crypto cryptocurrency
Finance
Bill Tsouvalas

The ATO knows about your business using crypto. Be aware of your tax obligations

Authors
Bill Tsouvalas
3 minute Read

According to a representative Savvy survey, 17.3% of 1000 polled Australians already own cryptocurrency, with 36% intending to buy into crypto in the future. 

If your business is considering taking crypto as payment to reach these Australians, it’s best to get on top of your tax obligations early — unless you want to run afoul of the Australian Taxation Office (ATO).

Though cryptocurrency transactions are in theory “untraceable”, ongoing integration of crypto into the financial system — such as exchanges now offering bank transfers including PayID/Osko transactions — means they fall under the regulation of APRA and ASIC. 

If people in your business have handed over personal information in order to open a crypto wallet on an exchange that trades in Australia, the ATO knows about it.

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