Tag: Cryptocurrency

FTX Collapse and The Consequences for Investors

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The next few years are expected to take their toll on an estimated 30,000 Australian crypto investors that utilised the now failed cryptocurrency platform, FTX. The Australian arm of the platform has now been placed under voluntary administration with KordaMentha who are attempting to return funds to creditors, but warn…

ATO Advice for Lodging Cryptocurrency Losses

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With the recent downturn in the cryptocurrency market, there is likely to be a good number of investors that will be reporting losses. The Australian Tax Office (ATO) is however flagging this as an issue of concern that investors need to be more careful about at tax time. According to…

ATO Issues Warning Over Unpaid Crypto Taxes

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The Australian Tax Office (ATO) acting assistant commissioner, Sylvia Gallagher, confirmed that people as young as 18 years were getting involved in cryptocurrency trading and that the authority was paying attention. Cryptocurrency trade reportedly increased by 64% in 2021 as over half a million Australians engaged in trading digital coins. …

Predicted ATO audit activity trends for 2021 & 2022

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Despite the temporary slowing in 2020 of the Australian Taxation Office (ATO) and other State & Federal government revenue authorities’ audit activity levels due to the Covid-19 pandemic, 2021 has already proved to be as busy as ever. Our claims team recently published an article on tax audit claim stats all…

ATO Affirms Data Matching Program On Lifestyle Assets

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The ATO has published a gazette notice in the Federal Register of Legislation that confirms their intention to acquire lifestyle assets data from an estimated 25 insurers on specified insured lifestyle assets that meet nominated thresholds. The data collected will be cross-checked against internal data holdings at the ATO. The…
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ATO Puts Crypto Investors On Notice

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Since the pandemic started there has been a surge of investment in cryptocurrencies. 2021 has seen record-high values and the ATO has taken notice. More so when it comes to capital gains made from trading in the currencies. Investors have been warned that the ATO will be looking to ensure…
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Understanding how the Australian Tax Office deals with Cryptocurrency

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Cryptocurrency is decentralised but it doesn’t mean it is tax free. It’s important that crypto activity is declared on a tax return as the Australian Tax Office (ATO) will be keeping a close eye on cryptocurrency activity. The ATO estimate between 500,000-1,000,000 Australians own cryptocurrency and every time any transactions…

Ethereum Rises on the Strength of Its Functionality

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Bitcoin’s rival Ethereum reached an all-time high in January, shooting up in value by 82% in less than three weeks. The price of the cryptocurrency increased to AUD 1,855 on the strength of increased investor interest. As investors channel their portfolios into diversified cryptocurrency holdings, Ethereum brings a special advantage…

Bitcoin Investment Gaining Popularity

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Though volatile at times, Bitcoin has gained in value considerably since its introduction. Moreover, its rise has largely been unaffected by COVID. Bitcoin has more than doubled its market value since January, partly due to central banks’ easing of interest rates which have shown to affect the popularity of cryptocurrency.…