bitcoin cryptocurrency

ATO cryptocurrency guidelines

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…

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…

AUD$ cash till register

Businesses trading in cryptocurrencies

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…