ABN Main business activity for crypto mining

(Newbie)Newbie

11 Apr 2021

Dear ATO Community,

Hello! I am new here.

Using google, which led me to this forum, I couldn't find an answer to my first question, so if it was discussed previously could you please refer me to it?

Question 1: what should I state as a main business activity when registering ABN for crypto mining business? The ABN form is automated and lists the relevant categories based on the business activity. I can't find anything suitable.

Question 2: is it worth registering for GST when I am not expecting turnover to be over $75k in the next couple of years?

Thank you!

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StephATO

(Community Support)Community Support

12 Apr 2021

Hiya @GVS,

Welcome to ATO Community! In response to your first question, I had a look at the ANZSIC Codes and the best one I could find was 62400 Financial Asset Investing. These codes are used for statistics, and we don't always have a perfect match. I will provide a link below with a full outline of this particular code.

As for GST, we can't provide advice on what is best for your situation, I would recommend contacting an accountant of financial planner.

62400 Financial Asset Investing.