New cryptocurrency register

On 3 April 2018 the Government introduced new rules which will mean that cryptocurrency exchanges will need to sign up to a new Digital Currency Exchange Register and transactions exceeding $10,000 must be reported to AUSTRAC in line with the existing rules for bank transfers and cash transactions.

The new measures will mean clients have to better understand their tax implications when dealing with cryptocurrencies, as cryptocurrency transactions are now more likely to come to the attention of the ATO.

 

…To find out more about the form of mandatory registration and compliances obligations,  please come and talk to Tax Ideas Accountants & Advisers… http://taxideas.com.au/booking/

Tel: (02) 8318 1545

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