By now you would have heard of crypto-currencies Bitcoin being the most popular. Currently there are over 1,500 and the number is growing.
Crypto-currencies are now being used to purchase goods and services and also for investment.
The Australian Tax Office advises that they have many measures in place to identify those who buy and sell these currencies to ensure taxpayers correctly report the transactions and pay the required amount of tax. There are big penalties for those who try to avoid their tax obligations.
If you trade in crypto-currencies or intend to, please contact us for a discussion.