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Special Tax & Superannuation topics 2022-23 - Tax treatment of cryptocurrency losses


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Crypto currency investment joined the mainstream during Covid-19 and with the recent drop in the market, many crypto investors will be looking to the tax treatment of losses during 2022.
 
Despite the ATO 'blanket' view of crypto losses being on capital account, the reality if far more nuanced and will turn upon knowledge of client crypto dealings and the relevant case in this space.
On successful completion of this topic, participants will be able to:
  • Describe the three different possible tax treatments for gains/losses from the sale of assets
  • Identify the key reasoning behind 'profit making undertaking' common law decisions Myer Emporium & Greig's Case
  • Identify different cryptocurrency and NFT investments that may amount to 'profit making undertakings'
  • Describe the tax risks and documentation requirements when treating client crypto losses on revenue account.

This session forms part of the Special Tax & Superannuation Topics Series. These concise 1.5-hour sessions have been specifically designed for an online platform to ensure training is informative, immersive and even fun. These sessions will:
  • Ensure you get the critical knowledge you need while minimising your time out of the office.
  • Assist you in providing proactive tax and superannuation advice and identifying tax planning opportunities early
  • Help you avoid any possible traps and pitfalls
  • Give you answers to the questions most relevant to you.

 

Our partnership with Thomson Reuters gives you the most up-to-date information, updated regularly and enhanced by our technical specialists.

 

Continuing Professional Development Hours

The content covered in this topic should constitute verifiable CPD for CA ANZ, has been assessed for ASIC and FASEA CPD and also meets the Tax Practitioners Board's CPE requirements. The expected CPD hours to be allocated are as follows:

 

 

 

 

PER SESSION

CA ANZ

Up to 1.5 CPD hours

Legislated CPD (FASEA)

Up to 1.5 hours (General)

ASIC

Up to 1.5 hours (General)

Tax Practitioners Board

Up to 1.5 CPD hours

This seriesis presented by our Senior Tax & Superannuation trainers: 
 

Bruce Thomas, Senior Tax and Superannuation Trainer, CA ANZ  

Bruce Thomas Senior Tax and Superannuation Trainer Bruce has written and presented training on a wide range of topics, including the tax aspects of real estate transactions, fringe benefits tax (FBT) and salary packaging. Bruce was previously a tax manager with William Buck Chartered Accountants where he advised clients on the application of the goods and services tax, FBT and other government charges. He worked for the Australian Taxation Office for 17 years, including as a senior officer dealing with technical issues involving the GST.  

 

James McPhedran, Senior Tax and Superannuation Trainer, CA ANZ 

James has 18 years’ experience in the industry, including roles at the Big Four accounting firms and advisory roles at mid-tier firms. He has been an educator with Chartered Accountants ANZ for 9 years. His advanced knowledge of taxation and superannuation has allowed him to focus on small to medium enterprises and high net worth individuals. James holds a bachelor’s degree in law and economics from the University of Queensland and a Master of Taxation from the University of Sydney 


 

EVENT DETAILS


Topic: Tax

Sub-Topic: Income Tax

Format: Recorded Webinar

Proficiency Level: Intermediate, Advanced

CPD: Upto 1.5 hours