1 CPD hour

Description

Tax, GST and Internet Cash

Cryptocurrencies (e.g. Bitcoin) are digital currencies which use encryption technology to control the amount of currency issued and to record ownership and payments.

“Cryptocurrencies such as bitcoin provide an outlet for personal wealth that is beyond restriction and confiscation” – but what about the Taxman and internet cash? How does she operate in the virtual world?

In this Webinar we will discuss how the tax laws apply to:

  • Transactions involving buying/holding/selling digital currencies 
  • Fluctuations in the value of digital currencies 
  • Exchanging goods and services for digital currencies 

We will also address the vexed question of the double taxation (GST) of transactions involving digital currencies.

LEARNING OUTCOMES

An introduction to digital currencies and a good understanding of the application of the income tax rules (revenue account property, trading stock, financial arrangements, capital account) and GST rules applying to digital currencies.

SUITED TO

Accountants, lawyers and others who need to understand the income tax and GST treatment of digital currencies.

PRESENTER

Maurits van den Berg, Senior Manager, Taxation Services, Staples Rodway