CRYPTOCURRENCY & TAX

Accounting & Advisory Services - Pursuit Advisers

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Bitcoin, Ethereum, Dogecoin, Telcoin… the list of cryptocurrencies around today is endless.

Regardless of the name, cryptocurrency is everywhere.

Western Bulldog supporters will have noticed one of their major sponsors is Coinspot, an Australian Cryptocurrency broker. For Formula 1 fans, Fantom, another cryptocurrency company, is a major sponsor of the Alpha Tauri team.

With increased visibility in mainstream media, it is likely you will all have been hearing about this form of investment more and more, or even be investing in cryptocurrency yourself.

But what you may not know is the ATO’s view on this. In most cases, cryptocurrency disposal will trigger capital gains tax. This includes where you gift, trade, or exchange cryptocurrency, or use the cryptocurrency to purchase goods or services. If you hold the coin for longer than 12 months you may be entitled to the general CGT discount and can offset capital losses against the gains. This treatment is like the tax treatment on the sale of listed shares.

The exclusion to this rule would be if you are running a genuine business of trading, mining or exchanging cryptocurrency.

If you hold cryptocurrency, or are thinking of investing in the future, and want to know more about the tax treatment, please reach out to one of our Pursuit Advisers team for more information.

Pursuit Advisers

Accounting & Advisory Services - Pursuit Advisers

Pursuit Advisers is a locally owned financial services firm offering Business Advisory, Taxation Services, Bookkeeping and Self Managed Superannuation.
Our team is lead by our directors, Paul Pratt and Mark Dunsmuir, who have proven Business Coaching expertise and will take the necessary time and consideration to see your organisation through to success.

Our accountants have extensive experience in a wide variety of industries including agriculture, professional services, manufacturing, retail, internet as well as building and construction. They are experts in accounting programs such as Xero, Receipt Bank, MYOB, Quickbooks and Reckon, making in-house bookkeeping for clients more efficient, meaning less time is spent on balancing books and more time spent on other aspects of business.

We can assist with all aspects of Self Managed Superannuation Funds, including establishment of SMSF's, preparation of annual accounts and tax returns, preparation of quarterly activity statements, correspondence with auditors, establishment of bare trusts where required for LBR arrangements, compliance with superannuation legislation.

We strive to generate lifestyle choice and financial freedom for all our clients. Our team is dedicated and passionate about what we do, providing advice and support to free up your time to do more of the things you love.

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