Helping Small Businesses to Thrive – Business Tax Doncaster
When it comes to looking after your business’ finances, it is important to receive accurate and reliable tax advice. Properly adhering to your tax requirements is a big responsibility that every business owner must manage in accordance with the ATO. Failure to do so may result in unexpected and unnecessary penalties, so it is helpful to seek assistance from a professional Tax Accountant. Enjoy the benefits of knowing that your tax and accounting is being looked after and speak with our Business Tax Doncaster team.
Is the sale of my cryptocurrency taxable?
Author │ Chris Ambler – MAS Tax Accountants Canberra
The ATO regards bitcoin and other similar cryptocurrencies as an asset for capital gains tax (CGT) purposes. When you dispose of your cryptocurrency, whether it is Bitcoin, Ethereum, Litecoin or another, there will be tax implications – unless you are using this for personal transactions under $10,000, as shown on the ATO website. So if you are asking, “am I required to pay tax on cryptocurrency sales?”, the answer is most likely “yes.”
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Whether you are a sole trader, small business owner or run a large company, you will have tax and accounting responsibilities. Depending on the size and nature of your business, your tax duties may range in complexity, so it can be helpful to seek professional services. Our Business Tax Hawthorn Accountants can assist you to prepare, lodge and manage your tax, and remain organised throughout the year. We can help you to get the best possible tax outcomes and give you more time to focus on running your business.
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