The growth of cryptocurrencies over the last few years has been explosive. Figuring out how to tax transactions involving cryptocurrencies has been a challenge. Aided by recent ATO guidance, the way cryptocurrency investors, traders and users are treated for income tax, CGT and GST purposes is now clearer and this webinar will provide a comprehensive overview of how tax applies to this field. In addition, the webinar will look at the specific issues facing SMSFs as increasing numbers choose to include cryptocurrencies in their investment portfolios.
Topics to be covered include:
• What is cryptocurrency?
• How are cryptocurrencies taxed?
• CGT and cryptocurrencies
• CGT personal use asset exemption – when does it apply?
• How the investor/trader distinction applies to cryptocurrencies
• Using cryptocurrencies for business transactions
• Mining cryptocurrencies
• ATO tax and super guidelines for cryptocurrencies
• Record keeping requirements
• Can an SMSF hold cryptocurrency?
• What trustees, members and advisers need to know about investing in cryptocurrency through SMSFs
Webinar Learning Outcomes:
Attendees will gain an understanding of the main tax issues relevant to cryptocurrencies as they apply to traders, investors, business users and SMSFs.
Ideally suited to those who deal with the tax affairs of individuals, businesses and SMSFs with exposure to cryptocurrencies including:
• Tax agents
• SMSF trustees
• SMSF members
• Financial advisers
Since 2015, Mark Chapman has been Director of Tax Communications with H&R Block Australia. He writes regularly on tax issues for numerous media outlets and presents on topical tax topics at seminars and other events. He broadcasts frequently on radio and television and writes a regular column for Money Magazine and Yahoo7 Finance. As a tax practitioner in the UK, he occupied a number of senior positions before moving to Australia in 2007 to join the Australian Taxation Office (ATO) as a senior director. Mark is also the author of Life and Taxes: A Look At Life Through Tax published by Wolters Kluwer, CCH Australia.
Mark has over 25 year’s experience as a tax professional in both the UK and Australia, specialising in tax for small business and individuals. He is a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of CPA Australia and a member of the Chartered Institute of Taxation. He holds a Masters of Taxation Law with the University of New South Wales.
You will be provided with:
• PowerPoint Presentation slide deck
• Any Supporting Documentation
• Webinar Recording to view multiple times for up to 6 months
• An opportunity to ask questions to the presenter
The taxation implications of trading with and investing in cryptocurrencies for individuals and SMSFs.