Tag Archives: cryptocurrency

ILN Today Post

End of the Road for Private Cryptocurrencies in India – the Proposed Ban

With more and more investors being attracted to invest in virtual currencies with their astonishing highs and painful lows, the
cloud of confusion with regard to recognition and regulation of such currencies under Indian laws loomed. The nuances and
legal status of virtual currencies under Indian laws including various directions issued by the Reserve Bank of India (“RBI”)
on virtual currencies have been extensively discussed in our previous articles1,2.

Lex8219-4.pdf

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Cryptocurrency tax reviews are here… are you prepared?

The ATO’s recently announced cryptocurrency data matching program continues its steady push into working out how to apply the tax laws to cryptocurrency. It also has the potential to cause some panic among those involved in cryptocurrency dealings.

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Talking tax – issue 147

Banking royal commission: unclear tax treatment for payouts

The Tax Institute has warned of uncertain tax implications for refunds and compensation payouts resulting from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

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Cryptocurrency and tax – hard forks

As many readers would be aware, investing in cryptocurrencies isn’t always limited to the traditional buy/hold/sell strategy. Cryptocurrencies are a (relatively) new and nuanced asset class, which can be applied and used in many ways that other assets cannot. There are also a number of events, such as forks, that are unique to cryptocurrencies.

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Cryptocurrency and tax – determining the ‘market value’ of cryptocurrency

For various reasons, those who regularly transact and trade in cryptocurrency will often use exchanges that are based offshore. Importantly, these exchanges will rarely quote the value of cryptocurrency in Australian dollars.

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Cryptocurrency and tax – the ATO’s expectations in relation to record keeping

For many who are investing or trading in cryptocurrencies, one of the biggest headaches is recording and accounting for all of your transactions.

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Cryptocurrency and tax – cryptocurrency to cryptocurrency transactions

Most cryptocurrency transactions will involve the exchange of one cryptocurrency for another cryptocurrency (‘crypto-to-crypto’). Put another way, the majority of transactions that are undertaken will not involve a conversion to a fiat currency, such as US or Australian dollars.

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Financial Services in Focus – Issue 11

Funds and financial products

Senate passes crowd-sourced funding legislation for proprietary companies

On 12 September, the Senate passed the Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 (Cth), with amendments.

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ASIC continues to monitor ICOs

In ASIC’s recently released Corporate Plan for 2018-2022, it has once again highlighted its intention to closely monitor ICOs and cryptocurrency in Australia.

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Cryptocurrency investment in SMSF

The emergence of cryptocurrencies into the mainstream discussion of financial investment has seen an increasing number of our clients considering whether cryptocurrencies, such as Bitcoin, may be acquired by their self-managed super fund (SMSF).

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