Australia Tax Office Tries To Track Down Cryptocurrency-Tax Evaders

Thus far, Australian cryptocurrency traders have been able to avoid the gaze of the tax man without too much effort. But this week, the Australian Taxation Office (ATO) launched a data-matching program, in an attempt to hunt down evaders.

Up To 1 Million Australians Hold Crypto Assets

According to ATO estimates, between 500,000 and one million Australians have holdings in some form of crypto asset. Of particular concern is the use of cryptocurrency to move and hide funds within the black economy, or links to unexplained wealth and undeclared taxable capital gains.

However, with the help of other regulators and international agencies, it also hopes to identify those who are unintentionally paying the wrong amount of tax. Deputy Commissioner, Will Day, explained:

We want to help taxpayers to get it right and ensure they are paying the correct amount of tax.

Could Limited Data And Obligation Spell Limited Success?

The ATO accepts that it has “limited data” on the levels of cryptocurrency investment and gains made by Australian taxpayers. In turn, both the taxpayers and third parties have limited obligation to divulge such information. So results are anything but guaranteed.

However, the ATO has apparently already received “acceptable” data samples from potential suppliers. Also, the data-matching project will ongoing so results may improve over time.

The ATO plans to contact any parties of interest, giving them 28 days to clarify any relevant information found.

Australia bitcoin Taxes

Cryptocurrency tax filings could reach all-time highs this year. Lower prices across the board allow traders to claim tax deductions for their losses. However many are still not aware that they can do this.

Australia has seen a mixed year for cryptocurrency, with Huobi shutting their Aussie operations, while Binance launched their ‘new’ cash-for-crypto service at newsagents across the country. The Binance operation (along with the prior system it resembles) requires KYC rules to be followed, so is likely to be one of the data sources used by the ATO.

Perhaps concerns about KYC are the driving force behind all the business an Australian Bitcoin ATM startup is witnessing? Not that we’re trying to avoid paying the correct tax, of course.

Will the ATO succeed in tracking down cryptocurrency tax evaders? Share your thoughts below!

Images via Shutterstock

The Rundown

Published at Fri, 03 May 2019 15:00:28 +0000

April 6, 2017

Humaniq Project collected $1,300,000 in the first hour of ICO

Luxembourg City, Luxembourg – April 6 – Humaniq launched their ICO on the 6th of April at 00:01 CET. After several publications and respected analysts reviewed the fundamentals of the project, Humaniq experienced a groundswell of support and the team was contacted by Brett King and Chris Skinner who expressed their enthusiasm.

[Note: this is a press release.]

Based on the results of the first hour of the ICO, Humaniq has already reached the first goal in the crowdsale dashboard, with the total amount collected exceeding $ 1,300,000. Humaniq can add one more achievement to its honor board, see for yourself:

April 2016 – the inception of the Humaniq idea by Alex Fork

November 2016 – the original project team was formed

December 2016 – the official launch of the project and announcement of pre-ICO

December 2016 – In two weeks Humaniq collected $ 115,000

February 2017 – Alex Fork conducted the first performance tests of the project in unbanked regions of India

March 2017 – Alpha version of the app is available for testing on IOS and Android

April 2017 – Humaniq collects $1.3 million in the first hour of their ICO

More about ICO

● ICO began at 00:00 CET on 6 April, 2017, and for the first 48 hours there will be a bonus of 49.9% for early investors

● From 8-14 April the bonus will be 25%, and finally 12.5% from 15-21 April.

● The ICO ends at 23:59 CET on April 26th.

Join ICO – https://my.humaniq.co

Why Humaniq is a Unique Project?

Humaniq is an iOS and Android-based banking 4.0 app that uses biometric ID to set up new accounts and verify transactions, and will target the two billion people globally who do not have access to formal banking services.

Humaniq solves the issue of people from emerging economies not being connected to the power of the global economy. The app will allow users to sign up without providing formal documentation or needing to visit a bank branch by using cutting-edge biometric technology on a smartphone. Users will be able to earn money by performing services for other users, and then convert this money into cryptocurrencies like bitcoin or ether, or utilize mobile cashiers to exchange Humaniq tokens (HMQ) for local currency. The suite of planned services also includes P2P loans, small business loans, insurance, pension and investment accounts, and document security.

To encourage adoption of the network, users will be educated by regional ambassadors in the value the app can bring to their lives. New users will be able to buy cheap android phones for as little as $10 and then earn the money back within one or two weeks of performing tasks for outsourcing firms through the Humaniq app.

Humaniq Leadership Team

Alex Fork, who is the head of futurefintech.org, and blockchain.community board member.

Dinis Guarda – Vice President and Chief Strategy Officer, Board of Directors, UK at Humaniq

Richard Kastelein, Interim CMO – Director at Blockchain Partners and CryptoAlchemy, Publisher of Blockchain News and founder of ICO event CryptoFinancing Conference.

Alakanani Itireleng, director of the Satoshicentre in Botswana, head of Humaniq’s regional ambassador program, and one of the leading voices for bitcoin in Africa.

About Humaniq

Humaniq’s main goal is to create an Ethereum Blockchain based financial services app that will bring mobile banking to an audience of two billion people who currently don’t have access to non-exploitive financial services. In addition to providing financial services, the app will also act as the infrastructure backbone for 3rd party services to plug into, such as insurance providers, p2p lenders, and data security firms.

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