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Receiving crypto as payment?

When you receive crypto for services, its considered income for your business. Payments can be made directly into a digital wallet or into a dedicated crypto exchange – Details of the wallet or exchange need to be kept and maintained so you can record the income.

Payment VIA crypto will need to be recorded as payment in AUD when dealing with the ATO. This is both for income purposes and when lodging you BAS.

You are still able to claim deductions and expenses if you incur them in crypto or AUD currency.

If you then decided to trade that digital currency it would then be considered a CGT asset (or potentially trading stock) and if you stake it and receive income again it would be business income.

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