Do you know how your Bitcoin will be taxed?
Bitcoin has enjoyed a meteoric rise and could be in for a similarly spectacular fall.Either way, trading in Bitcoin has tax consequences. And staying out of trouble with the Australian Tax Office means knowing whether you are a hobbyist or serious investor, advisers say. As far as the ATO is concerned, there are broadly two reasons for purchasing Bitcoin: personal consumption and speculative gain. How you are taxed will depend on which category you fall into and, most importantly, how the ATO will view your activity. Above all, every single transaction needs to be fully documented, including not only “what”‘ is purchased, but “why” it was purchased, Hall & Wilcox […]
Bitcoin is safe, sustainable and here to stay
“Tulips”, “Ponzi scheme”, “fraud”, “only used by criminals and drug dealers’” have been some of the descriptions of Bitcoin in the past few weeks. Whether or not “fake news” is driving the price, the mystique of Bitcoin is enhanced by the fact that its “true” value cannot be determined using traditional financial analytical techniques. That mystique, however, does not justify the gulf between the bad press and what the facts show. For instance, former ASX boss Elmer Funke Kupper’s imputation that Bitcoin is “trade in drugs and other illegal products” drew instant scorn from Marco Santori, a regulatory expert and adviser to the International Monetary Fund at Cooley, a New York law firm. […]
CanYa raised $3.7 million with 28 Days to go for their ICO
CanYaCoins have been on a much anticipated countdown, with both the cryptocurrency enthusiasts and the cryptocurrency confused watching closely. The Australian startup raised AUD$1.8 million (3660 ETH) in their pre-sale and has just launched their ICO. The initial coin offering went live on the 26th of November at 8.30 pm (AEDT/GMT+11), and all reports say it launched with a bang. The CanYa team have revealed they have raised over $3.7 million in total and with the recent launch of their ICO. With 28 days for contributions to continue, they hope to use them to grow their community and platform. ICOs have been extremely hot in the market, offering […]
Sydney fintech Waddle just secured a $50 million debt funding round
Online cash flow lender Waddle has secured a $50 million debt funding facility, as it revealed it almost doubled its lending volume in the last financial year. The software is integrated into popular small business accounting packages like Xero, Intuit and MYOB to be able to look at which invoices are overdue for its customer. Based on this information, money is instantly lent out at the click of a button. The Sydney startup saw a 84% spike in lending volume for the 2017 financial year, which exceeded the initially expected mark of $30 million. Waddle co-founder Simon Creighton said the genre was previously “plagued” with complexities like factor pricing, contracts […]
Fortress backs $120m capital raising by MoneyMe
Global credit investor Fortress Investment Group will invest $100 million in debt capital to support MoneyMe’s consumer lending growth as the fintech considers an initial public offering in early 2019. Fortress’s investment is part of a $120 million asset-backed securitisation deal, which also includes a $20 million bond, issued by Evans & Partners, which was oversubscribed. MoneyMe, which has made $150 million in personal loans to 70,000 customers in the past four years, is both cash flow positive and profitable, very rare for an Australian fintech. Established in 2013, its net loan book is growing at $1 million each week, as it targets the credit card portfolios of the major […]
Bitcoin surges past $US9,000 to new record
Bitcoin surged past $US9,000 for the first time, just six days after topping $US8,000 and taking its year-to-date rise to more than 850 per cent. The price of the largest cryptocurrency by market value is soaring as it gains greater mainstream attention despite warnings of an asset bubble. Everyone from Wall Street executives to venture capitalists has been weighing in with their thoughts on the digital currency, with some more skeptical than others. Bitcoin climbed as high as a record $US9,518 before paring gains, according to composite pricing available on Bloomberg. In another move towards mainstream investing, CME Group Inc. has said it plans to start offering futures contracts for […]
Fintech is not a threat: FPA
Financial planners overlooking fintech are missing out on benefits that can ultimately lead to higher client engagement and satisfaction levels, latest research from the Financial Planning Association of Australia shows. Released at the 2017 FPA Professionals Congress in Hobart this morning, the whitepaper maps fintech to the financial planning process and highlights that increased revenue, operational efficiencies and reduced client costs as some of the advantages advisers and planners can gain if they embrace fintech solutions. It maps out the financial planning process in six key steps and pinpoints where new technology can best add value in the process, particularly in the areas of compliance and regulatory requirements. According to […]
A ‘no commission’ share-trading app from Melbourne just raised $7.3 million and listed on the ASX
Melbourne fintech SelfWealth has floated on the Australian Securities Exchange, raising $7.34 million through an initial public offering. Based on the $0.20 IPO price, the company has a market capitalisation of $26 million. SelfWealth operates a share-trading platform that allows users to buy and sell any volume of shares for a flat fee of $9.50 per transaction. No monthly fees are charged, although an optional $20 “premium” tier is available for deeper market analysis and access to a “social investment network”. The company did not disclose current customer numbers, but founder and managing director Andrew Ward in last year revealed the platform had 3,000 self-managed superannuation fund clients plus 2,500 […]
