Crypto Assets for Data-Matching Program Notice Released by ATO

For the 2024 to 2026 financial years, the ATO will acquire account identification and transaction data from crypto designated service providers, which will include:

-          Client ID details (names, address, date of birth, phone numbers, social media accounts and email addresses)

-          Transaction details (bank account details, wallet address, transaction dates, transaction times, transaction types, deposits, withdrawal, transaction quantities and coin types)

The data acquired will be used to match with ATO systems and identify clients who failed to report the disposal of crypto assets correctly within their tax returns. The ATO estimate that they will obtain approximately 700,000 to 1,200,000 individuals and entities data each financial year.

Visit the ATO website here for further information on this data-matching protocol.

REF: Australian Taxation Office, 10 June 2024