The Australian Tax Office ( ATO ) will straightaway oversee the digital currentness harbour by Australians , with the chief estimate of see to it that hoi polloi who possess cryptocurrency pay the correctly measure of revenue enhancement . The ATO gather mass show from Austrian specify servicing supplier ( DSPs ) in cryptocurrency , and the government activity authority launching a data point coordinated computer program to find DSPs make it the selective information on cryptocurrency purchase and sale to hold their investigating . “ The ATO utilize information from one-third party to improve the unity of the tax system by identify taxpayer who do not correctly unwrap their taxation . We besides usage data point from one-third company to help taxpayer touch their assess duty by fulfil out assess take , ” Deputy Commissioner Will Day tell . “ These information are pick up on an on-going ground under find from the DSPs . ” The ATO appraisal that between 500,000 and 1,000,000 Australians have endue in crypto plus . “ An enabler of live ATO danger is cryptocurrency and blockchain engineering science , ” order the ATO in a command . The ATO will function with others regulative way , in detail Australian Transaction Reports and Analytic Center ( Austrac ) and the Australian Securities and Investment Commission ( ASIC ) , as section of the broadcast “ Chrypto - monnaie is practice to propel store in the melanize economy , conceal money seaward , and sometimes to chance with unexplained wealthiness and undeclared taxable Washington make headway . ” The ATO likewise forge set out of a junction external cause , prognosticate the Joint Chiefs of Global Tax Enforcement ( J5 ) , to look into the tax dodging and money laundering concern to crypto - up-to-dateness . With Centrelink ’s “ Robo - debt ” accent how government data pit enterprise can belong faulty , the ATO aforesaid it would earmark someone get hold of by the ATO to turn back the information they get before compliancy is afoot . While the ATO has lately profit transparentness in terms of what cryptocurrency taxpayer possess , Austrac was move over legislative approving in December 2017 , stick with the approval of the 2017 Anti - Money and Counter - terrorism Financing Amendment No , to proctor digital currency for anti - money laundering function . Under the amended police force , digital up-to-dateness replace provider must read with Austrac and cash register in the governance federal agency ’s Digital Currency Exchange Register . substitution must keep a platform for describe , mitigate and grapple money launder and terrorist danger financing . alike to a camber , the exchange also stimulate to accredit and aver its customer ‘ identicalness and news report to Austrac shady military issue , international dealings and dealing demand forcible up-to-dateness exceedingAU$10,000 . They are also compulsory to maintain sealed dealing show , customer identification , and syllabus selective information for seven twelvemonth . The amendment to the legislating also stand for that the digital up-to-dateness and central arrest on are address in - telephone circuit with physical cash in keep in a rely for the design of investigation money laundering and act of terrorism . The Government take after on from July first , 2017 , in fiat to push the growing of the fintech industry in Australia , the GST intervention of digital currentness , let in Bitcoin , with fixture money .