Published
5 years ago on
July 09, 2018
“Where people attempt to deliberately avoid these obligations we will attempt to take action. We have a range of existing powers that are designed to address unexplained wealth and conspicuous consumption that may arise through profits derived through cryptocurrency investment.â€Moreover, Jacobs doesn’t believe that this new approach will impact many investors:
“Where people attempt to deliberately avoid these obligations we will attempt to take action. We have a range of existing powers that are designed to address unexplained wealth and conspicuous consumption that may arise through profits derived through cryptocurrency investment.â€Therefore, with this in mind, only those who have experienced massive gains will be liable to pay tax for the assets they have stored offshore. See the full article for yourself, here. The ATO are going to employ intense data analysis techniques in order to locate traders who are taking advantage of offshore accounts and exchanges. As it stands, the ATO expect that hundreds of thousands of taxable income is current still unaccounted for, therefore the ATO do wish to make the most of this in order to try and dig into that. It’s a big potential earning for the ATO and should the investigations delve deep enough, some investors may get into a lot of trouble with this. Our advice? If you’re in Australia and believe that your offshore assets may be taxable, comply with the ATO, it's better to be safe than sorry. Moreover, if you’re unsure if your assets are taxable, just contact the ATO, they are there to help, not rob you blind.
