GMan_

Why I think this crypto bill deserves real scrutiny I’m not against paying tax. I want to say that upfront, because whenever someone raises privacy, the first response is “what have you got to hide?” Nothing. And that’s the point. Wanting privacy is not evidence of wrongdoing. It’s a right. I’ve read the Treasury Laws Amendment Bill 2026: Tax Information Reporting, and the explanatory notes that come with it. Here’s why it worries me. 1. Parliament is being asked to approve a power, not a policy. The bill doesn’t list what data will be collected about you. Treasury’s notes give an “expected” list: your name, address and bank details, plus the date, time, value and ID of every transaction. But the final list is set by the ATO later, and it can change. It goes further. The bill lets the government sign Australia up to any future international data sharing framework by regulation. No new law. No vote to approve it. Treasury’s notes say these frameworks concern foreign residents. The bill itself doesn’t say that anywhere. A reassurance in the notes is not a protection in law. 2. It collects more than tax needs. Moving crypto to your own wallet isn’t a taxable event. You haven’t sold anything or made a gain. Yet that transfer must be reported. If it isn’t taxable, why does a tax law need to know about it? The only thing it reveals is where you keep your money, and that you hold it yourself. 3. The transaction ID could follow you forever. Every report includes a “transaction ID”. The bill doesn’t define it. If it means the blockchain ID, your name could be linked to your wallet and its entire history. The Bitcoin ledger is public and permanent. You can change a password. You can’t change a blockchain. The ATO doesn’t need this to calculate tax. The date, value and asset are enough. 4. It goes further than banks. Banks report your annual interest to the ATO, not every transaction. Transfers between your own accounts aren’t reported at all. Where cash is reported, there’s a $10,000 threshold. This bill reports every crypto transaction of any value, every quarter. The notes never explain why crypto should be treated more intrusively. 5. The safeguards aren’t there. No limit on how long data is kept. No security standard. No breach rules. No notice that you’ve been reported. No published human rights assessment or privacy impact assessment. Just one sentence pointing to existing privacy law. 6. This is a safety issue, not just a privacy one. A bank transfer can be frozen or reversed. A Bitcoin transfer can’t. If someone forces you to send it, it’s gone. Criminals know this. Physical attacks on crypto holders are rising worldwide, and gangs now pick victims using leaked databases and exchange records. In France, a tax official allegedly sold crypto investors’ details to criminals. Optus. Medibank. Latitude. Databases leak. In trying to stop one crime, tax evasion, we risk making another far easier. 7. It’s been rushed. We’ve had 13 days to comment. Treasury’s average is 27. That’s not enough time for a bill that hands this much power to officials. What I’m asking for Not to scrap it. To do it properly: A minimum threshold No blockchain IDs or wallet addresses No reporting of transfers to your own wallet Retention, security and breach rules written into the law Any new international data sharing approved by Parliament More time to consult Submissions close at midnight on 28 October. Anyone can make one, and it doesn’t need to be formal. consult.treasury.gov.au/c202…