Russian Government Proposes Ban on The Mining and Use of Cryptocurrencies
The central bank of Russia is proposing the ban the countries citizens from using and mining cryptocurrency on Russian territory. This is due to the banks fears that it is a threat to the financial stability, citizens wellbeing and its monetary policy sovereignty. The announcement means that Russia is the latest country to discuss their […]
Cryptocurrency in Australia
Despite all the ups and downs and huge swings in value, a recent survey established that three quarters of Australians who have invested in cryptocurrency still managed to make a profit off their investment. In a 12-month period between July 2020 and July 2021, Australians on average made over $10,000 in profit from their cryptocurrency […]
The Commonwealth Bank Will Start Trading Cryptocurrency In 2022
The Commonwealth Bank has officially announced that it will become the first of Australia’s four major banks to allow its customers to purchase, hold and sell specific cryptocurrencies via their online banking app. The announcement means that the banks 6.5 million customers will be able to access up to 10 different cryptocurrency coins such as; […]
Australian Cryptocurrency Investors Are Making An Average of $10,000
Despite all the ups and downs and huge swings in value, three quarters of Australians who have invested in cryptocurrency still managed to make a profit off their investment. In the past 12 months, Australians on average made over $10,000 in profit from their cryptocurrency investments. This amount is equivalent to almost two months of […]
How SMSF’S Can Buy And Sell Cryptocurrencies
Australians who are wanting to invest in cryptocurrencies for your SMSF will need a secure digital wallet. A digital wallet similar to a bank account in the crypto world. You will also need an account with a crypto exchange, the crypto equivalent of an online broking account. There are dozens of digital wallet providers, but […]
Reasons Why 1st July Is Too Early to File Your Tax Return
Millions of Australians are feeling enthusiastic about receiving their annual tax refund, but filling your tax return on 1st July has the potential to land you in some serious trouble with the tax office. The lure of a $1080 tax cut, available to millions of Aussies this financial year, might entice you to do your […]
The ATO Plans To Crackdown On Cryptocurrency At Tax Time
The Australian Tax Office (ATO) plans to engage around 100,000 taxpayers ahead of tax time to inform them about their required tax obligations as it moves to strengthen its stance on accounting for cryptocurrency. On Friday 28th May, the ATO warned taxpayers that they will likely be contacted as there are growing concerns that many […]
How Owners of Bitcoin And Other Cryptocurrencies Will Be Taxed
The price of Bitcoin and many other cryptocurrencies has surged in recent years. One bitcoin currently equals just under $60,000 Australian dollars. As result of this financial phenomena many investors around the world have managed to make large sums of money in a short period of time. At the same time, many inexperienced investors have […]
The Importance of Declaring Cryptocurrency Related Assets
As cryptocurrencies become more and more entrenched in the mainstream, one of the biggest challenges in accounting for them has been that some investors may not be aware that it is a requirement for them to disclose crypto assets to their accountants. It is super important for financial advisers to educate themselves in relation to […]
Some of the Biggest Challenges Facing Cryptocurrency Investors
Since its inception over 10 years ago, Bitcoin has grown to become the leading cryptocurrency worldwide and even a household name. As a result, a growing number of Australian individuals and businesses have begun to look into how they can invest safely and securely in digital assets like Bitcoin to take advantage of its rapid […]