10/03/2022
Let's talk about Cryptocurrency!!
A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions.
According to CoinMarketCap.com, there are more than 10,000 different cryptocurrencies traded publicly. Bitcoin, Ethereum, Tether, and Binance are the most popular trading cryptocurrencies by market capitalisation.
You must be aware of your tax obligations if you buy, sell, or invest in cryptocurrencies. For capital gains tax purposes, you must declare the sale of cryptocurrency.
You must maintain track of all transactions involving the purchase, holding, and selling of cryptocurrencies. After you sell a cryptocurrency, you must preserve records for five years.
The most effective approach to efficient cryptocurrency bookkeeping is to track all cryptocurrency-related transactions or costs. This process is time-consuming, but it can save you a lot of time if you use a professional bookkeeper.
If you require bookkeeping assistance, visit https://bookkeepersstore.com.au/contact/ to locate your local Bookkeeper.
