Shining a spotlight on Australian digital currency tax laws
It comes without much surprise that taxation offices around the world are having to keep up with the growing trend of cryptocurrency and the tax implications that follow, writes Janya Eighani. Digital currency under Australian taxation law is a relatively new concept, and as it gains momentum, it is vital for cryptocurrency traders to keep up with regulations set out by the Australian Taxation Office (ATO). The situation in Australia Since the ATO released the Convenient Guidance Paper, the position stands that bitcoin and most cryptocurrencies are a form of property and are taxable. The ATO recently commented on the taxable nature of bitcoin, saying: “Any financial gains made from […]
More than 1,200 newsagents to offer Bitcoin, Ethereum buying service
From today Australians will be able to purchase Bitcoin and Ethereum in-store from more than 1,200 newsagents around the country. With a minimum purchase of $50, all customers need to purchase the digital currency is cash, a phone number and an email address. The service is being provided by cryptocurrency exchange bitcoin.com.au, which has been rolling out in-store Bitcoin buying infrastructure since the middle of 2016. Bitcoin.com.au CEO Rupert Hackett said the primary challenge of selling cryptocurrency within a physical retail store was gaining the trust of consumers. “When your product is totally digital it can be hard to gain trust from consumers because there’s no tangible product being handed […]
NAB warns on Facebook, Apple banking threat
Technology giants with investment budgets that dwarf those of Australia’s banks are expanding into financial services, and likely to represent a growing competitive threat to the industry, National Australia Bank warns. NAB’s chief operating officer, Antony Cahill, on Thursday highlighted the future wave of competition banks may face from the technology sector, as he appeared before the Productivity Commission’s inquiry into competition in finance. Mr Cahill said that on top of the “truly intense” competition banks currently faced, lenders were “acutely aware” of the growth and emergence of new rivals. These potential rivals included financial technology or “fintech” firms, and the likes of Apple and Facebook. He cited KPMG figures […]
Blockchain powered efficiency on the horizon for 8common
Revolutionary software enabling unprecedented levels of functionality is on course to hit the ASX via fintech provider 8common (ASX: 8CO) after the company announced its membership in Hyperledger, a not-for-profit (NFP) organisation led by The Linux Foundation to improve upon outdated technology being used by modern businesses. One of Hyperledger’s main objectives is to establish a “cross-industry open standard for distributed ledgers” thereby focusing ongoing research and development in one direction as opposed to dislocated projects working with different standards thereby undermining future cross-compatibility. At the current time, 8common has three distinct products (Expense8, Perform8 and Realtors8) being marketed and sold to customers and generating around $1 million in the […]
Blockchain company DigitalX posts record $10m first-half profit
Blockchain advisory firm DigitalX (ASX: DCC) has reported a record net profit after tax of $10.3 million for the first six months of FY18, driven by an increased interest in Blockchain tech. DigitalX provides services such as consulting on Initial Coin Offerings (ICO) and the rapid rise of cryptocurrencies has driven increased demand. “For all involved at DigitalX, these results represent the outcome of significant effort over the past 12 months,” says MD Leigh Travers. “They reflect the company’s growing expertise in the Blockchain and digital currency ecosystems.”The company also reported revenues of $4.5 million for the half along with the net profit of $10.3 million which was a big […]
Netwealth doubles managed account FUM
Netwealth saw significant growth in its managed accounts offering during the first half of the 2018 financial year. Reporting a 107% rise on the prior corresponding period, Netwealth’s suite of managed accounts now hold $1.4 billion in funds under management. Listed on the ASX at the end of November 2017, the platform experienced a $2.7 billion increase in funds under administration for the first half. That 21% rise brings Netwealth’s total FUA growth over the 2017 calendar year to $5.7 billion – an increase of 58%. The net profit after tax was recorded at $14.1 million, representing a 59.3% improvement on the $8.8 million achieved in the prior corresponding period. […]
NAB Ventures invests in BRICKX
2018 has kicked off with a bang! NAB Ventures, National Australia Bank’s corporate venture capital arm, has invested in BRICKX. BRICKX is a revolutionary new and affordable way for Australians to invest in residential property by buying ‘Bricks’ in a BRICKX property. This unique approach, called fractional property investment, means people can invest in quality residential properties for as little as a few hundred dollars. Learn more about how BRICKX works. NAB Ventures and BRICKX alignment NAB Ventures – which supports businesses and entrepreneurs in their quest to build leading technology companies – saw the investment potential in democratising property ownership in the Australian market. Housing affordability continues to be […]
How new technology is reshaping finance
While there is an almost bewildering array of new technologies, the barriers to testing new innovations have dropped dramatically. There has never been a better time for finance leaders to take the lead on technology decisions. Less than a decade ago, finance and accounting teams typically relied on IT to deploy and make changes to systems, and required big capital expenditure investments around hardware and software. Now, new finance applications are often deployed in the cloud and can be accessed from anywhere. While new technology used to come with associated heavy complexity, advancements such as financial corporate performance management (FCPM) and robotic process automation (RPA) can be deployed as a […]
