The creation, trade and use of cryptocurrency is rapidly evolving.

The reporting of cryptocurrency profits is under the microscope this year.  The ATO matches data from designated service providers to individual’s tax returns to ensure they are reporting any profits or losses.

As tax agents we are now getting notifications from the tax department that certain clients may be trading in cryptocurrency.

If you are involved in acquiring or disposing of cryptocurrency, you need to be aware of the tax consequences which vary depending on the nature of your circumstances.  It is imperative that you maintain appropriate records to assist with the calculation of any gains or losses made on your transactions.

If you would like to discuss some options for the electronic recording of your cryptocurrency transactions please contract our office so we can discuss with you the best solution.

We are excited to continue doing what we do best – adding value to your business journey, every step of the way.