In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app.
It is necessary to maintain good records for all transactions with cryptocurrency, whether you’re using cryptocurrency, for personal use, in business or as an investment.
As the ATO data matching program ramps up, Australians who have invested in cryptocurrency will no longer be able to conceal their transactions from the ATO to avoid paying tax.
The Australian Tax Office has issued guidance on accurately accounting cryptocurrency transactions during tax time. It noted that it will be looking to make sure that all crypto capital gains are reported correctly.