“We’ll collect this data and match it with taxpayer records to verify ‘purchase and sale’ information, to ensure people are meeting their tax obligations,” it said.

“We’ll then be able to identify SMSF trustees or members who may need help to understand their obligations, so we can provide further advice and guidance of the rules around the tax treatment of crypto assets.”

Following the data-matching exercise, the ATO said that it may contact taxpayers or SMSF members to verify the information it has collected. It said that it will provide individuals with at least 28 days to clarify any information.

“If you acquire or dispose of cryptocurrency, you must keep records of the transactions,” the Tax Office noted. 

The ATO also warned SMSFs that cryptocurrency can be a high-risk, volatile investment. 

“We’ve already seen incidences of SMSFs losing significant amounts of their retirement savings,” the ATO said. 

“We strongly recommend all trustees undertake their own investigation and appropriate due diligence before investing with any organisation investing super assets into cryptocurrency holdings.”