CRYPTOCURRENCY The new “quid” on the block

Introduction Cryptocurrency – is it really a currency? Currently the ATO does not recognise crypto as a currency. However, this view may change when cryptocurrencies become more widely accepted in the global marketplace. Ok, so if it’s not a currency, what is it? The short answer is… it depends on how it’s being used, andContinue reading “CRYPTOCURRENCY The new “quid” on the block”

Cryptocurrency Mining : Business or Hobby?

Mining is another way to generate some income in cryptocurrency and with any income generating enterprise, taxes are inevitable. However, calculating your tax liability would depend on the analysis of your activities as whether you are carrying on a business or not. Mining as a Business There is no definitive factor in determining whether oneContinue reading “Cryptocurrency Mining : Business or Hobby?”

Crypto Tax Myths – I’ve only withdrawn Less Than $10,000 so it’s Tax Free

Ever since the Cryptocurrency revolution started gaining traction all over the globe, an unprecedented level of public interest has now triggered some governments to introduce Cryptocurrency taxation laws. While the majority of the nations of the world are still treating Cryptocurrency as a tax free asset, countries like Australia have started introducing and/or modifying existingContinue reading “Crypto Tax Myths – I’ve only withdrawn Less Than $10,000 so it’s Tax Free”

Are Accountants just Accountants, what about Bitcoin?

Choosing the Right AccountantChoosing the Right Accountant is just like choosing the service of other professionals such as doctors or lawyers. People would normally choose someone who is registered, competent and who can give you the best value for your hard earned money.  In today’s complex word, finding the right accountant becomes a challenging taskContinue reading “Are Accountants just Accountants, what about Bitcoin?”