chain

But seriously, what’s Blockchain?

You’ve probably heard about Blockchain and how it’s going to disrupt everything But do you know what it is? It’s a bit difficult to get your head around, but accountants and bookkeepers are uniquely positioned to understand what this emerging technology could do and how it could be useful. You’ve probably seen news reports about Bitcoin…

risk-blocks

Can your SMSF invest in cryptocurrencies?

Arguably, an SMSF can invest in cryptocurrencies but there are several factors to take into account before investing. Cryptocurrencies are a high-risk product as they are blockchain driven and unregulated. While there have been numerous stories in the media about massive gains made on the currency by early investors, the price fluctuates, cryptocurrencies face new…

GST on imports: new rules for goods under $1,000

How are cryptocurrencies taxed?

Under GST law, 10% GST applies to supplies of goods and services. Money receives special treatment because it’s a medium of exchange and not something for final private consumption. Up until recently, the Australian Taxation Office (ATO) took the view that cryptocurrencies did not meet the definition of ‘money’ because they have an independent value…