The Australian Taxation Office (ATO) has reissued a warning to traders to ensure they declare their cryptocurrency profits when reporting their annual revenues. The ATO has warned Aussie crypto traders numerous times in the past but the issue is now reaching fever pitch.
Cryptocurrency regulatory requirements across Western nations tend to be quite lax when compared to their Asian counterparts, but times are changing, especially in Australia.
The ATO have warned Aussie crypto traders and exchanges that they must declare their cryptocurrency profits as the tax regulators are looking to enforce greater transparency. Reading between the lines, it means they want their cut and are hell-bent on getting it.