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Australians warned against converting to cryptocurrency wages

Article image for Australians warned against converting to cryptocurrency wages

The federal government is warning Australians against receiving their salary in the form of cryptocurrency, despite substantial interest from the general population. 

A recent survey by the comparison website Finder found one quarter of Australians would like to receive their salary in cryptocurrency.

Minister for Financial Services and the Digital Economy Jane Hume told Deborah Knight she doesn’t think it’s a “terrific idea”.

“Cryptocurrencies would be treated as a property, as a fringe benefit, so the employer is going to be taxed 47 per cent.

“So it’s really not the best option for anybody that is not in the top income tax bracket.

But Ms Hume says the government won’t stand in the way of Australians who want to invest in cryptocurrencies.

“We certainly haven’t got an issue with consumers investing in cryptocurrencies but as I said, like any other asset class, they’re subject to Australian law.”

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Image: Getty 

Deborah Knight
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