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They are professional and friendly to deal with, always going above and beyond what is expected. Very accommodating service that has exceeded my expectations every time. Ultimately, what this means is that Australian cryptocurrency investors and traders can expect to be contacted by the ATO.
In particular, for those who have failed to comply with the tax law, there is a fair chance of severe penalties. For example, if Alice has bought or sold cryptocurrency then the ATO will collect those records to identify her.
The ATO will then likely perform an analysis to estimate whether she has cryptocurrency taxable gains. The ATO will check her tax return to determine whether or not she has declared cryptocurrency profits. The ATO is then likely to send Alice a letter which briefly explains what the ATO knows and this then gives Alice notice to, where necessary, respond or update her tax return.
If the ATO estimate that you have incorrectly reported cryptocurrency gains, failure to update your tax return will likely lead to a default assessment. Once the ATO has issued a default assessment, you must not only prove the ATO has got it wrong, you must also prove what is correct. You could be faced with the situation where the ATO has over-estimated your cryptocurrency profits — meaning you are liable for more tax than you would have if you had correctly declared crypto gains.
If you fail to prove what is correct, then even though you may be able to show that the ATO has over-estimated your gains, you will still be liable to tax on the over-estimation.
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