Crypto exchanges are dobbing you in to the ATO – and it’s already catching people out

• The ATO can match your crypto transactions with your tax return, even if you only buy and sell small amounts.
• Swapping crypto, spending it, or trading between different coins can trigger a CGT event, even if you never cash out into AUD.
• If you haven't reported your crypto correctly to the ATO, you can amend previous returns. Coming forward voluntarily can help you avoid bigger penalties.

Got crypto? The tax office probably already knows.

Australian crypto exchanges provide data on your transactions to the ATO, says Mathieu Mingant, who's worked at crypto tax platform Summ for 5 years.

"The ATO has had a data matching program for years and obtains transaction data from Australian crypto exchanges," Mingant says.

What does this mean for crypto investors?

The ATO can check your exchange history against your tax return, and it's not just chasing big fish.

Mingant said his own partner got a letter from the ATO after buying $20 of Ethereum a couple of years ago.

"There are a lot of people in this boat, who have bought and sold over the years and they don't even realise it's taxable," he says.

"You don't need to cash out to Aussie dollars to owe tax. If you swap one crypto for another, that's a capital gains tax event. And if you're holding crypto as an investment and use it to buy something, spending it can also trigger a CGT event. So a crypto debit card can create a tax event every time you spend your crypto."