These are solutions
Asta Solutions, a Melbourne-based technology consultancy, is the newest Australian company to offer its employees the option to get paid in Bitcoin.
Asta announced on its Linkedin profile last week that it had partnered with Get Paid in Bitcoin, a Tasmanian startup, to enable employees to receive a percentage of their compensation in Bitcoin.
According to the Sydney Morning Herald, other Australian companies that are enabling their employees to use Bitcoin are Finder, the startup Living Room of Satoshi for crypto bill payments, and BTC Markets.
Sequoia Holdings LLC has started giving employees the opportunity to receive part of their income in cryptocurrencies like Bitcoin. Sequoia employees can choose to invest part of their compensation in Bitcoin, Bitcoin Cash or the ethers of the Ethereum platform. The company works with a third party payroll provider to withhold taxes and convert the remaining funds into bitcoin, which is held in a digital wallet managed by the payroll processor.
A Japanese company has taken the risky step of paying its employees with Bitcoin. GMO Internet is a company that specializes in web-related topics. Finance, advertising and internet infrastructure are part of it. You are experimenting with cryptocurrencies as a payment mechanism in a professional setting to gain a better understanding of it.
SC5 is a Finnish internet technology company that develops apps, software and offers other services. Technical assessments and migration assessments are carried out by the company. From the idea to the follow-up analysis, it also develops and implements concepts and solutions. SC5 has been paying its employees in Bitcoin since 2013.
Fairlay is a Bitcoin prediction and betting market, as well as a cryptocurrency exchange. By offering a fully open prediction market, Fairlay aims to crowd-source knowledge. Acting more like a conditional betting exchange, Fairlay allows users not only to gamble, but also to keep track of public opinion on Bitcoin and Altcoin-related events, sports, and general news.
Taxes on Bitcoins
Cryptocurrency, or Bitcoin, is viewed as an investment vehicle rather than currency in many countries around the world, including the United States and Australia. Check out how bitcoins are taxed worldwide. Some nations like Russia and China restrict the cryptocurrency while others like Finland, where it’s VAT free, accept it.
The classification of Bitcoin as an asset illustrates the tax consequences. The IRS has required taxpayers to disclose all Bitcoin transactions regardless of size. Every US taxpayer is expected to keep a record of all Bitcoin purchases, sales, investments, and usage. In July 2019, the IRS sent warning letters to over 10,000 taxpayers who were suspected of “having failed to declare an income and related tax from virtual currency transactions or have improperly disclosed their transactions.” It warned that incorrectly declaring income could result in fines, interest, or even criminal charges.