As a point to note, the ATO has started collecting customer and transaction information from designated cryptocurrency service providers, where individuals and self-managed super funds (SMSFs) buy, sell and transfer cryptocurrency.

The ATO will collect this data and match it with taxpayer records to verify ‘purchase and sale’ information, to ensure people are meeting their tax obligations. The ATO will then be able to identify SMSF trustees or members who may need help to understand their obligations, so they can provide further advice and guidance of the rules around the tax treatment of crypto-assets. The ATO may also contact the trustee or members to verify the information they’ve collected.

If you acquire or dispose of cryptocurrency you must keep records of the transactions. If the ATO contacts you for further information, you have only 28 days to respond.