Cryptotax in Melbourne, Victoria, Australia | Local business
Cryptotax
Locality: Melbourne, Victoria, Australia
Phone: +61 456 248 264
Address: Suite 1/128 Jolimont Road 3002 Melbourne, VIC, Australia
Website: http://www.cryptocurrencytax.com.au/
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23.01.2022 For crypto assets that have been liquidated, lost or stolen, ensure that you have recorded this capital loss that can then be offset against other capital gains incurred during the year or to be claimed as a carried forward loss on your income tax return this year, to be offset against future capital gains. (losses can be carried forward indefinitely provided they are declared on your income tax return each year).
23.01.2022 We are proudly Australias premier tax accountants for the cryptocurrency community. Our team can assist with all accounting aspects of your cryptocurrency dealings. From understanding your tax obligations to business structuring...... And we welcome any questions about your tax or structure requirements around cryptocurrencies.
22.01.2022 We are proudly Australia's premier tax accountants for the cryptocurrency community. Our team can assist with all accounting aspects of your cryptocurrency dealings. From understanding your tax obligations to business structuring...... And we welcome any questions about your tax or structure requirements around cryptocurrencies.
21.01.2022 For tax purposes, it is very important to know what category your cryptocurrency activity falls within.
21.01.2022 What records do I need to keep? Whether you are an individual or business, its essential that you keep detailed records of your cryptocurrency transactions in order to meet your tax obligations. These should include: The date of each transaction... The value of the cryptocurrency in Australian dollars at the time of the transaction (you can get this from a reputable crypto exchange) The purpose of the transaction The details of the other party involved (even if its just their crypto wallet address) For example, if you want to claim the personal use exemption, youll need to be able to prove that you used your cryptocurrency to buy an item or service for personal use. Examples of records you should keep include: Receipts of cryptocurrency purchases or transfers Exchange records Records of agent, accountant and legal costs Digital wallet records and keys Software costs associated with the management of your tax affairs.
20.01.2022 Melbourne Cup Office Closure Due to the Melbourne Cup we will be closing our office on Monday 5th November and Tuesday 6th November 2018, re-opening Wednesday 7th November at 9:00am. Hope you enjoy the Cup Carnival.... Cryptotax See more
20.01.2022 The Cryptotax team is led by tax expert, Andrew Bragg. Andrew works closely with his clients to quickly gain a thorough understanding of their complete tax position. His tailored solutions are technically sound, practical and commercial. He is a regular expert commentator and presenter on cryptocurrency tax issues, and a member of the commentary panel at the Blockchain Centre.... Contact Andrew today.
20.01.2022 Dont let the tax tail wag the investment dog. In other words, the best advice for your cryptocurrency portfolio is to base your decisions on investment merit, not on trying to save tax. Even so, there are taxation requirements applicable to everybody with a crypto portfolio. ... Find out more information here: http://www.cryptocurrencytax.com.au/ato-overview
19.01.2022 Did you know Cryptotax was Australias first dedicated accounting and taxation advisory firm for the cryptocurrency community? Were experts when it comes to meeting your taxation requirements as a cryptocurrency investor.
18.01.2022 Looking ahead to the new year of cryptocurrency trading? As we approach 2020, there is no better time to start working with an expert crypto accountant. At Cryptotax, we specialise in the tax obligations associated with cryptocurrencies. ... If you would like to kick off the new year with a trusted tax advisor, send a message through to our team.
17.01.2022 Cryptotax Office Closure Please note the office will be closed this Friday 14th December as the team will be attending a Paris Group Christmas function. The office will re-open on Monday 17th December 2018 at 9:00am. Thank you and have a great day.
16.01.2022 Our office will be closed tomorrow, Friday 28th September for the AFL grand final long weekend. Business as usual Monday 1st October. Go Pies!!!!!!!!
16.01.2022 WHAT IS A CONSUMER OR HOBBYIST? Although there has been much conjecture in this space, ostensibly a consumer or hobbyist in the cryptocurrency world is a taxpayer who has acquired cryptocurrencies from non investment related or business like activities and the intention or purpose of the taxpayer in entering into the transaction was not to make profit or gain. Example 1:... A bride and groom were provided bitcoin as a wedding present and shortly after sold those bitcoin. The taxpayers had no intent on crypto investing nor trading and were merely realizing a capital asset. Therefore this event would more than likely be deemed to be a non taxable event. Example 2: A hobbyist record collector bought bitcoins in order to be able to purchase records globally within a short period of time of acquiring the bitcoins. As the taxpayer is not carrying on a business nor carrying out a business operation or commercial transaction and the intention or purpose of the taxpayer in entering into the transaction was not to make a profit or gain, this event would more than likely be deemed to be a non taxable event. The above would be different if the taxpayer was carrying on an enterprise of buying and selling records as it would be deemed to be carrying out a business operation or commercial transaction. Visit our website to find out more or contact [email protected]. www.cryptocurrencytax.com.au
14.01.2022 The range of payment services that allow consumers to pay their bills online using cryptocurrency is growing, with at least four providers now in the local market. In the latest move, bill payment company Gobbill has partnered with cryptocurrency exchange Cointree to allow people to pay bills using cryptocurrencies. According to a media release, bills issued in Australia can be paid using cryptocurrency held in a Cointree wallet.... At the moment the service only allows payments using Bitcoin but other cryptocurrencies will be added to the service. Cointree claims to have 50,000 Australian members. Its platform supports a range of cryptocurrencies, including Bitcoin, Ethereum and Litecoin. Another recent entrant into this market segment is bill payment service Paid by Coins. Users can pay any bill that has a Bpay biller code and reference number. This includes payments to financial institutions. There are no transaction fees. Paid by Coins says it makes money from currency exchange. Individual transactions are limited to $1000. The company offers online support for queries over payments and also has a dispute resolution process. It accepts Bitcoin, Ethereum, Bitcoin Cash and Ripple. It plans to offer payment services with other cryptocurrenies in future. Paid by Coins is operated by Lakeba Group, a Sydney technology company that has been operating since 2013. It is a member of the Australian Digital Commerce Association. Payments are processed and secured by a service called Quixxi. Other providers in the market include Living Room of Satoshi and Bit2bill.
14.01.2022 The Australian Taxation Office (ATO) is warning the public to beware of scammers imitating the ATO and demanding Bitcoin or other cryptocurrency as a form of payment for false tax debts. Please reach out to us if you have any queries or concerns about any communications you have received!
13.01.2022 As mentioned in this article from Paris Financial, trading of cryptocurrency, among other things, is being closely monitored by the ATO in 2019.
11.01.2022 There are taxation consequences for everyone with a crypto investment portfolio. When a grass is greener tax option seems possible, it can be very tempting to chase after it. Ultimately, you should be basing your decisions on investment merit, rather than on trying to save tax. Dodging or avoiding taxes could result in a big red flag being raised to the ATO. If you want to work with a cryptocurrency tax expert to meet your obligations and legally save tax where possible, contact our team today.
11.01.2022 We are Australias leading experts in cryptocurrency accounting and taxation. As your dedicated cryptotax specialists, we can assist you with: Uncovering your tax status, according to how the ATO perceives you... Establishing a suitable business structure for your investments Finding ways to minimise your tax. Our experience and knowledge takes the stress out of tax. Browse our website for more information. www.cryptocurrencytax.com.au
11.01.2022 Traders, are you ready for tax time? If you are a trader, your entity needs to be registered with an ABN. Tax implications of a trader:... Receipts from the sale of cryptos are dealt with as income. Costs incurred in buying and selling cryptos are an allowable deduction in the year in which they are incurred. Cryptos on hand at start of year and year end are regarded as trading stock and therefore must be brought to account at either cost, market selling value or replacement value (which enables unrealized losses to be deducted where, for example, market value at year-end is less than original cost) Tax Planning: What to do before 30th June 2018. Analyze your trading position year to date, now. If the taxpayers other assessable income for the year, or next year are going to be considerably different, either bring forward or delay potential income receipts. Subject to the above, bring forward business related expenses prior to 30th June 2018. Superannuation: - Subject to your retirement and investment strategies, you may wish to increase super contributions up to the contribution cap limit of $25k per annum (cap includes employer sponsored super contributions).
10.01.2022 It is surreal that weve built a Meetup community of over 4,000 members since our inception in 2014. Thank you to our community members for your continued suppo...rt! Join us on Meetup if you havent already for more inspiring blockchain events! https://bit.ly/2IRqwY3 Blockchain Global DigitalX Ltd ACX.IO Huobi Australia Brave New Coin Halcyon Knights - Executive Search & I.T. Recruitment Coinstop Cryptotax Agile Legal Consulting NEM Australia & New Zealand Australian Digital Commerce Association - ADCA FinTech Australia
08.01.2022 Meet our new Industry Partner Sublime IP who have developed an Australian web-app to help keep track of your trades in AUD!
08.01.2022 How are you tracking your cryptocurrency events? In order to keep our professional fees to a minimum, we recommend our clients use either cointracking.info https://cointracking.info/ or bitcoin.tax https://bitcoin.tax/ to track their cryptocurrency transactions and provide a dashboard of their portfolio.
07.01.2022 There are taxation consequences for everyone with a crypto investment portfolio. When a ‘grass is greener’ tax option seems possible, it can be very tempting to chase after it. Ultimately, you should be basing your decisions on investment merit, rather than on trying to save tax. Dodging or avoiding taxes could result in a big red flag being raised to the ATO. If you want to work with a cryptocurrency tax expert to meet your obligations and legally save tax where possible, contact our team today.
07.01.2022 Cryptotax Office Closure - Friday 20th July 2018. Please note the Cryptotax Team will be attending a Paris Group function tomorrow, Friday 20th July 2018. We have cleared our calendars however should you be planning to come in to visit please note we will be closing the office from 11:30am tomorrow. Re-opening on Monday 23rd July 2018 at 9:00am.
07.01.2022 With the extraordinary growth of cryptocurrencies and the Blockchain ecosystem in Australia, the team at Cryptotax are reaching out to help you understand the current view that the Australian Taxation Office (ATO) has on cryptocurrencies. Its our goal to ensure your investment structures are established to best suit your needs. Browse our website or contact our team for more information. ... www.cryptocurrencytax.com.au
06.01.2022 From all of the staff at Cryptotax we just want to say Merry Christmas and all the very best for the new year! Thank you for your continued support throughout 2018 and we look forward to working with you in 2019. We wish to advise that our office will be closed from 12pm Friday 21st December 2018 and will re-open at 9am on Monday 7th January 2019.
05.01.2022 Paying salary or wages in cryptocurrency Where an employee has a valid salary sacrifice arrangement with their employer to receive cryptocurrency as remuneration instead of Australian dollars, the payment of the cryptocurrency is a fringe benefit and the employer is subject to the provisions of the Fringe Benefits Tax Assessment Act 1986. The benefit will be a property benefit whose value is established at the time of provision of the benefit.... In the absence of a valid salary sacrifice agreement, the employee is considered to have derived their normal salary or wages and the employer will need to meet their pay as you go obligations on the Australian dollar value of the cryptocurrency it pays to the employee. An example of this is where an employee has already earned their salary or wages and then asks to be paid in cryptocurrency instead.
05.01.2022 ATO - NON DECLARATION CONSEQUENCES: Advances in technology has allowed the ATO to continuously strengthen the security and integrity of their system controls and data. Sophisticated technology, including data modelling, tracking and matching, means they identify illegal behaviour earlier.... They have a range of analytical models and are continually refining those models to capture new and emerging frauds. Data matching is a powerful administrative and law enforcement tool. Information from a variety of third-party sources is compiled electronically, validated, analysed and used for a range of education and compliance activities. There are serious consequences for tax crime. These include penalties, criminal convictions, fines, and even prison sentences. Given the decentralised and unobservable nature of cryptocurrency, it is likely that the ATO and other government agencies will not be able to track all transactions and trades at least for the time being. However, if you are living beyond your means, and reported income, you may nevertheless face an ATO review or audit. Decline in bank account activity could also be a trigger for ATO review or audit. If the ATO conducts a review or audit and has reason to believe that you have not reported all of your assessable income, it may issue you with an amended income tax assessment. If you refuse to cooperate with the ATO, they may issue you with a default income tax assessment where they will estimate your actual assessable income based on what they consider to be reasonable grounds. If you have been issued with an amended or default assessment, you will have the onus of objecting to the assessment and proving that it is excessive. Finally, if you are purchasing crypto for both personal use and speculation, it is particularly important to keep clear records. This is because it will be up to you to show the intention behind each purchase and transaction. Please contact [email protected] if you have any questions.
03.01.2022 Tax compliance for those involved with the cryptocurrency world is challenging. The ATO has complex and varying rules in regards to how people dealing in cryptocurrencies are taxed. How you are perceived by the tax office will depend on: the volume and repetition of transactions the professionalism the taxpayer displays in carrying out the activities (planning, strategies, record keeping etc)... the application of significant capital to the activity, and a discernible profit intent. If youre confused about your tax obligations as a cryptocurrency investor, we have the answers to assist you. Contact our team today.
03.01.2022 ATO Consultation: substantiating cryptocurrency taxation events
03.01.2022 People who convert cryptocurrency to Australian dollars or other money may be liable to pay capital gains tax, according to new tax guidance. The Australian Taxation Office has updated the information on its website dealing with tax and cryptocurrency. It says a CGT event occurs when a person disposes of their cryptocurrency. A disposal occurs when someone:... * sells or gifts cryptocurrency; * trades or exchanges cryptocurrency, including the disposal of one cryptocurrency for another; * converts cryptocurrency to fiat currency, such as Australian dollars; or * uses cryptocurrency to obtain goods or services. The ATO says that if the disposal results in a capital gain, some or all of the gain may be taxed. If the disposal is part of a business, profits on disposal will be assessable as ordinary income and not a capital gain. While a digital wallet may contain different types of cryptocurrencies, each cryptocurrency is a separate CGT asset. However, capital gains or losses will be disregarded if the cryptocurrency is a personal use asset. Personal use assets are defined as CGT assets that are used or kept mainly for personal use or enjoyment. Any personal use asset acquitted for less than $10,000 is disregarded for CGT purposes.
01.01.2022 Cryptocurrency used in business If you are carrying on a business that involves transacting with cryptocurrency the trading stock rules apply, rather than the CGT rules. Cryptocurrency businesses... If you hold cryptocurrency for sale or exchange in the ordinary course of your business the trading stock rules apply, and not the CGT rules. Proceeds from the sale of cryptocurrency held as trading stock in a business are ordinary income, and the cost of acquiring cryptocurrency held as trading stock is deductible. Examples of businesses that involve cryptocurrency include: - cryptocurrency trading businesses - cryptocurrency mining businesses - cryptocurrency exchange businesses (including ATMs). Not all people acquiring and disposing of cryptocurrency will be carrying on businesses. To be carrying on business, you will usually: > carry on your activity for commercial reasons and in a commercially viable way > undertake activities in a business-like manner. This would typically include preparing a business plan and acquiring capital assets or inventory in line with the business plan > prepare accounting records and market a business name or product > intend to make a profit or genuinely believe you will make a profit, even if you are unlikely to do so in the short term. There is also usually repetition and regularity to your business activities, although one-off transactions can amount to a business in some cases. Whether you are carrying on a business and when the business commences are important pieces of information. If youre still setting up or preparing to go into business, you might not yet have started the business. Money received (or property received) prior to a business being carried on is not generally assessable income. Likewise, you cannot claim deductions incurred prior to the business being carried on. Example Sachin is in the business of trading cryptocurrency. On 15th December 2017, he purchases 1,500 Coin A for $150,000. On the same day, he sells 1,000 Coin A for $200,000. As Sachin holds the cryptocurrency for sale or exchange in the ordinary course of his business, Sachin can claim a deduction for $150,000 for the acquisition for Coin A and declares income of $200,000 for the later sale of Coin A.
