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Notes Online Home 2018 Tax Schools Day 2 What's new for business in 2018
ATO sets its sights on clients investing in cryptocurrencies (e.g., bitcoin)
In this segment of the notes we look at how the ATO sets its sights on clients investing in cryptocurrencies (e.g.,bitcoin) by exploring the following questions and headings:
- What is bitcoin?
- Bitcoin held for the purpose of sale or exchange in the ordinary course of a business
- Business taxpayers accepting bitcoin as payment (or using bitcoin to make business acquisitions)
- Bitcoin held for investment purposes
- Bitcoin held to acquire items for personal use
- Bitcoin part of an isolated profit-making transaction
- The treatment of bitcoin for GST purposes
- Frequently asked questions associated with clients who invest in bitcoin
- The taxation of bitcoin – NTAA summary matrix