of things”, before the ATO ramps up enforcement of undeclared crypto assets.
“I think the first thing to say is that the ATO has, within the last year or so, started gathering data from cryptocurrency exchanges, the actual providers,” he said. “As a result of that, I think the ATO now has a much better understanding of who’s involved in this market.”
ATO’s compliance approach to “Intangibles Arrangements”
Source: Draft Practical Compliance Guideline PCG 2021/D4, ATO website, 19 May 2021, accessed 19 May 2021.
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