Tax Agency of Australia Investigates Cryptocurrency Focused Tax Avoidance Schemes

The Australian Tax Office, Australia’s tax agency, is investigating twelve major international tax avoidance schemes. Investigation’s main focus is on digital asset-enabled actions. The aforementioned development in the crypto space is first reported by local media outlet, The Sydney Morning Herald, on June 6.

The Australian Tax Office’s intensified cross-border investigations were supposedly exposed following a meeting of the J5. Notably, J5 stands for “The Joint Chiefs of Global Tax Enforcement.”

As earlier reported, ‘The Joint Chiefs of Global Tax Enforcement’ is an international taskforce of tax enforcement authorities from Canada, Australia, UK, United States, and the Netherlands. The aforementioned taskforce was established in July 2018 in order to embark upon digital assets and cryptocurrencies and cybercrime-related risks, in particular their role in money laundering and transnational tax crimes.

As per the Sydney Morning Herald, the latest J5 meeting divulged the alliance was intensively sharing data to pursue sixty global investigations, with the Australian Tax Office purportedly directly involved in 12.

The Australian Tax Office’s deputy commissioner, Will Day has apparently exposed that at least one of the investigations involves a global financial institution and its intermediaries, which is believed to have helped clients conceal assets and income data. He noted that they are seeing the use of virtual assets and cryptocurrencies in ways that they have not seen before. He added that at the Australian level, there is unquestionably lawful use for investment in digital assets and cryptocurrencies, but they are also seeing digital asset’s use for facilitating tax crimes.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin10,871.48 0.67 % 1.80 % 18.13 %
Ethereum307.83 0.02 % 0.82 % 13.36 %
XRP0.463 0.23 % 2.60 % 7.21 %
Litecoin136.14 0.14 % 3.17 % 0.03 %
Bitcoin Cash473.21 0.00 % 2.40 % 9.43 %