"This allows our residents to pay for fees in Bitcoin, and would also allow the city manager to cooperate with Miami county for taxes to be paid in.
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- So you're considering taking a salary in bitcoin
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Matta said Okung's bitcoin would likely be placed in offline digital wallets referred to as "cold storage. Bitcoin accounts aren't protected like bank accounts, which are FDIC-insured. Drew Hawkins, CEO of Edyoucore, a financial consulting firm, said the frequent fraudulent activity surrounding bitcoin is a concern and added, "a lot of guys need to understand what it is and how it works and what it is not.
But if you don't know what you're doing and not investing in this thing long-term, there will be a lot of volatility in-between.
Bitcoin Salary Payments | Papaya Global
Added Hawkins: "People have done well and made a lot of money off of it, but you've also had an equal amount of situations that ended up not panning out to what somebody was anticipating or ended up in some substantial losses. Strike is also coordinating more arrangements emulating Okung's with players from the Brooklyn Nets and New York Yankees, according to bitcoin news site CoinDesk.
The site did not name the players involved.
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Matta said Okung's move would provide more credibility for bitcoin, and that could trigger even more athletes to invest in digital currencies. Potential investors can also purchase bitcoin through other mobile payment apps, including PayPal, Cash App and Square.
Trading Instruments
An earlier version misstated the year. According to research produced by Cambridge University in , there are 2. Generally, there are no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin for example, acquiring personal goods or services on the internet using bitcoin.
Bitcoin is a regarded as a capital gains tax CGT asset, so CGT potentially applies whenever an Australian resident sends a bitcoin to another person. However, transactions are exempt from capital gains tax if:. Bitcoins are used to pay for goods or services for personal use — e. The capital gain is calculated as the increase in value of the bitcoins between the time they were acquired and the time at which they were disposed.
So you're considering taking a salary in bitcoin
If you receive bitcoin for goods or services provided as part of a business, you will need to record the value of the bitcoins in Australian dollars as part of your ordinary income for tax purposes. The value in Australian dollars will be the fair market value at which they can be obtained from a reputable bitcoin exchange.
There may also be capital gains tax consequences when you dispose of bitcoin for business purposes. If you are in the business of mining bitcoin, any income derived from the transfer of the mined bitcoin to someone else is included in assessable income. Any expenses incurred as a result of the mining activity are allowed as a deduction.
Bitcoin held due to the business of mining and selling bitcoin is considered to be trading stock and needs to be brought into account at the end of each income year. For example, it highlighted two companies — AcademyX and IVPN — that are incentivizing employees through bitcoin payments. Bitwage noted AcademyX is now implementing contests with bitcoin prizes that encourage employees to increase their IT knowledge, while IVPN has offered bitcoin to customers in exchange for help with product testing.
Still, such innovation is being blocked in some countries by what the report cited as problematic regulatory regimes in countries like Belgium, Canada, Holland and Italy. In addition, employees who do accept bitcoin must conduct additional tax calculations on capital gains earnings, while also navigating the still-growing bitcoin economy when purchasing essential everyday items. Payroll image via Shutterstock. Employee incentivization In addition to new data on how bitcoin companies feel about digital currency payments, BitWage also gathered more general information on cryptocurrencies by allowing respondents to freely comment on questions.
Bitcoin payroll roadblocks Still, such innovation is being blocked in some countries by what the report cited as problematic regulatory regimes in countries like Belgium, Canada, Holland and Italy.
