How Sars might tax your bitcoin transactions - TechCentral

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South Africa has no specific laws or regulations that deal with the use of cryptocurrencies like bitcoin. It follows that, to date, there aren't any court rulings or directives that focus on the tax treatment of bitcoin-related transactions. However, the South African Revenue Service (Sars) has voiced plans to release guidance on what the tax...

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ATO likely on alert for cryptocurrency claims during tax ...

ATO likely on alert for cryptocurrency claims during tax time

By Michael Croker

Updated March 06, 2018 07:27:31

Map: Australia

Depending on who's talking, cryptocurrencies are either the next big thing or the currency of the underworld. But an increasing number of chartered accountants say their clients are interested in the tax ramifications of investing in this latest barbecue...

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Date: 2018-04-05 23:30:28

The taxman is after your bitcoin profits — though the law ...

"Any financial gains made from the selling of bitcoin will generally be subject to capital gains tax (CGT) and must be reported to the ATO," a spokesperson from the tax office said.

But this remains a grey area that is yet to be tested in a court of law.

Until that happens, the ATO has advised cryptocurrency owners to keep good records of their intentions, transactions, and who received...

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Date: 2018-04-05 23:30:35

Related topics : ato capital gains tax bitcoin / investments free of capital gains tax / income tax long term capital gains / investment capital gains tax / ato capital gains tax

The ATO is coming for crypto traders | Business Insider

The Australian Tax Office (ATO) is establishing a taskforce to monitor cryptocurrency transactions, according to a report in The Australian Financial Review .

The taskforce aims to ensure cryptocurrency investors are paying the correct amount of tax.

A team of specialists across tax law, technology, banking and finance will devise strategies to follow the money on gains made from investment in...

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Related topics : ato capital gains tax bitcoin / investment capital gains tax calculator / ato capital gains tax / australia capital gains tax calculator / calculating capital gains tax

Bitcoin and crypto-currency investment in an SMSF ...

The recent surge in the price of Bitcoin has many investors seriously looking at crypto-currency as a part of their SMSF investment portfolio.

So, can an SMSF invest in bitcoin and crypto currency, and if so, what must trustees and advisers be aware of?

There are a number of key areas that trustees need to consider and address if they are looking if invest their SMSF monies into Bitcoin and other...

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Related topics : ato capital gains tax bitcoin / capital gains tax investment property ato / australia capital gains tax on investment property / capital gains tax investment property / investment funds capital gains tax

‘We will take strong action’: ATO outlines cryptocurrency ...

The tax treatment of cryptocurrencies, bitcoin in particular, is an ongoing source of confusion for advised and non-advised taxpayers.

However, this is unlikely to be a suitable defence for non-compliance at tax time 2018, particularly where taxpayers have not tried to engage with the ATO to understand and meet their obligations.

"Where people attempt to deliberately avoid these obligations we...

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Date: 2018-04-05 22:47:37

Related topics : ato capital gains tax bitcoin / ato capital gains tax rate / ato capital gains tax / ato tax return / accountant tax return

ATO Tax Rates 2018 -

�19c for each $1 over $18,200

�$37,001 to $87,000

�$3,572 plus 32.5c for each $1 over $37,000

�$87,001 to $180,000

�$19,822 plus 37c for each $1 over $87,000

�$180,001 and over

�$54,232 plus 45c for each $1 over $180,000

Temporary Budget Repair Levy ends

Legislation passed in 2014 applied the Temporary Budget Repair Levy of 2% to taxable incomes in excess of $180,000 for a period of...

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