While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but sits in an electronic register.
For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying startup businesses — or as the ATO has dubbed them, early stage innovation companies (ESICs).
Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the “same business” test.
If you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, the ATO will generally allow that a taxpayer could be in a position to be able to claim some expenses and make some deductions.
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.