According to the “Tax treatment”document, all businesses and individuals transacting in or trading crypto in Australia are required to record:
- the date of the transactions
- the value of the cryptocurrency in Australian dollars at the time of the transaction (which can be taken from a reputable online exchange)
- what the transaction was for and who the other party was (even if it’s just their cryptocurrency address).
Finally, getting a paycheque in crypto is considered a “fringe benefit…and the employer is subject to the provisions of the Fringe Benefits Tax Assessment Act 1986.” Employers must get an agreement signed by the employee in hand and must pay an amount of crypto equivalent to a standard employee wage according to the crypto’s value in Australian dollars at the time the work is performed.