To the businesses already accepting, or about to accept, cryptocurrency, congratulations on being early adopters. There are typically two outcomes when a business accepts cryptocurrency for payment of invoices:
Immediately converts to AUD
If you’re a business who has partnered with a cryptocurrency payment processor, then you may have chosen to allow customers to pay your bills in cryptocurrency but have AUD deposited to your bank account. The payment processor is immediately converting the cryptocurrency to AUD for you. This is the far simpler approach for Australian tax purposes as it pretty much means business as usual – book the AUD bank deposit as income, pay tax and GST where applicable.
Keep the crypto
Some businesses choose to keep the cryptocurrency from the sale, rather than immediately convert to AUD. As a result, the cryptocurrency held by the business typically becomes trading stock with tax implications arising on later disposal by recognizing profits or losses. This makes the situation a little more complex and you really must keep good records.
For a more detailed explanation see:What are Australian tax issues for a business accepting cryptocurrency?