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Hello @Nickpre
Yes, there is a potential capital gain or loss implication for you.
If you decide to accept the repayment in cryptocurrency you will need to record the date of receipt of the currency and the equivalent value of the currency in AUD on that date.
When you then dispose of the currency it's likely that the fiat currency exchange value in AUD rate will have changed and you'll need to record that. The difference between the AUD equivalent values of disposal of the cryptocurrency and receipt of it will be your capital gain or loss. You'll need to declare this on your tax return. A capital loss can't be used to reduce your taxable income. It can only be used to offset any current or future capital gains.
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Hello @Nickpre
Yes, there is a potential capital gain or loss implication for you.
If you decide to accept the repayment in cryptocurrency you will need to record the date of receipt of the currency and the equivalent value of the currency in AUD on that date.
When you then dispose of the currency it's likely that the fiat currency exchange value in AUD rate will have changed and you'll need to record that. The difference between the AUD equivalent values of disposal of the cryptocurrency and receipt of it will be your capital gain or loss. You'll need to declare this on your tax return. A capital loss can't be used to reduce your taxable income. It can only be used to offset any current or future capital gains.
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