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Funky90

438 Posts.

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03/02/18

18:32

Post #: 30797161
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Originally posted by gnawnborg ↑

I am confused. Because you're obviously super smart and know everything about crypto, yet the government's websites contradict you. Should probably let them know that crypto is a scam and no-one uses it.
https://www.ato.gov.au/General/Gen/...-bitcoin/#UsingBitcoinforbusinesstransactions

If you receive bitcoin for goods or services you provide as part of your business, you will need to record the value in Australian dollars as part of your ordinary income. This is the same process as receiving non-cash consideration under a barter transaction. The value in Australian dollars will be the fair market value which can be obtained from a reputable bitcoin exchange, for example.
When receiving bitcoin in return for goods and services, a business may be charged GST on that bitcoin. If the supply of the goods and services was a taxable supply, the business will be able to claim input tax credits on the GST charged on the bitcoin they received as payment.

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You are the stupid one if you think the ATO would not have it's hand out for any capital gain.
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