30 Jun '14, 3am

ATO delays Bitcoin ruling

ATO delays Bitcoin ruling

The Australian Taxation Office has pushed back its ruling on how it will tax the crypto-currency Bitcoin for a second time, after outsourcing the last leg of the work to an external legal consultancy. The long-awaited release of the digital currency guidance was due to be handed down today, but iTnews understands it is likely to be at least another month until it is completed. “It remains our priority to provide the community with the final guidance paper in time for people to complete their 2013-14 income tax returns,” a spokesman for the ATO said. The Tax Office advised bitcoin holders not to hold out on filing their 2013 tax returns until the decision is made, encouraging them to include the value, date, reason for and parties involved in any bitcoin transactions. But it declined to detail how such transactions would be taxed. The Tax Office has been conducting a wide-r...

Full article: http://www.itnews.com.au/News/388984,ato-delays-bitcoin-r...

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