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1 in 3 crypto owners confused about tax, study reveals
Australian cryptocurrency owners need to be aware of their profits and whether they incur tax, experts have warned.
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A recent study by the University of Queensland found that 1.5 million Australian cryptocurrency owners are uncertain whether their digital assets are tax-free.
The Tax Office would pursue all cryptocurrency owners who failed to meet their tax obligations, according to the study.
The study also noted cryptocurrency owners were set to find out the “hard way” that their assets are not tax-free, as the 31 October deadline loomed.
The research consisted of 745 coin holders and found that 66 per cent were aware they would need to pay tax on their cryptocurrencies if sold at a profit.
Eight per cent were unaware they would need to pay tax and a further 25 per cent were unsure.
It was highlighted that 64.5 per cent of the ‘unsure’ group were women.
The study said with an estimated 4.5 million cryptocurrency owners in Australia, 33 per cent would be unclear on tax obligations.
This would equate to 1.5 million coin holders who wouldn’t have budgeted for the required tax payments.
“Australians may not be fully aware of the potential tax consequences and may experience adverse events, which leave them financially vulnerable,” the study said.
“If investors are not aware, they may omit this on their annual tax return and be contacted by the Australian Taxation Office later when discovered.”
Results demonstrated that 49 per cent of ‘unaware’ respondents were tertiary educated, which experts noted as “surprising.”
Following the study, experts warned cryptocurrency owners to conduct due diligence before investing and to educate themselves on potential risks and how to avoid them.
Leading crypto analyst Sydel Sierra said it is vital coin holders understand the rules around cryptocurrency and that ignorance was no excuse.
“The reality is that cryptocurrencies are treated as personal income in Australia rather than a currency, which means when you sell, it will be subject to tax if there’s a capital gain,” Sierra said.
“This might come as a shock or frustrating if you didn’t know the ATO would come knocking, but the plus side is that the taxman only takes a percentage, not the whole lot.”
Taxable crypto amounts relied on personal income and would be treated as part of it, according to Sierra.
“If you’re a high earner in the top bracket, you’ll pay 45 cents to the dollar on your gains – that’s your reward for being independently wealthy.”
“The asterisk to all this is, if you sell your crypto after holding it for longer than a year, you’ll be eligible for a 50 per cent discount, meaning only half of your profits would be taxed.”
Imogen Wilson
28 October 2024
accountantsdaily.com.au
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Chris Wybenga
B.Bus, CA
Chris is the Managing Director of the Firm who established the practice in August 1994 and has been responsible for its growth and development since that time.
Chris has over 40-years experience in the Chartered Accountancy profession, predominantly spent in small to medium sized firms, advising both small business and individuals in areas such as taxation and accounting as well as business restructuring and superannuation advice.
Chris is active in the development of young accountants both in mentoring cadets at the Firm and lecturing in taxation for the CA Program for the Institute of Chartered Accountants & New Zealand.
- 1980 – Commenced employment and part time university studies
- 1985 – Graduated Bachelor of Business from University of Technology, Sydney
- 1986 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 1988 – Registered as a Registered Company Auditor
- 1994 – Established Wybenga & Partners (formerly known as Farrar & Wybenga)
Dianne Bechara
B.Bus, CA
Dianne is responsible for the day-to-day operations and administration of the practice.
Dianne has over 30-years Chartered Accountancy experience and has significant expertise in providing advice and solutions to high-net-worth individuals and their associated entities. Dianne also has considerable knowledge in the areas of taxation, business services, superannuation, and compliance.
Dianne is active in promoting gender equality in the industry through various programs and mentoring opportunities. Dianne is also committed to the development of young accountants and donates considerable time to sharing her expertise.
- 1992 – Graduated Bachelor of Business from University of Technology, Sydney
- 1993 – Commenced employment in acounting profession
- 1996 – Commenced career with Wybenga & Partners
- 1997 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 2002 – Appointed as Director of Wybenga & Partners
Roger Potter
B.Bus, CA
Roger is responsible for the HR aspect of the Firm, cultivating the culture, and maintaining the highly social environment we pride ourselves on.
Roger has over 35-years in the Chartered Accountancy profession and significant expertise in providing advice and solutions to small businesses and high-net-worth individuals. He also has extensive experience in the areas of Self-Managed Superannuation Funds and retirement strategies.
Roger is active in the development of young accountants both in mentoring cadets at the firm and lecturing in taxation for the CA Program for the Institute of Chartered Accountants & New Zealand.
- 1985 – Commenced employment and part time university studies
- 1990 – Graduated Bachelor of Business from University of Technology, Sydney
- 1992 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 1998 – Commenced career with Wybenga & Partners
- 2002 – Appointed as Director of Wybenga & Partners
Tess Uncle
B.Sc, M.Com, CA
Tess has over 22-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Tess has had significant experience in MYOB and assisting clients in day-to-day bookkeeping activities and periodic reporting.
Tess is responsible for the Firm’s training and development needs.
Tess is active in promoting gender equality in the industry through various programs and mentoring opportunities. Tess is also committed to the development of young accountants and donates considerable time to sharing her expertise.
- 2001 – Commenced employment with Wybenga & Partners and part-time accountancy studies
- 2004 – Graduated Masters of Commerce from the University of New South Wales
- 2005 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 2007 – Promoted to Manager at Wybenga & Partners
- 2012 – Appointed as Associate Director
- 2016 – Appointed as Director of Wybenga & Partners
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Adam Roberts
B.Bus, B.Sc, CA
Adam has over 18-years experience in Chartered Firms and in this time has had a broad range of experience in superannuation, taxation, and business services. In particular, Adam has had significant experience in MYOB and assisting clients with periodic management reporting.
Adam is responsible for the implementation of technology in the Firm and sourcing new areas of innovation and efficiency.
Adam is active in the development of young accountants and donates considerable time to sharing his expertise.
- 2005 – Commenced employment with Wybenga & Partners and part-time Accountancy Studies
- 2005 – Graduated Bachelor of Science from the University of Western Sydney
- 2007 – Graduated Bachelor of Business from the University of Western Sydney
- 2010 – Admitted as an Associate Member of the Institute of Chartered Accountants Australia & New Zealand
- 2010 – Promoted to Manager at Wybenga & Partners
- 2012 – Appointed as Associate Director
- 2016 – Appointed as Director of Wybenga & Partners