I Imagine the rortserve bank has laws not allowing it. But I cant find anything to implicitly say that, I understand I can accept it on the quite, but I was planning on advertising it... Enter clever quote here...
There's nothing stopping you from accepting silver, however I do believe that any silver has to added to your taxable income at fair market value and NOT face value. Ps this is not financial advice. Do your own research and due diligence or get advice from a tax professional.
You can certainly barter and trade goods and services with what ever you wish but the draw back in a business environment would be taxation, GST and so forth. That could cause some difficulty in your accounting but should not be insurmountable. Probably a good question for an accountant assuming you have one who can think outside the square rather than some system programmed drone. Good luck with this and power to you.
I have a mate who used to clean carpets and get paid in this particular currency by one client. :lol:
Tax was the big thorn in BarterCard's side. You still have to value the goods or service in terms of, and pay tax with, currency. If you're going through all the trouble of valuing a service in 'legal tender' and paying tax in it... you may as well just use legal tender
Interesting you use Bartercard as a reference I use that Also to reasonable effect if you get it right. Though as you say Tax is the devil with anything always and without doubt
Depends how you calculate "fair market value" on your books. There's a big difference between the retail price of a 1oz coin at the Perth Mint and and what you'd get if you sold it at a gold buyer's booth in a shopping centre. Even if you recorded every ounce as income and paid tax on it accordingly, the method you use for valuing what you receive will have an effect on how much of it you get for every dollar you pay in tax (And if your customer happened to receive particularly excellent service when paying in ounces, well, good customers get good service, don't they?)
