Tag Archives: ATO Crypto

Changes coming for cryptocurrency and digital assets

Cryptocurrency and digital assets are regarded by many as the next big thing. No wonder then that participation in the crypto/digital assets market jumped by a staggering 63% from the 2020 to the 2021 financial year. This is partly due to ease of access which has been facilitated by multiple asset exchanges making their platforms readily available in Australia. With this increase in participation also comes increasing scrutiny from the government, with the release of terms of reference for various reviews into regulation and taxation of digital assets.

Read More

SMSFs investing in crypto-assets

According to ASIC, there has been surge of promoters encouraging individuals to set up SMSFs in order to invest in crypto-assets. It warns that crypto-assets are high risk and speculative, as well as being an attractive target for scammers. While SMSFs are not prohibited from investing in crypto-assets, individuals thinking of setting up an SMSF are encouraged to be informed around the decision. Remember, trustees bear all the responsibility for the decisions of the SMSF complying with the law, and breaches may lead to administrative or civil and criminal penalties.

Read More

ATO turns its attention to crypto

The meteoric rise of cryptocurrency (crypto) and NFTs (non-fungible tokens) has raised many eyebrows and has now also caught the attention of the ATO. Whether you’re trading crypto or NFTs as an individual or business, capital gains tax (CGT) applies to any gains you make regardless of whether the gain is in foreign currency or...
Read More