Cryptocurrency Taxation And Business Advice Australia

https://bitcoin.tax/r/g7Qxs26A If you are looking for something to help calculate your tax obligations and don't want to spend the money on cointracking this is also a great little Application and about 25% of the price

Ok, so I spent around 30 minutes on the phone with Kevin Westbrook from the ATO review group discussing whether the ATO would be releasing additional guidance on Cryptocollectables in my discussions I did touch on the outcomes of the previous public submissions: 1. There is still more guidance to be finalised however don't expect it soon - We'll publish it to our page once its available 2. It will relate to the 2018 financial year & probably only the 2018 year - basically do... not expect any record or CGT concessions this year 3. It's more than likely going to only beneficial to those in loss positions based on their fiat deposits and withdrawals, however has the potential to reduce your claimable loss 4. Kevin also provided some reassurance while the ATO is expecting crypto transactions to be declared by anyone who invested the ATO's area of focus in relation to audits will be mainly those who have invested 2014-2016 in the ATO's judgement these people are a far higher risk group than small investors that got involved during the 2018 financial year
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Cryto Kitties , swaping from trading to capital and visa versa, FBT issues & Mining

Follow up tonight we'll look at some different concepts like getting your wage in crypto, crypto kitties and other crypto based collectables and gaming based tokens as well as mining as an income producing activity especially the implications around tax losses created we'll also discuss how loss provisions apply to traders

So here's everything I was aiming to cover in a single video, more to come tomorrow

Internet connection is terrible here tonight I'm going to just record a video and upload in its entirety feel free to leave questions and comments and I'll follow up tomorrow good old NBN

Tax Review of Basic Issues and Questions that are still causing confusion

Ok we have found a work around however we need to leave the office to sort it I have as such decided to postpone till 8pm tonight the Facebook live presentation. This will probably work better for a lot of people anyway being a lot are currently still at work etc see you guys at 8pm

Few technical issues, we'll still be running our presentation aiming for 3pm.

Facebook live session on ATO current position on Tomorrow 2pm AEST and Saturday night 9pm we'll run a follow up there still seems to be a lot of questions floating around so comment here any areas you'd like me to focus on short notice i realise however they'll also both be posted to view anytime later.

This is a new area of focus, where I am working with token creators to help end users better understand the tax implications of utilising the token in Australia obviously this can significantly vary from one token to the next depending on underlying purpose.
Firstup Intimate.io a token that is focussed on being a payment method for the Adult Industry, the talk will predominantly focus on the implications around Barter/countertrade.
If you know people working or running business in the adult industry, please bring both this discussion and the token to their attention.

http://www.pubacct.org.au/blog/classifyin g-cryptocurrencies
An interesting read for anyone utilising cryptocurrency within their business

*** Admin approved post*** I know you all hate me for dragging this out and i'm starting to feel like the Tron of the tax agent world but I just had a message from the ATO Review group they are meeting next week in to further discuss new public advice ....
so i rang the ATO back and I don't really have much else to add except its like pulling teeth to get information, there will be a meeting where it is tabled to be discussed however this does not mean it will be finalised next week and could drag on for sometime longer, this gives people two options complete your returns knowing there will be the opportunity for amending later if the advice alters your tax position or sit tight for possibly a few more weeks
Cryptocurrency Taxation and Business Advice Australia

https://www.ato.gov.au/…/Incom…/Using -stock-for-private-use/
Don't forget if you classify yourself as a trader then the personal use asset exemption won't apply to items you buy for private purposes using crypto, for traders this effectively classes as a sale as you have swapped your stock for a private transaction don't forget to take this into account when working out your trading income