The Australian Government has published a short “bitcoin for businesses” guide on their business website, which aims to educate businesses on the benefits and pitfalls of accepting digital currency like bitcoin in exchange for goods and services.
For the enthusiast, the information presented is really quite well known. For a business owner who’s been hearing the “bitcoin” word tossed around and wondering what it is, it could prove to be a valuable resource.
The guide covers a number of topics, of which include a basic primer on cryptocurrencies, in addition to how a business can accept bitcoin (technologically speaking).
Also covered is perhaps the most commonly asked question among business owners interested in this emerging payment system: “Should I accept bitcoin payments?”
The response reads:
[blockquote style=”2″]Bitcoin can offer an alternative method of payment for your customers and lower transaction fees for your business. When making your decision, make sure you’ve considered the risks associated with digital currencies.[/blockquote]
Interestingly enough, the guide also outlines the type of information a business owner is obligated to collect from customers paying with digital currency. They include:
- Date of the transaction
- Amount in Australian dollars
- Description of the transaction
- Who the customer was (person/business)
The guide also provides a very brief mention of using bitcoin to pay employees, in which it would be considered a normal salary for the purpose of taxation.
Read the guide in its entirety here.
