30 Jun '14, 3am

Bitcoin tax status in limbo as ATO seeks legal advice

Bitcoin tax status in limbo as ATO seeks legal advice

Bitcoin taxation status in limbo as ATO seeks legal advice By Will Ockenden Posted June 30, 2014 13:52:53 Photo: The Australian Tax Office is seeking legal advice on how to treat Bitcoin. (AFP: George Frey. File) Related Story: ATO to release new rules on bitcoin transactions Related Story: Bitcoin ATMs could boost popularity of digital currency Map: Australia The Australian Tax Office (ATO) has delayed a keenly awaited ruling on the digital currency Bitcoin, leaving the tax status for businesses which accept Bitcoin in limbo. The ATO has been grappling with the question of whether to classify Bitcoin as money or property for years. Many in Australia's Bitcoin industry had been hoping the ATO would release its taxation guidance note in time for the end of the financial year. However that looks unlikely, with the ATO asking Australia's Solicitor-General Justin Gleeson for f...

Full article: http://www.abc.net.au/news/2014-06-30/tax-office-delays-r...

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ATO delays Bitcoin ruling

ATO delays Bitcoin ruling

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