Crypto Myth: “I don’t have to pay tax because the ATO will never know about my portfolio.” 

We kind of get that there is some level of anonymity but the ATO is onto this. Some of them aren’t incredibly helpful but in general, they’re not Muppets when it comes to taking as much tax as they can off our hands. 

Mr. Loh (ATO) has said:

  • “We’re alarmed that some taxpayers think the anonymity of cryptocurrencies provides a licence to ignore their tax obligations.” 
  • “While it appears that cryptocurrency operates in an anonymous digital world, we closely track where it interacts with the real world through data from banks, financial institutions, and cryptocurrency online exchanges to follow the money back to the taxpayer.” 
  • Don’t forget: Your “sleep at night tax” is a tax as well. 

Keep in mind that if you are stressed because you’ve tried to hide this stuff, then that is a tax on your health.

Source: https://www.ato.gov.au/media-centre/media-releases/Cryptocurrency-under-the-microscope-this-tax-time/

Watch the full webinar, ‘Cryptocurrency Tax Masterclass’ at https://fb.watch/acHFQ4OHBc/

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