Following the rise of the use of cryptocurrency in business, this article takes a bit of a deeper dive into various employment tax issues that arise where crypto is given to an ‘employee’ by an ‘employer’.
Having the correct classification of how employment ends is important. Describing the termination as a voluntary resignation in circumstances that indicate otherwise could have significant adverse tax consequences to the employee. This article explores the taxing of settlement receipts received in relation to the termination of employment.
The Australian Taxation Office (ATO) has recently updated its guidance on the employee v contractor classification following several High Court decisions. Read on for our summary of what this means for you and your clients.
