Work-related deductions for you Last financial year, over 8.8 million taxpayers claimed $21.98 billion in deductions for work-related expenses. It’s an area under intense review by the ATO. If you claim work-related deductions, it’s important to ensure that you are able to substantiate any claim you make. To claim a deduction, you need to have…
Cryptocurrency guidelines updated The Australian Tax Office (ATO) has updated their guidelines on the tax treatment of cryptocurrencies, following community consultation in 2018. The updated guidelines help you learn more about the tax implications of cryptocurrency, including the practical issues of exchanging one cryptocurrency for another and associated record-keeping requirements. If you have purchased, traded…
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…
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…
If your business accepts cryptocurrency as payment for goods or services, these payments are treated in the same way as any other. That is, if your business is registered for GST, the price paid by the person paying in the digital currency should include GST. Likewise, if you purchase goods or services for use in…
If you hold cryptocurrency for your own personal use and you paid $10,000 or less to acquire the digital currency, then there is generally no tax impact when you dispose of the currency. However, if the cryptocurrency is not held for your personal use and enjoyment then there are some tax issues that can arise.…