CANBERRA: The Australian government is reportedly going to track down investors who may be liable to pay for their bitcoin tax, according to a report.
To ensure transparency within the market, the Australia Tax Office (ATO) will employ the use of identification and data-matching checks, reports Business Insider.
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Since then, however, the market has slumped in value, with global regulators calling for the industry to be regulated to rein in speculative trading. At the time of publishing, bitcoin is trading at $11,339, with a market value of $191.6 billion. With many of the opinion that digital currencies such as bitcoin aren’t going to go away anytime soon, the ATO is not the only one that is considering measures to tax bitcoin investors.
The U.S. Internal Revenue Service (IRS) is also attempting to chase bitcoin tax investors. As the agency also considers bitcoin as a property, trading the coin for another cryptocurrency is taxable; however, it seems that not everyone is filling their bitcoin gains.
In a report from CNBC last month, it found that less than 100 of the 250,000 of the federal tax returns prepared and filed so far have filed crypto gains or losses through Credit Karma Tax.
