Cryptocurrencies are becoming huge. So huge in fact, that millionaires are being created on a weekly basis. Governments around the world are trying to figure out; A. How this happened, and B. How to regulate and tax!. Lucky for us Australians, our Government has done some preliminary (albeit ambiguous) work on taxing income from Cryptocurrencies. In this video I take a look at both the ATO (Australian Tax Office) and ASIC (Australian Securities and Investments Commission) on how they define the taxable income generated from Cryptocurrencies.
As always my fellow Steemians and Aussies, I would love to hear your feedback and comments!
Cheers, Beau